Cerebras Systems (NASDAQ:CBRS) Trading Down 4.9% – Time to Sell?

Cerebras Systems Inc. (NASDAQ:CBRS) shares traded down 4.9% during trading on Monday . The stock traded as low as $203.12 and last traded at $204.62. 3,471,080 shares were traded during mid-day trading, a decline of 54% from the average session volume of 7,518,809 shares. The stock had previously closed at $215.08.

Analyst Ratings Changes

A number of equities research analysts have issued reports on CBRS shares. UBS Group upped their price objective on Cerebras Systems from $300.00 to $320.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. TD Cowen assumed coverage on Cerebras Systems in a report on Monday, June 8th. They issued a “buy” rating and a $275.00 target price for the company. Craig Hallum initiated coverage on Cerebras Systems in a research report on Monday, June 8th. They set a “buy” rating and a $325.00 target price on the stock. Wall Street Zen upgraded Cerebras Systems from a “strong sell” rating to a “sell” rating in a report on Sunday, June 21st. Finally, Needham & Company LLC restated a “buy” rating and issued a $300.00 price target on shares of Cerebras Systems in a research report 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 given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $299.30.

Cerebras Systems Trading Down 4.9%

The business has a 50-day moving average price of $227.02.

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

Insiders Place Their Bets

In other Cerebras Systems news, COO Dhiraj Mallick sold 36,131 shares of the stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $169.28, for a total value of $6,116,255.68. Following the sale, the chief operating officer owned 33,314 shares in the company, valued at $5,639,393.92. This trade represents a 52.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Sean Lie sold 10,033 shares of Cerebras Systems stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $170.07, for a total value of $1,706,312.31. Following the sale, the chief technology officer owned 10,033 shares of the company’s stock, valued at approximately $1,706,312.31. This trade represents a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 117,547 shares of company stock worth $20,676,799 in the last 90 days.

About Cerebras Systems

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.