Cerebras Systems Inc. (NASDAQ:CBRS – Get Free Report)’s stock price traded down 11.7% on Monday after UBS Group lowered their price target on the stock from $330.00 to $250.00. UBS Group currently has a buy rating on the stock. Cerebras Systems traded as low as $95.03 and last traded at $96.36. 13,022,764 shares changed hands during mid-day trading, an increase of 67% from the average daily volume of 7,820,107 shares. The stock had previously closed at $109.18.
CBRS has been the subject of a number of other research reports. Freedom Capital upgraded shares of Cerebras Systems from a “hold” rating to a “strong-buy” rating in a report on Friday, October 2nd. TD Cowen cut their target price on shares of Cerebras Systems from $275.00 to $175.00 and set a “buy” rating on the stock in a report on Monday, October 19th. Weiss Ratings raised shares of Cerebras Systems from a “sell (d-)” rating to a “sell (d)” rating in a research report on Wednesday, October 21st. Needham & Company LLC reissued a “buy” rating and issued a $300.00 price target on shares of Cerebras Systems in a report on Wednesday, August 19th. Finally, Wall Street Zen upgraded shares of Cerebras Systems from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Cerebras Systems currently has an average rating of “Moderate Buy” and a consensus target price of $281.90.
Check Out Our Latest Report on CBRS
Insiders Place Their Bets
In related news, COO Dhiraj Mallick sold 396,000 shares of the stock in a transaction that occurred on Tuesday, September 29th. The stock was sold at an average price of $204.04, for a total transaction of $80,799,840.00. Following the completion of the sale, the chief operating officer directly owned 396,000 shares of the company’s stock, valued at approximately $80,799,840. This represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Steven Vassallo sold 50,000 shares of the firm’s stock in a transaction that occurred on 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 sale, the director owned 171,977 shares in the company, valued at $36,166,763.10. This trade represents a 22.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,924,452 shares of company stock worth $394,628,154 in the last three months.
Institutional Investors Weigh In On Cerebras Systems
Several institutional investors have recently added to or reduced their stakes in the stock. McGuire Investment Group LLC boosted its stake in Cerebras Systems by 7.6% in the 3rd quarter. McGuire Investment Group LLC now owns 1,420 shares of the company’s stock worth $252,000 after purchasing an additional 100 shares during the period. Wealth Enhancement Trust Services Inc. acquired a new stake in shares of Cerebras Systems in the 3rd quarter valued at about $26,000. Blue Bell Private Wealth Management LLC acquired a new stake in shares of Cerebras Systems in the 3rd quarter valued at about $31,000. GK Wealth Management LLC bought a new stake in shares of Cerebras Systems in the third quarter valued at about $31,000. Finally, Silicon Valley Capital Partners bought a new stake in shares of Cerebras Systems in the second quarter valued at about $44,000.
Cerebras Systems Price Performance
The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 5.80. The stock has a market capitalization of $22.89 billion and a P/E ratio of -1,204.50. The firm has a 50-day moving average price of $168.82.
Cerebras Systems (NASDAQ:CBRS – Get Free Report) last announced its earnings results on Wednesday, August 12th. The company reported ($2.98) earnings per share (EPS) 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% compared to the same quarter last year. On average, equities analysts predict that Cerebras Systems Inc. will post -0.52 EPS for the current year.
About Cerebras Systems
Cerebras Systems is a technology company that develops specialized computing systems for artificial intelligence and high-performance computing. Its core product is the Wafer-Scale Engine, a processor designed to provide large-scale computing capacity and high-speed data movement for training and running AI models.
The company offers integrated AI computing systems, including the Cerebras CS series, which combines its wafer-scale processors with supporting hardware and software. Cerebras also provides access to its technology through cloud-based services, enabling businesses, research organizations and other users to develop and deploy AI applications without operating the underlying systems themselves.
Founded in 2015 and headquartered in Sunnyvale, California, Cerebras serves customers in sectors such as technology, government, scientific research and other data-intensive industries.
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