Weave Communications (NYSE:WEAV) Shares Gap Down on Disappointing Earnings

Weave Communications, Inc. (NYSE:WEAV) shares gapped down before the market opened on Friday following a weaker than expected earnings announcement. The stock had previously closed at $16.89, but opened at $15.71. Weave Communications shares last traded at $13.98, with a volume of 1,121,836 shares trading hands.

The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.12). The firm had revenue of $54.17 million during the quarter, compared to analysts’ expectations of $53.23 million. Weave Communications had a negative net margin of 13.87% and a negative return on equity of 28.37%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Piper Sandler increased their price objective on shares of Weave Communications from $16.00 to $17.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Raymond James reiterated a “strong-buy” rating and set a $20.00 price objective (up from $17.00) on shares of Weave Communications in a report on Friday. Loop Capital increased their price objective on shares of Weave Communications from $15.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Finally, The Goldman Sachs Group increased their price objective on shares of Weave Communications from $13.00 to $14.50 and gave the stock a “neutral” rating in a report on Friday, November 1st.

Insider Buying and Selling

In related news, Director Blake G. Modersitzki sold 74,756 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $17.49, for a total transaction of $1,307,482.44. Following the completion of the sale, the director now owns 179,153 shares of the company’s stock, valued at approximately $3,133,385.97. This represents a 29.44 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brett T. White sold 54,778 shares of the stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $15.86, for a total transaction of $868,779.08. Following the sale, the chief executive officer now directly owns 1,928,364 shares of the company’s stock, valued at approximately $30,583,853.04. This trade represents a 2.76 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,190,043 shares of company stock valued at $18,442,044. 36.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Weave Communications

Several large investors have recently bought and sold shares of WEAV. Raymond James & Associates grew its position in Weave Communications by 66.8% in the third quarter. Raymond James & Associates now owns 233,534 shares of the company’s stock valued at $2,989,000 after acquiring an additional 93,519 shares in the last quarter. US Bancorp DE acquired a new stake in Weave Communications in the third quarter valued at approximately $107,000. Harbor Capital Advisors Inc. acquired a new stake in Weave Communications in the third quarter valued at approximately $1,904,000. Principal Financial Group Inc. grew its position in Weave Communications by 139.0% in the third quarter. Principal Financial Group Inc. now owns 89,768 shares of the company’s stock valued at $1,149,000 after acquiring an additional 52,210 shares in the last quarter. Finally, Summit Global Investments acquired a new stake in Weave Communications in the third quarter valued at approximately $460,000. Institutional investors and hedge funds own 86.83% of the company’s stock.

Weave Communications Price Performance

The company has a debt-to-equity ratio of 0.09, a current ratio of 1.59 and a quick ratio of 1.59. The company’s 50-day simple moving average is $16.23 and its 200-day simple moving average is $13.87. The company has a market cap of $1.04 billion, a price-to-earnings ratio of -36.55 and a beta of 1.91.

About Weave Communications

Weave Communications, Inc provides a customer experience and payments software platform in the United States and Canada. Its platform enables small and medium-sized healthcare businesses to maximize the value of their patient interactions and minimize the time and effort spent on manual or mundane tasks.