Cerebras Systems (NASDAQ:CBRS) Trading Up 5.8% – Should You Buy?

Cerebras Systems Inc. (NASDAQ:CBRS) rose 5.8% on Wednesday . The company traded as high as $186.99 and last traded at $186.9410. Approximately 878,570 shares were traded during trading, a decline of 89% from the average daily volume of 7,696,812 shares. The stock had previously closed at $176.61.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on CBRS shares. Barclays initiated coverage on Cerebras Systems in a research note on Monday, June 8th. They set an “overweight” rating and a $280.00 price objective on the stock. Wall Street Zen raised shares of Cerebras Systems from a “strong sell” rating to a “sell” rating in a report on Sunday, June 21st. Freedom Capital upgraded shares of Cerebras Systems to a “hold” rating in a research report on Monday, June 29th. Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 price objective on shares of Cerebras Systems in a research note on Wednesday, June 24th. Finally, Morgan Stanley raised their target price on Cerebras Systems from $250.00 to $273.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $299.30.

Cerebras Systems Trading Up 2.9%

Cerebras Systems (NASDAQ:CBRS) last released its quarterly earnings results on Tuesday, June 23rd. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.10. The company had revenue of $193.41 million during the quarter, compared to the consensus estimate of $180.70 million.

Insider Transactions at Cerebras Systems

In other Cerebras Systems news, CTO Sean Lie sold 10,033 shares of the stock in a transaction on Thursday, June 25th. The stock was 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 in the company, valued at approximately $1,706,312.31. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Andrew D. Feldman sold 17,990 shares of the business’s stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $173.06, for a total transaction of $3,113,349.40. Following the sale, the chief executive officer owned 17,990 shares in the company, valued at approximately $3,113,349.40. This trade represents a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 117,547 shares of company stock worth $20,676,799.

About Cerebras Systems

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.