Cerebras Systems (NASDAQ:CBRS) Trading 9% Higher – Time to Buy?

Cerebras Systems Inc. (NASDAQ:CBRS)’s stock price rose 9% during mid-day trading on Monday . The company traded as high as $196.27 and last traded at $197.92. Approximately 3,283,209 shares were traded during mid-day trading, a decline of 58% from the average session volume of 7,757,777 shares. The stock had previously closed at $181.59.

Wall Street Analysts Forecast Growth

CBRS has been the subject of a number of recent research reports. TD Cowen initiated coverage on shares of Cerebras Systems in a report on Monday, June 8th. They set a “buy” rating and a $275.00 price target for the company. Barclays initiated coverage on shares of Cerebras Systems in a research note on Monday, June 8th. They set an “overweight” rating and a $280.00 price objective on the stock. Wedbush lifted their target price on shares of Cerebras Systems from $270.00 to $280.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 24th. Zacks Research upgraded Cerebras Systems to a “hold” rating in a report on Tuesday, June 9th. Finally, UBS Group increased their price target on Cerebras Systems from $300.00 to $320.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $299.30.

Cerebras Systems Stock Up 18.0%

Cerebras Systems (NASDAQ:CBRS) last announced its quarterly earnings data on Tuesday, June 23rd. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.10. The company had revenue of $193.41 million for the quarter, compared to analysts’ expectations of $180.70 million.

About Cerebras Systems

Cerebras Systems is a technology company focused on building artificial intelligence infrastructure, including hardware and software designed to accelerate deep learning and large-scale AI workloads. The company is best known for its wafer-scale processor architecture, which is intended to provide high-performance compute for training and inference applications.

In addition to its AI chips, Cerebras offers systems and related software tools that support researchers and enterprises working with machine learning models.