Weave Communications, Inc. (NYSE:WEAV – Get Rating) was the recipient of a large drop in short interest in November. As of November 15th, there was short interest totalling 1,090,000 shares, a drop of 30.1% from the October 31st total of 1,560,000 shares. Based on an average daily volume of 279,300 shares, the short-interest ratio is currently 3.9 days. Approximately 3.4% of the shares of the stock are sold short.
Insider Activity at Weave Communications
In other Weave Communications news, major shareholder Tiger Global Management Llc sold 12,298 shares of the firm’s stock in a transaction on Thursday, October 20th. The stock was sold at an average price of $6.10, for a total transaction of $75,017.80. Following the completion of the transaction, the insider now owns 6,933,563 shares of the company’s stock, valued at $42,294,734.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Weave Communications news, CFO Alan Taylor sold 5,785 shares of the business’s stock in a transaction dated Monday, November 14th. The stock was sold at an average price of $4.68, for a total transaction of $27,073.80. Following the transaction, the chief financial officer now owns 287,202 shares in the company, valued at $1,344,105.36. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Tiger Global Management Llc sold 12,298 shares of Weave Communications stock in a transaction dated Thursday, October 20th. The stock was sold at an average price of $6.10, for a total value of $75,017.80. Following the sale, the insider now directly owns 6,933,563 shares in the company, valued at $42,294,734.30. The disclosure for this sale can be found here. Insiders sold 204,039 shares of company stock valued at $1,214,679 in the last ninety days. Corporate insiders own 41.86% of the company’s stock.
Institutional Trading of Weave Communications
Hedge funds have recently modified their holdings of the company. Amalgamated Bank increased its holdings in shares of Weave Communications by 535.1% during the third quarter. Amalgamated Bank now owns 5,055 shares of the company’s stock worth $26,000 after buying an additional 4,259 shares in the last quarter. New York State Common Retirement Fund bought a new position in Weave Communications in the first quarter valued at approximately $30,000. Citigroup Inc. boosted its position in shares of Weave Communications by 236.3% during the first quarter. Citigroup Inc. now owns 7,325 shares of the company’s stock worth $44,000 after purchasing an additional 5,147 shares in the last quarter. Prelude Capital Management LLC bought a new position in shares of Weave Communications during the second quarter worth $46,000. Finally, BNP Paribas Arbitrage SNC bought a new position in shares of Weave Communications during the third quarter worth $57,000. Institutional investors and hedge funds own 59.24% of the company’s stock.
Wall Street Analyst Weigh In
A number of brokerages have recently issued reports on WEAV. Loop Capital lowered Weave Communications from a “buy” rating to a “hold” rating and dropped their target price for the stock from $12.00 to $5.00 in a research report on Thursday, August 4th. Piper Sandler boosted their price objective on Weave Communications from $4.00 to $6.00 and gave the company a “neutral” rating in a report on Thursday, August 4th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $14.00.
Weave Communications Price Performance
NYSE:WEAV traded up $0.01 during mid-day trading on Wednesday, hitting $3.94. The company’s stock had a trading volume of 462,319 shares, compared to its average volume of 237,748. Weave Communications has a fifty-two week low of $2.91 and a fifty-two week high of $20.50. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $258.39 million and a price-to-earnings ratio of -4.10. The stock has a fifty day moving average of $5.16 and a 200-day moving average of $4.99.
Weave Communications Company Profile
Weave Communications, Inc provides a customer communications and engagement software platform in the United States and Canada. Its platform enables small and medium-sized businesses to maximize the value of their customer interactions and minimize the time and effort spent on manual or mundane tasks.
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