Weave Communications (NYSE:WEAV) Sees Large Volume Increase – Here’s What Happened

Weave Communications, Inc. (NYSE:WEAV) shares saw strong trading volume on Tuesday . Approximately 1,120,274 shares changed hands during mid-day trading, a decline of 42% from the previous session’s volume of 1,922,443 shares.The stock last traded at $7.2950 and had previously closed at $7.29.

Wall Street Analysts Forecast Growth

WEAV has been the subject of several recent analyst reports. Wall Street Zen downgraded shares of Weave Communications from a “buy” rating to a “hold” rating in a research note on Sunday. Loop Capital cut shares of Weave Communications from a “buy” rating to a “hold” rating and set a $7.40 price objective for the company. in a research report on Wednesday, August 19th. Raymond James Financial downgraded Weave Communications from an “outperform” rating to a “market perform” rating in a research note on Monday. B. Riley Financial lowered Weave Communications from a “buy” rating to a “hold” rating and reduced their target price for the stock from $8.25 to $7.40 in a report on Wednesday, August 19th. Finally, UBS Group reissued an “accumulate” rating on shares of Weave Communications in a research note on Tuesday, August 18th. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $7.84.

Weave Communications Stock Up 0.1%

The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.25 and a current ratio of 1.25. The firm’s fifty day simple moving average is $6.34 and its 200 day simple moving average is $5.69. The stock has a market capitalization of $583.60 million, a price-to-earnings ratio of -29.18 and a beta of 1.67.

Weave Communications (NYSE:WEAV) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.04 earnings per share for the quarter, meeting the consensus estimate of $0.04. Weave Communications had a negative net margin of 7.97% and a negative return on equity of 21.14%. The company had revenue of $67.54 million during the quarter, compared to analysts’ expectations of $67.88 million. On average, sell-side analysts forecast that Weave Communications, Inc. will post -0.22 earnings per share for the current year.

Hedge Funds Weigh In On Weave Communications

A number of large investors have recently added to or reduced their stakes in the company. Hilton Head Capital Partners LLC acquired a new stake in shares of Weave Communications in the 4th quarter valued at about $26,000. California State Teachers Retirement System grew its holdings in shares of Weave Communications by 51.0% during the second quarter. California State Teachers Retirement System now owns 5,397 shares of the company’s stock worth $32,000 after buying an additional 1,822 shares in the last quarter. Optiver Holding B.V. raised its position in Weave Communications by 1,201.2% in the 1st quarter. Optiver Holding B.V. now owns 7,339 shares of the company’s stock valued at $34,000 after buying an additional 6,775 shares during the last quarter. Legal & General Group Plc acquired a new position in Weave Communications during the 2nd quarter worth approximately $38,000. Finally, Amundi grew its stake in shares of Weave Communications by 27.1% during the 1st quarter. Amundi now owns 5,301 shares of the company’s stock worth $59,000 after acquiring an additional 1,130 shares in the last quarter. Institutional investors own 86.83% of the company’s stock.

Weave Communications Company Profile

Weave Communications is a technology company that provides integrated communications and customer management solutions tailored for small- to medium-sized local businesses. Headquartered in Lehi, Utah, the company developed a cloud-based platform that unifies voice calling, business texting, appointment reminders and payment processing within a single interface.

The platform’s core offerings include a unified business phone system, two-way texting, automated appointment and recall reminders, secure payment acceptance and a basic customer relationship management module.