Cerebras Systems (NASDAQ:CBRS) Stock Price Up 9% – Time to Buy?

Cerebras Systems Inc. (NASDAQ:CBRS)’s stock price rose 9% during mid-day trading on Wednesday . The company traded as high as $255.99 and last traded at $255.97. 3,182,985 shares changed hands during mid-day trading, a decline of 52% from the average daily volume of 6,637,977 shares. The stock had previously closed at $234.76.

Analyst Upgrades and Downgrades

CBRS has been the subject of a number of research reports. Mizuho increased their target price on Cerebras Systems from $300.00 to $310.00 and gave the company an “outperform” rating in a research report on Monday, July 27th. Needham & Company LLC restated a “buy” rating and issued a $300.00 price target on shares of Cerebras Systems in a research report on Wednesday, June 24th. Wall Street Zen upgraded shares of Cerebras Systems from a “strong sell” rating to a “sell” rating in a research report on Sunday, June 21st. Freedom Capital raised shares of Cerebras Systems to a “hold” rating in a research note on Monday, June 29th. Finally, Wedbush boosted their target price on shares of Cerebras Systems from $270.00 to $280.00 and gave the stock an “outperform” rating in a report on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $300.30.

Cerebras Systems Price Performance

The firm’s 50 day moving average is $207.61.

Cerebras Systems (NASDAQ:CBRS) last released its quarterly earnings results on Tuesday, June 23rd. The company reported ($0.04) earnings per share 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. Equities analysts predict that Cerebras Systems Inc. will post -0.89 EPS for the current year.

Insider Activity

In related news, COO Dhiraj Mallick sold 36,131 shares of Cerebras Systems stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $169.28, for a total transaction of $6,116,255.68. Following the completion of the transaction, the chief operating officer directly owned 33,314 shares of the company’s stock, valued at approximately $5,639,393.92. The trade was a 52.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Andrew D. Feldman sold 17,990 shares of the company’s stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $173.06, for a total transaction of $3,113,349.40. Following the transaction, the chief executive officer owned 17,990 shares in the company, valued at $3,113,349.40. The trade was a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 117,547 shares of company stock worth $20,676,799.

Institutional Investors Weigh In On Cerebras Systems

A hedge fund recently bought a new position in Cerebras Systems stock. Bank of New York Mellon Corp purchased a new position in shares of Cerebras Systems Inc. (NASDAQ:CBRS) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 27,682 shares of the company’s stock, valued at approximately $6,118,000.

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.