Weave Communications (NYSE:WEAV) Reaches New 12-Month High – Here’s What Happened

Weave Communications, Inc. (NYSE:WEAV) reached a new 52-week high on Wednesday . The stock traded as high as $16.16 and last traded at $16.10, with a volume of 131591 shares traded. The stock had previously closed at $15.92.

Analyst Ratings Changes

A number of brokerages have recently weighed in on WEAV. The Goldman Sachs Group lifted their price objective on Weave Communications from $13.00 to $14.50 and gave the stock a “neutral” rating in a research report on Friday, November 1st. Loop Capital lifted their price target on shares of Weave Communications from $15.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Finally, Piper Sandler boosted their price objective on shares of Weave Communications from $16.00 to $17.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $16.50.

Weave Communications Price Performance

The stock has a market cap of $1.16 billion, a PE ratio of -39.75 and a beta of 2.00. The business has a fifty day simple moving average of $13.83 and a two-hundred day simple moving average of $11.51. The company has a current ratio of 1.59, a quick ratio of 1.59 and a debt-to-equity ratio of 0.09.

Insider Activity at Weave Communications

In related news, CFO Alan Taylor sold 2,638 shares of the firm’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $13.00, for a total transaction of $34,294.00. Following the completion of the transaction, the chief financial officer now owns 421,847 shares of the company’s stock, valued at $5,484,011. This trade represents a 0.62 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Blake G. Modersitzki sold 51,332 shares of Weave Communications stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $13.51, for a total value of $693,495.32. Following the transaction, the director now owns 306,852 shares of the company’s stock, valued at $4,145,570.52. The trade was a 14.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,123,158 shares of company stock worth $16,128,886 over the last ninety days. 36.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Weave Communications

Institutional investors and hedge funds have recently modified their holdings of the stock. AXA S.A. bought a new position in Weave Communications in the 2nd quarter valued at approximately $11,590,000. Wasatch Advisors LP raised its stake in shares of Weave Communications by 40.9% in the third quarter. Wasatch Advisors LP now owns 3,760,837 shares of the company’s stock worth $48,139,000 after purchasing an additional 1,091,028 shares during the last quarter. Pathway Capital Management LP bought a new position in shares of Weave Communications during the third quarter valued at $7,308,000. Lord Abbett & CO. LLC boosted its position in shares of Weave Communications by 37.7% during the third quarter. Lord Abbett & CO. LLC now owns 873,411 shares of the company’s stock valued at $11,180,000 after buying an additional 239,202 shares during the last quarter. Finally, State Street Corp increased its holdings in Weave Communications by 19.5% in the 3rd quarter. State Street Corp now owns 950,683 shares of the company’s stock worth $12,169,000 after buying an additional 155,054 shares in the last quarter. 86.83% of the stock is currently owned by institutional investors.

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.