Cerebras Systems (NASDAQ:CBRS) Stock Price Down 4.2% – Should You Sell?

Shares of Cerebras Systems Inc. (NASDAQ:CBRS) traded down 4.2% during trading on Friday . The stock traded as low as $162.35 and last traded at $172.86. Approximately 5,252,538 shares traded hands during mid-day trading, a decline of 28% from the average session volume of 7,254,104 shares. The stock had previously closed at $180.46.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CBRS shares. Wedbush increased their price target on Cerebras Systems from $270.00 to $280.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 24th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $300.00 price objective on shares of Cerebras Systems in a research report on Wednesday, June 24th. Citigroup started coverage on Cerebras Systems in a research note on Monday, June 8th. They issued a “buy” rating and a $340.00 target price for the company. UBS Group increased their target price on Cerebras Systems from $300.00 to $320.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Finally, TD Cowen assumed coverage on Cerebras Systems in a report on Monday, June 8th. They issued a “buy” rating and a $275.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $299.30.

Cerebras Systems Stock Performance

The stock has a 50 day moving average of $222.91.

Cerebras Systems (NASDAQ:CBRS) last announced its quarterly earnings data on Tuesday, June 23rd. The company reported ($0.04) earnings per share (EPS) 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.

Insider Transactions at Cerebras Systems

In other news, CEO Andrew D. Feldman sold 17,990 shares of the business’s stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $173.06, for a total transaction of $3,113,349.40. Following the completion of the sale, the chief executive officer owned 17,990 shares in the company, valued at approximately $3,113,349.40. The trade was a 50.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Sean Lie sold 10,033 shares of the firm’s stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $170.07, for a total transaction of $1,706,312.31. Following the completion of the transaction, the chief technology officer owned 10,033 shares in the company, valued at $1,706,312.31. The trade was a 50.00% decrease in their position. 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. Insiders sold a total of 117,547 shares of company stock worth $20,676,799 in the last three months.

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.