Short Interest in Weave Communications, Inc. (NYSE:WEAV) Decreases By 32.4%

Weave Communications, Inc. (NYSE:WEAV) was the target of a significant drop in short interest during the month of March. As of March 13th, there was short interest totaling 4,216,473 shares, a drop of 32.4% from the February 26th total of 6,240,335 shares. Based on an average trading volume of 1,826,182 shares, the short-interest ratio is currently 2.3 days. Approximately 6.6% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Raymond James Financial lowered shares of Weave Communications from a “strong-buy” rating to a “moderate buy” rating in a report on Tuesday, January 6th. Piper Sandler lowered their price target on shares of Weave Communications from $12.00 to $8.00 and set an “overweight” rating for the company in a research note on Friday, February 20th. Stifel Nicolaus cut their price target on shares of Weave Communications from $11.00 to $9.00 and set a “buy” rating for the company in a research report on Friday, February 20th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Weave Communications in a research note on Monday, December 29th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $10.00.

Insider Activity at Weave Communications

In other Weave Communications news, CRO Joseph David Mcneil sold 25,000 shares of Weave Communications stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $5.53, for a total transaction of $138,250.00. Following the transaction, the executive directly owned 505,721 shares of the company’s stock, valued at approximately $2,796,637.13. This trade represents a 4.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 18.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Scalar Gauge Management LLC purchased a new stake in Weave Communications in the 3rd quarter worth approximately $1,164,000. Lane Generational LLC increased its stake in shares of Weave Communications by 112.1% during the third quarter. Lane Generational LLC now owns 412,462 shares of the company’s stock valued at $2,755,000 after buying an additional 217,957 shares during the period. Thrivent Financial for Lutherans purchased a new position in shares of Weave Communications during the second quarter valued at approximately $3,649,000. Archon Capital Management LLC bought a new position in shares of Weave Communications during the second quarter valued at approximately $1,184,000. Finally, Frontier Capital Management Co. LLC purchased a new stake in Weave Communications in the second quarter worth $16,915,000. Hedge funds and other institutional investors own 86.83% of the company’s stock.

Weave Communications Trading Down 3.4%

Shares of NYSE WEAV traded down $0.16 during mid-day trading on Friday, hitting $4.37. The stock had a trading volume of 1,385,192 shares, compared to its average volume of 1,717,335. The business has a 50 day moving average price of $5.60 and a two-hundred day moving average price of $6.41. Weave Communications has a 1 year low of $4.24 and a 1 year high of $11.40. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.24 and a current ratio of 1.24. The firm has a market cap of $343.31 million, a P/E ratio of -12.13 and a beta of 1.73.

Weave Communications (NYSE:WEAV) last announced its quarterly earnings results on Thursday, February 19th. The company reported $0.03 earnings per share for the quarter, meeting the consensus estimate of $0.03. Weave Communications had a negative net margin of 11.74% and a negative return on equity of 33.06%. The business had revenue of $63.40 million during the quarter, compared to analysts’ expectations of $63.19 million. On average, equities analysts anticipate that Weave Communications will post -0.33 EPS for the current fiscal year.

About Weave Communications

Weave Communications is a technology company that provides integrated communications and customer management solutions tailored for small- to medium-sized local businesses. Headquartered in Lehi, Utah, the company developed a cloud-based platform that unifies voice calling, business texting, appointment reminders and payment processing within a single interface.

The platform’s core offerings include a unified business phone system, two-way texting, automated appointment and recall reminders, secure payment acceptance and a basic customer relationship management module.