Cerebras Systems Inc. (NASDAQ:CBRS – Get Free Report) rose 17.9% on Tuesday . The company traded as high as $210.64 and last traded at $208.57. 6,189,864 shares traded hands during trading, a decline of 13% from the average daily volume of 7,151,940 shares. The stock had previously closed at $176.88.
Analyst Ratings Changes
A number of research analysts have recently commented on CBRS shares. Rosenblatt Securities reiterated a “buy” rating and issued a $300.00 price target on shares of Cerebras Systems in a research note on Wednesday, June 24th. Citigroup initiated coverage on Cerebras Systems in a research report on Monday, June 8th. They set a “buy” rating and a $340.00 price objective on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $300.00 target price on shares of Cerebras Systems in a report on Wednesday, June 24th. Wall Street Zen upgraded Cerebras Systems from a “strong sell” rating to a “sell” rating in a research report on Sunday, June 21st. Finally, Wedbush lifted their price target on Cerebras Systems from $270.00 to $280.00 and gave the company an “outperform” rating in a research note on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $299.30.
Check Out Our Latest Report on Cerebras Systems
Cerebras Systems Stock Performance
Cerebras Systems (NASDAQ:CBRS – Get Free Report) last released its quarterly earnings results on Tuesday, June 23rd. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.10. The business had revenue of $193.41 million for the quarter, compared to the consensus estimate of $180.70 million.
Insider Buying and Selling
In other Cerebras Systems news, COO Dhiraj Mallick sold 10,000 shares of Cerebras Systems stock in a transaction dated 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 transaction, the chief operating officer directly owned 10,000 shares of the company’s stock, valued at approximately $2,065,100. The trade was a 50.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Andrew D. Feldman sold 17,990 shares of the company’s stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $173.06, for a total value of $3,113,349.40. Following the completion of the sale, the chief executive officer owned 17,990 shares in the company, valued at $3,113,349.40. This trade represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 117,547 shares of company stock valued at $20,676,799.
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.
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