Readystate Asset Management LP purchased a new position in shares of Cerebras Systems Inc. (NASDAQ:CBRS – Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 10,500 shares of the company’s stock, valued at approximately $2,320,000.
A number of other hedge funds have also recently made changes to their positions in CBRS. Value Aligned Research Advisors LLC purchased a new position in Cerebras Systems in the 2nd quarter worth $241,934,000. Wellington Management Group LLP bought a new position in Cerebras Systems during the 2nd quarter worth approximately $194,853,000. Montanova Capital LLC bought a new stake in Cerebras Systems in the second quarter valued at approximately $37,990,000. Bank of New York Mellon Corp purchased a new position in shares of Cerebras Systems in the second quarter worth $6,118,000. Finally, Ratan Capital Management LP bought a new stake in Cerebras Systems during the 2nd quarter valued at $4,641,000.
Insider Activity at Cerebras Systems
In related news, CEO Andrew Feldman sold 237,559 shares of the company’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $199.27, for a total value of $47,338,381.93. Following the sale, the chief executive officer directly owned 16,853 shares of the company’s stock, valued at $3,358,297.31. This represents a 93.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Sean Lie sold 16,293 shares of the stock in a transaction on Friday, August 21st. The stock was sold at an average price of $210.01, for a total value of $3,421,692.93. Following the completion of the transaction, the chief technology officer owned 368,926 shares of the company’s stock, valued at approximately $77,478,149.26. This trade represents a 4.23% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 1,291,278 shares of company stock valued at $265,966,662 over the last ninety days.
Analysts Set New Price Targets
Check Out Our Latest Stock Report on Cerebras Systems
Cerebras Systems Price Performance
CBRS stock opened at $210.05 on Tuesday. Cerebras Systems Inc. has a 1 year low of $160.81 and a 1 year high of $386.34. The business has a 50-day moving average of $203.35.
Cerebras Systems (NASDAQ:CBRS – Get Free Report) last posted 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 business had revenue of $209.87 million during the quarter. The company’s revenue was up 74.3% on a year-over-year basis. On average, equities analysts anticipate that Cerebras Systems Inc. will post -0.52 earnings per share for the current fiscal year.
Cerebras Systems 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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