Weave Communications (NYSE:WEAV) Releases Quarterly Earnings Results, Hits Estimates

Weave Communications (NYSE:WEAV) issued its quarterly earnings data on Thursday. The company reported $0.03 earnings per share for the quarter, meeting the consensus estimate of $0.03, FiscalAI reports. The firm had revenue of $63.40 million for the quarter, compared to the consensus estimate of $63.19 million. Weave Communications had a negative net margin of 14.32% and a negative return on equity of 42.10%.

Weave Communications Trading Down 0.3%

NYSE:WEAV traded down $0.02 on Thursday, hitting $5.70. 2,545,836 shares of the stock were exchanged, compared to its average volume of 1,949,687. The stock has a market capitalization of $444.77 million, a price-to-earnings ratio of -13.26 and a beta of 1.69. Weave Communications has a 52 week low of $5.37 and a 52 week high of $17.17. The company’s 50-day moving average price is $6.75 and its 200 day moving average price is $6.92. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.24 and a current ratio of 1.24.

Analyst Ratings Changes

A number of equities research analysts have issued reports on WEAV shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Weave Communications in a research note on Monday, December 29th. Citigroup reduced their target price on shares of Weave Communications from $9.00 to $8.00 and set a “neutral” rating for the company in a research note on Monday, November 3rd. Raymond James Financial downgraded shares of Weave Communications from a “strong-buy” rating to a “moderate buy” rating in a report on Tuesday, January 6th. Stifel Nicolaus reduced their price objective on shares of Weave Communications from $13.00 to $11.00 and set a “buy” rating for the company in a research note on Friday, October 31st. Finally, Piper Sandler cut their target price on Weave Communications from $15.00 to $12.00 and set an “overweight” rating on the stock in a report on Friday, October 31st. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $11.50.

Insider Transactions at Weave Communications

In other news, insider Erin Goodsell sold 9,615 shares of Weave Communications stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $6.89, for a total value of $66,247.35. Following the sale, the insider directly owned 527,055 shares in the company, valued at $3,631,408.95. This trade represents a 1.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 18.40% of the company’s stock.

Hedge Funds Weigh In On Weave Communications

A number of hedge funds have recently bought and sold shares of the business. Amundi increased its stake in shares of Weave Communications by 27.1% in the first quarter. Amundi now owns 5,301 shares of the company’s stock valued at $59,000 after buying an additional 1,130 shares during the period. Tower Research Capital LLC TRC increased its position in Weave Communications by 119.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,683 shares of the company’s stock valued at $72,000 after acquiring an additional 4,731 shares during the period. RPO LLC bought a new position in shares of Weave Communications during the fourth quarter valued at $81,000. Schonfeld Strategic Advisors LLC acquired a new position in shares of Weave Communications during the fourth quarter worth $84,000. Finally, Stoic Point Capital Management LLC bought a new stake in Weave Communications in the fourth quarter valued at approximately $87,000. 86.83% of the stock is owned by institutional investors.

About Weave Communications

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.