Cerebras Systems Inc. (NASDAQ:CBRS – Get Free Report) shares traded up 9% on Wednesday . The stock traded as high as $255.99 and last traded at $255.97. 3,182,985 shares were traded during mid-day trading, a decline of 52% from the average session volume of 6,637,977 shares. The stock had previously closed at $234.76.
Analyst Upgrades and Downgrades
CBRS has been the subject of a number of analyst reports. Wall Street Zen upgraded Cerebras Systems from a “strong sell” rating to a “sell” rating in a report on Sunday, June 21st. Rosenblatt Securities reiterated a “buy” rating and issued a $300.00 price target on shares of Cerebras Systems in a report on Wednesday, June 24th. Mizuho boosted their price target on Cerebras Systems from $300.00 to $310.00 and gave the stock an “outperform” rating in a research report on Monday, July 27th. Barclays began coverage on Cerebras Systems in a research report on Monday, June 8th. They issued an “overweight” rating and a $280.00 price target for the company. Finally, Freedom Capital upgraded Cerebras Systems to a “hold” rating in a research note on Monday, June 29th. One equities 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. According to MarketBeat, Cerebras Systems presently has an average rating of “Moderate Buy” and an average price target of $300.30.
Check Out Our Latest Report on Cerebras Systems
Cerebras Systems Stock Performance
Cerebras Systems (NASDAQ:CBRS – Get Free Report) last issued its quarterly earnings data on Tuesday, June 23rd. The company reported ($0.04) 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 analysts’ expectations of $180.70 million. Analysts predict that Cerebras Systems Inc. will post -0.89 EPS for the current fiscal year.
Insiders Place Their Bets
In related news, COO Dhiraj Mallick sold 36,131 shares of the stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $169.28, for a total value of $6,116,255.68. Following the completion of the transaction, the chief operating officer directly owned 33,314 shares of the company’s stock, valued at $5,639,393.92. This trade represents a 52.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Sean Lie sold 10,033 shares of Cerebras Systems stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $170.07, for a total transaction of $1,706,312.31. Following the completion of the sale, the chief technology officer owned 10,033 shares of the company’s stock, valued at $1,706,312.31. This trade represents a 50.00% decrease in their ownership of the stock. 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. Over the last quarter, insiders sold 117,547 shares of company stock valued at $20,676,799.
Institutional Inflows and Outflows
An institutional investor recently bought a new position in Cerebras Systems stock. Bank of New York Mellon Corp acquired a new position in shares of Cerebras Systems Inc. (NASDAQ:CBRS – Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 27,682 shares of the company’s stock, valued at approximately $6,118,000.
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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