Cerebras Systems (NASDAQ:CBRS) Stock Price Down 5.9% – Here’s What Happened

Shares of Cerebras Systems Inc. (NASDAQ:CBRS) were down 5.9% during trading on Monday . The stock traded as low as $193.18 and last traded at $192.6860. 740,112 shares were traded during trading, a decline of 91% from the average daily volume of 7,861,199 shares. The stock had previously closed at $204.86.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on CBRS shares. Freedom Capital raised shares of Cerebras Systems to a “hold” rating in a research note on Monday, June 29th. Wall Street Zen upgraded shares of Cerebras Systems from a “strong sell” rating to a “sell” rating in a report on Sunday, June 21st. UBS Group increased their price target on Cerebras Systems from $300.00 to $320.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. Morgan Stanley boosted their price target on shares of Cerebras Systems from $250.00 to $273.00 and gave the stock an “overweight” rating in a report on Wednesday, June 24th. Finally, Barclays began coverage on Cerebras Systems in a report on Monday, June 8th. They issued an “overweight” rating and a $280.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Cerebras Systems currently has a consensus rating of “Moderate Buy” and an average price target of $299.30.

Cerebras Systems Trading Down 4.5%

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

Insider Buying and Selling

In other Cerebras Systems news, CEO Andrew D. Feldman sold 17,990 shares of the business’s stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $173.06, for a total value of $3,113,349.40. Following the transaction, the chief executive officer directly owned 17,990 shares of the company’s stock, valued at approximately $3,113,349.40. The trade was a 50.00% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Yagnesh Patel sold 6,079 shares of the business’s stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $171.53, for a total transaction of $1,042,730.87. Following the transaction, the chief accounting officer owned 4,000 shares in the company, valued at approximately $686,120. This trade represents a 60.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 117,547 shares of company stock worth $20,676,799.

Cerebras Systems Company Profile

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.