Cerebras Systems (NASDAQ:CBRS) Stock Price Up 14.7% – Here’s Why

Shares of Cerebras Systems Inc. (NASDAQ:CBRS) traded up 14.7% on Thursday . The stock traded as high as $191.49 and last traded at $194.3670. Approximately 1,207,513 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 7,011,002 shares. The stock had previously closed at $169.39.

Analyst Ratings Changes

A number of equities analysts recently weighed in on CBRS shares. Mizuho boosted their price target on shares of Cerebras Systems from $300.00 to $310.00 and gave the stock an “outperform” rating in a report on Monday. Craig Hallum began coverage on shares of Cerebras Systems in a report on Monday, June 8th. They set a “buy” rating and a $325.00 price objective for the company. Morgan Stanley boosted their target price on shares of Cerebras Systems from $250.00 to $273.00 and gave the company an “overweight” rating in a research note on Wednesday, June 24th. Barclays began coverage on shares of Cerebras Systems in a research report on Monday, June 8th. They set an “overweight” rating and a $280.00 target price for the company. Finally, Zacks Research raised shares of Cerebras Systems to a “hold” rating in a report on Tuesday, June 9th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Cerebras Systems has an average rating of “Moderate Buy” and a consensus target price of $300.30.

Cerebras Systems Trading Up 16.9%

The business has a 50-day moving average price of $212.95.

Cerebras Systems (NASDAQ:CBRS) last released its quarterly earnings data on Tuesday, June 23rd. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.10. The business had revenue of $193.41 million during the quarter, compared to analysts’ expectations of $180.70 million.

Insider Buying and Selling

In other Cerebras Systems news, CEO Andrew D. Feldman sold 17,990 shares of the firm’s stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $173.06, for a total value of $3,113,349.40. Following the completion of the transaction, the chief executive officer owned 17,990 shares in the company, valued at $3,113,349.40. This trade represents a 50.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Dhiraj Mallick sold 36,131 shares of Cerebras Systems stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $169.28, for a total value of $6,116,255.68. Following the transaction, the chief operating officer directly owned 33,314 shares of the company’s stock, valued at $5,639,393.92. The trade was a 52.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 117,547 shares of company stock valued at $20,676,799 in the last ninety days.

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.