Cerebras Systems (NASDAQ:CBRS) Trading Down 4.2% – Here’s What Happened

Cerebras Systems Inc. (NASDAQ:CBRS) shares were down 4.2% during mid-day trading on Friday . The stock traded as low as $162.35 and last traded at $172.86. Approximately 5,252,538 shares changed hands during mid-day trading, a decline of 28% from the average session volume of 7,254,104 shares. The stock had previously closed at $180.46.

Wall Street Analysts Forecast Growth

CBRS has been the subject of several recent research reports. Mizuho assumed coverage on shares of Cerebras Systems in a research note on Monday, June 8th. They set an “outperform” rating and a $300.00 target price for the company. TD Cowen assumed coverage on shares of Cerebras Systems in a research report on Monday, June 8th. They issued a “buy” rating and a $275.00 price target on the stock. Craig Hallum started coverage on Cerebras Systems in a report on Monday, June 8th. They issued a “buy” rating and a $325.00 price target on the stock. Freedom Capital upgraded Cerebras Systems to a “hold” rating in a research report on Monday, June 29th. Finally, UBS Group raised their price objective on Cerebras Systems from $300.00 to $320.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $299.30.

Cerebras Systems Price Performance

The stock has a 50 day moving average price of $224.02.

Cerebras Systems (NASDAQ:CBRS) last posted its quarterly earnings data on Tuesday, June 23rd. The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.10. The firm had revenue of $193.41 million for the quarter, compared to analysts’ expectations of $180.70 million.

Insider Activity

In related news, CTO Sean Lie sold 10,033 shares of the firm’s stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $170.07, for a total value of $1,706,312.31. Following the completion of the transaction, the chief technology officer owned 10,033 shares of the company’s stock, valued at approximately $1,706,312.31. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Dhiraj Mallick sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $206.51, for a total transaction of $2,065,100.00. Following the completion of the transaction, the chief operating officer directly owned 10,000 shares of the company’s stock, valued at $2,065,100. This represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 117,547 shares of company stock worth $20,676,799 over the last three months.

Cerebras Systems Company Profile

Cerebras Systems is a technology company focused on building artificial intelligence infrastructure, including hardware and software designed to accelerate deep learning and large-scale AI workloads. The company is best known for its wafer-scale processor architecture, which is intended to provide high-performance compute for training and inference applications.

In addition to its AI chips, Cerebras offers systems and related software tools that support researchers and enterprises working with machine learning models.