Cerebras Systems Inc. (NASDAQ:CBRS – Get Free Report)’s stock price reached a new 52-week low on Wednesday. The stock traded as low as $105.36 and last traded at $108.2430, with a volume of 12,528,431 shares trading hands. The stock had previously closed at $119.31.
Analyst Upgrades and Downgrades
A number of research firms recently issued reports on CBRS. Jefferies Financial Group upgraded shares of Cerebras Systems to an “outperform” rating in a research report on Monday, October 5th. Weiss Ratings upgraded shares of Cerebras Systems from a “sell (d-)” rating to a “sell (d)” rating in a report on Wednesday, October 21st. Wall Street Zen upgraded shares of Cerebras Systems from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Wedbush lifted their price target on shares of Cerebras Systems from $280.00 to $290.00 and gave the company an “outperform” rating in a research note on Thursday, August 13th. Finally, Freedom Capital upgraded shares of Cerebras Systems from a “hold” rating to a “strong-buy” rating in a report on Friday, October 2nd. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $289.90.
Check Out Our Latest Stock Report on CBRS
Cerebras Systems Stock Down 7.4%
The company has a quick ratio of 5.80, a current ratio of 5.82 and a debt-to-equity ratio of 0.02. The firm has a 50-day moving average of $174.99. The stock has a market capitalization of $26.25 billion and a P/E ratio of -1,374.95.
Cerebras Systems (NASDAQ:CBRS – Get Free Report) last issued 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 quarterly revenue was up 74.3% on a year-over-year basis. On average, sell-side analysts anticipate that Cerebras Systems Inc. will post -0.52 EPS for the current fiscal year.
Insider Activity
In other news, Director Eric Vishria sold 68,268 shares of Cerebras Systems stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $229.77, for a total transaction of $15,685,938.36. Following the completion of the transaction, the director directly owned 31,383 shares in the company, valued at $7,210,871.91. This trade represents a 68.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Dhiraj Mallick sold 396,000 shares of Cerebras Systems stock in a transaction dated Tuesday, September 29th. The shares were sold at an average price of $204.04, for a total transaction of $80,799,840.00. Following the transaction, the chief operating officer owned 396,000 shares of the company’s stock, valued at $80,799,840. This represents a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 1,864,452 shares of company stock valued at $387,680,754.
Institutional Investors Weigh In On Cerebras Systems
Institutional investors and hedge funds have recently made changes to their positions in the business. Birinyi Associates Inc. acquired a new stake in shares of Cerebras Systems in the 3rd quarter worth about $370,000. Choreo LLC acquired a new position in Cerebras Systems during the 3rd quarter valued at about $492,000. D.A. Davidson & CO. acquired a new position in Cerebras Systems during the 3rd quarter valued at about $896,000. BOKF NA acquired a new position in Cerebras Systems during the 3rd quarter valued at about $1,972,000. Finally, Parametrica Management Ltd bought a new stake in Cerebras Systems during the 3rd quarter worth approximately $888,000.
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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