Cerebras Systems Inc.’s (NASDAQ:CBRS) Lock-Up Period Will Expire Tomorrow

Cerebras Systems’ (NASDAQ:CBRS) lock-up period will end on Tuesday, November 10th. Cerebras Systems had issued 30,000,000 shares in its public offering on May 14th. The total size of the offering was $5,550,000,000 based on an initial share price of $185.00. After the expiration of Cerebras Systems’ lock-up period, company insiders and major shareholders will be able to sell their shares of the company.

Analysts Set New Price Targets

CBRS has been the topic of several research reports. Weiss Ratings lowered shares of Cerebras Systems from a “sell (d)” rating to a “sell (d-)” rating in a report on Wednesday. Morgan Stanley increased their price objective on shares of Cerebras Systems from $273.00 to $279.00 and gave the company an “overweight” rating in a research note on Thursday, August 13th. UBS Group cut their target price on shares of Cerebras Systems from $330.00 to $250.00 and set a “buy” rating on the stock in a research report on Monday, November 2nd. TD Cowen cut their target price on shares of Cerebras Systems from $275.00 to $175.00 and set a “buy” rating on the stock in a research report on Monday, October 19th. Finally, Wall Street Zen raised shares of Cerebras Systems from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Cerebras Systems has an average rating of “Moderate Buy” and an average price target of $281.90.

Cerebras Systems Price Performance

Shares of NASDAQ CBRS opened at $89.68 on Monday. The firm has a 50 day simple moving average of $159.28. The company has a current ratio of 5.82, a quick ratio of 5.80 and a debt-to-equity ratio of 0.02. Cerebras Systems has a 1 year low of $77.84 and a 1 year high of $386.34. The company has a market cap of $21.30 billion and a price-to-earnings ratio of -1,121.00.

Cerebras Systems (NASDAQ:CBRS) last posted its earnings results on Wednesday, August 12th. The company reported ($2.98) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($2.77). The business had revenue of $209.87 million for the quarter. The company’s quarterly revenue was up 74.3% compared to the same quarter last year. As a group, research analysts anticipate that Cerebras Systems will post -0.52 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Yagnesh Patel sold 1,320 shares of the stock in a transaction on Monday, September 28th. The stock was sold at an average price of $204.50, for a total value of $269,940.00. Following the completion of the sale, the chief accounting officer directly owned 15,356 shares in the company, valued at $3,140,302. This represents a 7.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Steven Vassallo sold 50,000 shares of the firm’s stock in a transaction on Friday, September 4th. The stock was sold at an average price of $210.30, for a total value of $10,515,000.00. Following the transaction, the director directly owned 171,977 shares of the company’s stock, valued at approximately $36,166,763.10. This represents a 22.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,924,452 shares of company stock valued at $394,628,154 over the last quarter.

Hedge Funds Weigh In On Cerebras Systems

Institutional investors have recently made changes to their positions in the stock. Wealth Enhancement Trust Services Inc. bought a new position in shares of Cerebras Systems in the 3rd quarter worth $26,000. GK Wealth Management LLC bought a new stake in Cerebras Systems during the 3rd quarter valued at $31,000. Blue Bell Private Wealth Management LLC bought a new stake in Cerebras Systems during the 3rd quarter valued at $31,000. Torren Management LLC acquired a new position in Cerebras Systems during the third quarter worth $39,000. Finally, Silicon Valley Capital Partners acquired a new position in Cerebras Systems during the second quarter worth $44,000.

About Cerebras Systems

Cerebras Systems develops computing systems and software designed for artificial intelligence and other compute-intensive workloads. Its products are built around the Wafer-Scale Engine, a large processor designed to support AI model training and inference, and include the CS-3 system and related software.

The company also offers cloud-based access to its AI computing infrastructure, giving customers a way to run AI workloads without deploying its systems on site. Its offerings are aimed at organizations developing and operating large AI models, including businesses, research institutions and public-sector customers.

Founded in 2015, Cerebras is headquartered in Sunnyvale, California.