Cerebras Systems (NASDAQ:CBRS) Shares Up 7.7% – What’s Next?

Cerebras Systems Inc. (NASDAQ:CBRS)’s share price traded up 7.7% on Wednesday . The stock traded as high as $230.85 and last traded at $228.6420. 950,505 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 6,739,491 shares. The stock had previously closed at $212.25.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Craig Hallum assumed coverage on shares of Cerebras Systems in a research note on Monday, June 8th. They issued a “buy” rating and a $325.00 price objective on the stock. UBS Group initiated coverage on shares of Cerebras Systems in a research note on Monday, June 8th. They issued a “buy” rating and a $300.00 price objective on the stock. Mizuho initiated coverage on shares of Cerebras Systems in a report on Monday, June 8th. They issued an “outperform” rating and a $300.00 target price on the stock. Morgan Stanley initiated coverage on shares of Cerebras Systems in a report on Monday, June 8th. They issued an “overweight” rating and a $250.00 target price on the stock. Finally, Rosenblatt Securities initiated coverage on shares of Cerebras Systems in a report on Monday, June 8th. They issued a “buy” rating and a $300.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Cerebras Systems presently has a consensus rating of “Buy” and an average price target of $294.00.

Cerebras Systems Price Performance

About Cerebras Systems

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.