Weave Communications (NYSE:WEAV) Shares Gap Down on Disappointing Earnings

Weave Communications, Inc. (NYSE:WEAV)’s share price gapped down before the market opened on Friday following a dissappointing earnings announcement. The stock had previously closed at $16.89, but opened at $15.71. Weave Communications shares last traded at $13.98, with a volume of 1,121,836 shares trading hands.

The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.12). The firm had revenue of $54.17 million during the quarter, compared to analyst estimates of $53.23 million. Weave Communications had a negative net margin of 13.87% and a negative return on equity of 28.37%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on WEAV shares. The Goldman Sachs Group boosted their price objective on shares of Weave Communications from $13.00 to $14.50 and gave the company a “neutral” rating in a research note on Friday, November 1st. Piper Sandler upped their price target on shares of Weave Communications from $16.00 to $17.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Raymond James reaffirmed a “strong-buy” rating and set a $20.00 price target (up from $17.00) on shares of Weave Communications in a research note on Friday. Finally, Loop Capital upped their price target on shares of Weave Communications from $15.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st.

Insider Transactions at Weave Communications

In related news, CEO Brett T. White sold 54,778 shares of the business’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $15.86, for a total value of $868,779.08. Following the sale, the chief executive officer now directly owns 1,928,364 shares in the company, valued at $30,583,853.04. The trade was a 2.76 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Blake G. Modersitzki sold 74,756 shares of the business’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $17.49, for a total transaction of $1,307,482.44. Following the completion of the sale, the director now owns 179,153 shares in the company, valued at $3,133,385.97. This represents a 29.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,190,043 shares of company stock valued at $18,442,044 in the last ninety days. 36.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Weave Communications

Institutional investors and hedge funds have recently made changes to their positions in the business. Aquatic Capital Management LLC purchased a new stake in shares of Weave Communications in the 4th quarter worth about $34,000. Quarry LP purchased a new position in Weave Communications in the 3rd quarter valued at about $45,000. Summit Investment Advisors Inc. lifted its holdings in Weave Communications by 28.9% in the 4th quarter. Summit Investment Advisors Inc. now owns 4,143 shares of the company’s stock valued at $66,000 after purchasing an additional 928 shares in the last quarter. Amundi purchased a new position in Weave Communications in the 4th quarter valued at about $66,000. Finally, KLP Kapitalforvaltning AS purchased a new position in Weave Communications in the 4th quarter valued at about $131,000. 86.83% of the stock is currently owned by hedge funds and other institutional investors.

Weave Communications Stock Performance

The company has a market capitalization of $1.04 billion, a PE ratio of -36.55 and a beta of 1.91. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.59 and a current ratio of 1.59. The stock’s fifty day simple moving average is $16.23 and its 200-day simple moving average is $13.87.

Weave Communications Company Profile

Weave Communications, Inc provides a customer experience and payments software platform in the United States and Canada. Its platform enables small and medium-sized healthcare businesses to maximize the value of their patient interactions and minimize the time and effort spent on manual or mundane tasks.