Weave Communications (NYSE:WEAV) Sees Strong Trading Volume – Here’s Why

Weave Communications, Inc. (NYSE:WEAV) saw an uptick in trading volume on Wednesday. 2,588,041 shares traded hands during mid-day trading, an increase of 32% from the previous session’s volume of 1,960,453 shares. The stock last traded at $7.3950 and had previously closed at $7.39.

Analysts Set New Price Targets

Several research firms have weighed in on WEAV. B. Riley Financial downgraded Weave Communications from a “buy” rating to a “hold” rating and dropped their price target for the stock from $8.25 to $7.40 in a research report on Wednesday, August 19th. Loop Capital downgraded Weave Communications from a “buy” rating to a “hold” rating and set a $7.40 price objective on the stock. in a research report on Wednesday, August 19th. UBS Group reaffirmed an “accumulate” rating on shares of Weave Communications in a research note on Tuesday, August 18th. Piper Sandler cut Weave Communications from an “overweight” rating to a “hold” rating and dropped their price objective for the stock from $8.00 to $7.40 in a research report on Tuesday, August 18th. Finally, Wall Street Zen downgraded shares of Weave Communications from a “buy” rating to a “hold” rating in a research note on Sunday, August 23rd. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $7.84.

Weave Communications Stock Up 0.1%

The firm has a market cap of $591.60 million, a price-to-earnings ratio of -29.58 and a beta of 1.68. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.09. The firm has a fifty day moving average price of $7.27 and a 200-day moving average price of $6.33.

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

Hedge Funds Weigh In On Weave Communications

A number of large investors have recently bought and sold shares of WEAV. Meros Investment Management LP acquired a new stake in shares of Weave Communications during the 2nd quarter worth $3,323,468. Engine Capital Management LP purchased a new position in shares of Weave Communications in the 1st quarter worth $4,858,000. Bank of America Corp DE acquired a new position in Weave Communications in the second quarter valued at $2,999,000. BlackRock Inc. acquired a new position in Weave Communications in the second quarter valued at $31,807,000. Finally, Harber Asset Management LLC acquired a new position in Weave Communications in the second quarter valued at $4,706,000. Hedge funds and other institutional investors own 86.83% of the company’s stock.

Weave Communications Company Profile

Weave Communications, Inc provides an all-in-one customer communication and engagement platform for small and midsize businesses. Its software is designed to help businesses manage interactions with customers, streamline operations, and improve retention through a unified system.

The company’s platform combines business phone services, two-way texting, email, website chat, appointment scheduling, automated reminders, online payments, review management, and customer relationship management tools.