Engine Capital Management LP Acquires New Holdings in Weave Communications, Inc. $WEAV

Engine Capital Management LP bought a new stake in shares of Weave Communications, Inc. (NYSE:WEAV) in the 1st quarter, according to its most recent 13F filing with the SEC. The firm bought 1,051,525 shares of the company’s stock, valued at approximately $4,858,000. Weave Communications makes up about 0.6% of Engine Capital Management LP’s portfolio, making the stock its 20th biggest position.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Y Intercept Hong Kong Ltd purchased a new position in shares of Weave Communications during the 1st quarter worth approximately $1,709,000. Pale Fire Capital SE acquired a new stake in Weave Communications during the 1st quarter valued at $6,897,000. Huber Capital Management LLC increased its position in Weave Communications by 48.1% during the fourth quarter. Huber Capital Management LLC now owns 887,472 shares of the company’s stock worth $6,736,000 after buying an additional 288,424 shares in the last quarter. Meros Investment Management LP acquired a new position in shares of Weave Communications in the fourth quarter worth $4,341,000. Finally, Irenic Capital Management LP purchased a new stake in shares of Weave Communications in the fourth quarter valued at $1,721,000. Institutional investors and hedge funds own 86.83% of the company’s stock.

Weave Communications Stock Up 7.8%

Shares of NYSE WEAV opened at $6.65 on Tuesday. The firm has a market cap of $529.22 million, a P/E ratio of -21.45 and a beta of 1.68. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.24 and a current ratio of 1.24. Weave Communications, Inc. has a 1 year low of $4.24 and a 1 year high of $8.11. The firm’s 50 day moving average price is $6.09 and its 200 day moving average price is $5.75.

Weave Communications (NYSE:WEAV) last issued its quarterly earnings results on Thursday, April 30th. The company reported $0.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.01. The company had revenue of $65.50 million for the quarter, compared to analyst estimates of $64.57 million. Weave Communications had a negative return on equity of 26.46% and a negative net margin of 10.05%. As a group, sell-side analysts anticipate that Weave Communications, Inc. will post -0.27 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Weave Communications in a research report on Wednesday, July 8th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Weave Communications currently has an average rating of “Hold” and an average price target of $10.00.

Weave Communications Profile

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.