Weave Communications, Inc. (NYSE:WEAV) Sees Significant Drop in Short Interest

Weave Communications, Inc. (NYSE:WEAV) was the recipient of a large decline in short interest in the month of March. As of March 13th, there was short interest totaling 4,216,473 shares, a decline of 32.4% from the February 26th total of 6,240,335 shares. Based on an average trading volume of 1,826,182 shares, the short-interest ratio is presently 2.3 days. Currently, 6.6% of the company’s shares are sold short.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on WEAV shares. Raymond James Financial cut Weave Communications from a “strong-buy” rating to a “moderate buy” rating in a report on Tuesday, January 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Weave Communications in a research report on Monday, December 29th. Stifel Nicolaus reduced their price objective on shares of Weave Communications from $11.00 to $9.00 and set a “buy” rating on the stock in a research note on Friday, February 20th. Finally, Piper Sandler decreased their price objective on shares of Weave Communications from $12.00 to $8.00 and set an “overweight” rating for the company in a report on Friday, February 20th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $10.00.

Weave Communications Stock Down 3.4%

WEAV stock traded down $0.16 during trading hours on Friday, reaching $4.37. 1,385,192 shares of the stock were exchanged, compared to its average volume of 1,646,714. The firm’s 50-day moving average is $5.60 and its 200-day moving average is $6.40. Weave Communications has a 12 month low of $4.24 and a 12 month high of $11.40. The company has a market cap of $343.31 million, a price-to-earnings ratio of -12.13 and a beta of 1.73. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.24 and a quick ratio of 1.24.

Weave Communications (NYSE:WEAV) last posted its quarterly earnings data on Thursday, February 19th. The company reported $0.03 earnings per share for the quarter, hitting the consensus estimate of $0.03. Weave Communications had a negative return on equity of 33.06% and a negative net margin of 11.74%.The company had revenue of $63.40 million during the quarter, compared to analysts’ expectations of $63.19 million. On average, equities research analysts expect that Weave Communications will post -0.33 earnings per share for the current year.

Insider Buying and Selling at Weave Communications

In other news, CRO Joseph David Mcneil sold 25,000 shares of the stock in a transaction on Friday, March 6th. The stock was sold at an average price of $5.53, for a total value of $138,250.00. Following the transaction, the executive owned 505,721 shares of the company’s stock, valued at $2,796,637.13. This represents a 4.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 18.40% of the stock is currently owned by company insiders.

Institutional Trading of Weave Communications

Institutional investors have recently made changes to their positions in the business. Amundi boosted its holdings in Weave Communications by 27.1% during the first quarter. Amundi now owns 5,301 shares of the company’s stock worth $59,000 after purchasing an additional 1,130 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Weave Communications by 6.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,918 shares of the company’s stock valued at $265,000 after buying an additional 1,457 shares during the last quarter. Geode Capital Management LLC lifted its position in Weave Communications by 24.4% during the 2nd quarter. Geode Capital Management LLC now owns 1,152,995 shares of the company’s stock worth $9,593,000 after buying an additional 225,865 shares in the last quarter. Police & Firemen s Retirement System of New Jersey lifted its position in Weave Communications by 68.7% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 13,829 shares of the company’s stock worth $115,000 after buying an additional 5,631 shares in the last quarter. Finally, Creative Planning acquired a new position in shares of Weave Communications during the 2nd quarter worth about $143,000. 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.