Insider Selling: Cerebras Systems (NASDAQ:CBRS) COO Sells 10,000 Shares

Cerebras Systems Inc. (NASDAQ:CBRS) COO Dhiraj Mallick sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $206.51, for a total value of $2,065,100.00. Following the transaction, the chief operating officer owned 10,000 shares of the company’s stock, valued at approximately $2,065,100. The trade was a 50.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Dhiraj Mallick also recently made the following trade(s):

• On Thursday, June 25th, Dhiraj Mallick sold 36,131 shares of Cerebras Systems stock. The stock was sold at an average price of $169.28, for a total value of $6,116,255.68.
• On Friday, June 26th, Dhiraj Mallick sold 20,000 shares of Cerebras Systems stock. The stock was sold at an average price of $173.73, for a total value of $3,474,600.00.
• On Thursday, June 25th, Dhiraj Mallick sold 13,314 shares of Cerebras Systems stock. The shares were sold at an average price of $184.89, for a total value of $2,461,625.46.

Cerebras Systems Stock Up 0.1%

NASDAQ:CBRS traded up $0.27 during trading hours on Wednesday, reaching $221.27. The stock had a trading volume of 8,623,903 shares, compared to its average volume of 8,108,407. Cerebras Systems Inc. has a 52 week low of $160.81 and a 52 week high of $386.34.

Cerebras Systems (NASDAQ:CBRS) last posted its earnings results on Tuesday, June 23rd. The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.10. The firm had revenue of $193.41 million for the quarter, compared to the consensus estimate of $180.70 million.

Key Stories Impacting Cerebras Systems

Here are the key news stories impacting Cerebras Systems this week:

• Positive Sentiment: Cerebras reported first-quarter revenue of $193.4 million, up 94% year over year and above expectations, while EPS of -$0.04 beat analyst estimates; the strong results are a key reason shares have been rising. Cerebras Systems Reports Strong Growth Following Multi-Year OpenAI Partnership
• Positive Sentiment: Investor interest remains elevated after reports highlighting Cerebras as a standout AI name, along with unusually heavy call-option buying, suggesting traders are positioning for more upside.
• Positive Sentiment: Several analysts reiterated bullish views after earnings, with multiple firms raising price targets and maintaining buy-like ratings, reinforcing the view that the company’s AI infrastructure business is gaining traction.
• Neutral Sentiment: Freedom Capital upgraded Cerebras to “hold,” which is not a major positive or negative catalyst on its own, but it does indicate continued market attention.
• Negative Sentiment: Multiple executives, including the CEO, CTO, COO, and CAO, sold shares in recent days. The company says the transactions were tied to equity vesting and tax withholding, but the cluster of sales can still pressure sentiment.
• Negative Sentiment: New law-firm headlines about a potential securities-law investigation may create caution among investors, even though no wrongdoing has been established. Pomerantz Law Firm Investigates Claims On Behalf of Investors of Cerebras Systems Inc. – CBRS

Wall Street Analyst Weigh In

CBRS has been the subject of a number of recent research reports. Mizuho started coverage on Cerebras Systems in a report on Monday, June 8th. They issued an “outperform” rating and a $300.00 target price for the company. TD Cowen began coverage on Cerebras Systems in a research report on Monday, June 8th. They issued a “buy” rating and a $275.00 price target for the company. Citigroup started coverage on shares of Cerebras Systems in a research note on Monday, June 8th. They set a “buy” rating and a $340.00 price objective for the company. Wall Street Zen upgraded shares of Cerebras Systems from a “strong sell” rating to a “sell” rating in a research report on Sunday, June 21st. Finally, Wedbush increased their target price on shares of Cerebras Systems from $270.00 to $280.00 and gave the company an “outperform” rating in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $299.30.

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.