REX Advisers LLC Purchases New Shares in Cerebras Systems Inc. $CBRS

REX Advisers LLC acquired a new position in shares of Cerebras Systems Inc. (NASDAQ:CBRS) in the 3rd quarter, Holdings Channel.com reports. The fund acquired 4,600 shares of the company’s stock, valued at approximately $897,000. Cerebras Systems accounts for about 4.0% of REX Advisers LLC’s holdings, making the stock its 13th biggest holding.

Other large investors have also recently bought and sold shares of the company. Farther Finance Advisors LLC purchased a new stake in shares of Cerebras Systems in the third quarter valued at $347,000. CoreCap Advisors LLC purchased a new stake in Cerebras Systems during the 3rd quarter worth about $52,000. Baring Financial LLC raised its stake in Cerebras Systems by 268.5% in the 3rd quarter. Baring Financial LLC now owns 5,026 shares of the company’s stock valued at $893,000 after purchasing an additional 3,662 shares during the last quarter. Wealth Enhancement Trust Services Inc. purchased a new position in Cerebras Systems in the 3rd quarter valued at about $26,000. Finally, Rye Brook Capital LLC lifted its holdings in Cerebras Systems by 11.6% in the 3rd quarter. Rye Brook Capital LLC now owns 6,289 shares of the company’s stock valued at $1,117,000 after purchasing an additional 655 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Morgan Stanley lifted their price target on shares of Cerebras Systems from $273.00 to $279.00 and gave the stock an “overweight” rating in a report on Thursday, August 13th. Needham & Company LLC reissued a “buy” rating and set a $300.00 price target on shares of Cerebras Systems in a research note on Wednesday, August 19th. Jefferies Financial Group upgraded Cerebras Systems to an “outperform” rating in a report on Monday. Freedom Capital raised Cerebras Systems from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 2nd. Finally, Wedbush upped their target price on Cerebras Systems from $280.00 to $290.00 and gave the company an “outperform” rating in a research note on Thursday, August 13th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $299.90.

Insiders Place Their Bets

In other news, Director Steven Vassallo sold 50,000 shares of the business’s stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $210.30, for a total transaction of $10,515,000.00. Following the completion of the sale, the director owned 171,977 shares in the company, valued at approximately $36,166,763.10. The trade was a 22.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Sean Lie sold 710,247 shares of the firm’s stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $207.86, for a total transaction of $147,631,941.42. Following the completion of the transaction, the chief technology officer owned 368,926 shares in the company, valued at $76,684,958.36. The trade was a 65.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 1,864,452 shares of company stock worth $387,680,754.

Cerebras Systems Trading Down 4.1%

Shares of CBRS traded down $7.13 during mid-day trading on Thursday, reaching $167.92. The company had a trading volume of 10,126,125 shares, compared to its average volume of 7,273,854. The firm has a market capitalization of $39.89 billion and a PE ratio of -2,099.00. The company has a debt-to-equity ratio of 0.02, a quick ratio of 5.80 and a current ratio of 5.82. The company’s fifty day simple moving average is $200.23. Cerebras Systems Inc. has a fifty-two week low of $160.81 and a fifty-two week high of $386.34.

Cerebras Systems (NASDAQ:CBRS) last issued its earnings results on Wednesday, August 12th. The company reported ($2.98) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($2.77). The company had revenue of $209.87 million during the quarter. Cerebras Systems’s revenue for the quarter was up 74.3% on a year-over-year basis. As a group, equities analysts predict that Cerebras Systems Inc. will post -0.52 EPS for the current fiscal year.

Cerebras Systems Company Profile

Cerebras Systems is an artificial intelligence computing company that develops specialized hardware and software for training and deploying large AI models. The company’s technology is designed to address the computational demands of generative AI, deep learning and other data-intensive workloads.

Its core products include the Wafer-Scale Engine, a purpose-built AI processor produced on a single silicon wafer, and the CS-3 AI supercomputer, which incorporates that processor into an integrated computing system.