Cerebras Systems Inc.’s Lock-Up Period Will Expire on November 10th (NASDAQ:CBRS)

Cerebras Systems’ (NASDAQ:CBRS) lock-up period is set to expire 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. Shares of the company owned by major shareholders and company insiders will be eligible for trade following the expiration of the lock-up period.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on CBRS shares. Jefferies Financial Group upgraded Cerebras Systems to an “outperform” rating in a research report on Monday, October 5th. UBS Group decreased their price target on Cerebras Systems from $330.00 to $250.00 and set a “buy” rating for the company in a research note on Monday, November 2nd. Citigroup lowered their price objective on shares of Cerebras Systems from $340.00 to $320.00 and set a “buy” rating for the company in a research note on Thursday, August 13th. Weiss Ratings cut shares of Cerebras Systems from a “sell (d)” rating to a “sell (d-)” rating in a research report on Wednesday. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $300.00 target price on shares of Cerebras Systems in a research report on Wednesday, August 19th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cerebras Systems has a consensus rating of “Moderate Buy” and an average price target of $281.90.

Cerebras Systems Stock Up 9.8%

Shares of Cerebras Systems stock opened at $89.68 on Friday. Cerebras Systems has a 12 month low of $77.84 and a 12 month high of $386.34. The firm has a fifty day simple moving average of $159.28. The company has a debt-to-equity ratio of 0.02, a quick ratio of 5.80 and a current ratio of 5.82.

Cerebras Systems (NASDAQ:CBRS) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($2.98) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($2.77). The business had revenue of $209.87 million during the quarter. Cerebras Systems’s revenue was up 74.3% on a year-over-year basis. Equities analysts predict that Cerebras Systems will post -0.52 EPS for the current year.

Insider Activity at Cerebras Systems

In other Cerebras Systems news, CTO Sean Lie sold 710,247 shares of the firm’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $207.86, for a total transaction of $147,631,941.42. Following the transaction, the chief technology officer directly owned 368,926 shares in the company, valued at $76,684,958.36. This trade represents a 65.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Dhiraj Mallick sold 396,000 shares of the stock in a transaction on Tuesday, September 29th. The shares were sold at an average price of $204.04, for a total transaction of $80,799,840.00. Following the completion of the sale, the chief operating officer directly owned 396,000 shares of the company’s stock, valued at approximately $80,799,840. This trade represents a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,924,452 shares of company stock worth $394,628,154 in the last ninety days.

Hedge Funds Weigh In On Cerebras Systems

Institutional investors have recently modified their holdings of the stock. Private Advisory Group LLC bought a new stake in Cerebras Systems in the third quarter worth $1,065,000. Russell Investments Group Ltd. grew its stake in Cerebras Systems by 855.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 91,686 shares of the company’s stock worth $16,367,000 after acquiring an additional 82,085 shares in the last quarter. Eurizon Capital SGR S.p.A. purchased a new stake in shares of Cerebras Systems in the 3rd quarter worth $12,000,000. Fifth Third Bancorp raised its holdings in shares of Cerebras Systems by 114.2% in the 3rd quarter. Fifth Third Bancorp now owns 3,314 shares of the company’s stock valued at $589,000 after purchasing an additional 1,767 shares in the last quarter. Finally, Three Bridge Wealth Advisors LLC bought a new stake in Cerebras Systems during the 3rd quarter valued at $61,000.

Cerebras Systems Company Profile

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.