Weave Communications (NYSE:WEAV) Earns “Neutral” Rating from Piper Sandler

Weave Communications (NYSE:WEAV)‘s stock had its “neutral” rating reaffirmed by equities research analysts at Piper Sandler in a research note issued on Tuesday,Benzinga reports. They presently have a $7.40 target price on the stock, down from their previous target price of $8.00. Piper Sandler’s price objective would suggest a potential upside of 1.58% from the company’s current price.

A number of other research analysts also recently issued reports on the company. B. Riley Financial initiated coverage on Weave Communications in a report on Tuesday. They set a “buy” rating and a $8.25 price objective for the company. Wall Street Zen upgraded Weave Communications from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Weave Communications in a research report on Wednesday, July 8th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $8.16.

Weave Communications Stock Up 31.7%

NYSE WEAV traded up $1.75 on Tuesday, reaching $7.29. The company had a trading volume of 35,445,431 shares, compared to its average volume of 1,740,609. The firm has a market capitalization of $582.79 million, a price-to-earnings ratio of -29.14 and a beta of 1.67. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.25 and a current ratio of 1.25. Weave Communications has a 1-year low of $4.24 and a 1-year high of $8.11. The company’s fifty day moving average is $6.16 and its 200-day moving average is $5.66.

Weave Communications (NYSE:WEAV) last released its earnings results on Thursday, August 6th. The company reported $0.04 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.04. Weave Communications had a negative return on equity of 21.14% and a negative net margin of 7.97%.The firm had revenue of $67.54 million during the quarter, compared to analysts’ expectations of $67.88 million. On average, research analysts forecast that Weave Communications will post -0.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Weave Communications

Several hedge funds have recently modified their holdings of the stock. Corient Private Wealth LP acquired a new stake in shares of Weave Communications in the second quarter valued at about $120,000. Bank of America Corp DE acquired a new position in Weave Communications during the second quarter valued at approximately $2,999,000. Man Group plc bought a new position in Weave Communications in the second quarter valued at approximately $1,348,000. Meros Investment Management LP bought a new position in Weave Communications in the second quarter valued at approximately $3,323,468,000. Finally, Canada Pension Plan Investment Board acquired a new position in shares of Weave Communications during the 2nd quarter worth approximately $125,000. Institutional investors own 86.83% of the company’s stock.

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.