Stock Traders Buy Large Volume of Put Options on Cerebras Systems (NASDAQ:CBRS)

Cerebras Systems Inc. (NASDAQ:CBRS) was the target of unusually large options trading on Friday. Traders acquired 76,734 put options on the stock. This is an increase of approximately 72% compared to the average daily volume of 44,721 put options.

Insider Activity

In other news, CFO Robert Patrick Jr. Komin sold 32,500 shares of the stock in a transaction that occurred on Tuesday, September 29th. The stock was sold at an average price of $203.53, for a total value of $6,614,725.00. Following the completion of the sale, the chief financial officer directly owned 30,670 shares of the company’s stock, valued at approximately $6,242,265.10. This represents a 51.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Yagnesh Patel sold 1,320 shares of the firm’s stock in a transaction on Monday, September 28th. The stock was sold at an average price of $204.50, for a total transaction of $269,940.00. Following the completion of the sale, the chief accounting officer owned 15,356 shares in the company, valued at approximately $3,140,302. The trade was a 7.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,864,452 shares of company stock worth $387,680,754 over the last 90 days.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Cyndeo Wealth Partners LLC bought a new stake in shares of Cerebras Systems during the third quarter worth $209,000. NFSG Corp boosted its holdings in Cerebras Systems by 1,483.7% in the third quarter. NFSG Corp now owns 8,821 shares of the company’s stock valued at $1,567,000 after acquiring an additional 8,264 shares during the last quarter. Walser Wealth Management Company A Ltd Liability Co acquired a new stake in Cerebras Systems in the third quarter worth about $495,000. Fortitude Advisory Group L.L.C. increased its position in Cerebras Systems by 30.6% in the third quarter. Fortitude Advisory Group L.L.C. now owns 4,163 shares of the company’s stock worth $740,000 after purchasing an additional 975 shares during the period. Finally, Mather Group LLC. acquired a new position in Cerebras Systems during the 3rd quarter valued at about $44,000.

Cerebras Systems Stock Down 10.6%

CBRS traded down $15.09 during trading on Friday, hitting $127.08. The company’s stock had a trading volume of 8,546,137 shares, compared to its average volume of 7,444,612. Cerebras Systems has a 12 month low of $127.00 and a 12 month high of $386.34. The company has a market capitalization of $30.19 billion and a PE ratio of -1,592.45. 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 company’s 50 day moving average price is $193.67.

Cerebras Systems (NASDAQ:CBRS) last announced 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 for the quarter. Cerebras Systems’s quarterly revenue was up 74.3% compared to the same quarter last year. On average, sell-side analysts forecast that Cerebras Systems will post -0.52 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CBRS. Needham & Company LLC restated a “buy” rating and issued a $300.00 price objective on shares of Cerebras Systems in a research note on Wednesday, August 19th. Wedbush lifted their target price on shares of Cerebras Systems from $280.00 to $290.00 and gave the company an “outperform” rating in a research report on Thursday, August 13th. Mizuho lowered their target price on shares of Cerebras Systems from $310.00 to $300.00 and set an “outperform” rating on the stock in a research note on Thursday, August 13th. UBS Group increased their price target on shares of Cerebras Systems from $320.00 to $330.00 and gave the stock a “buy” rating in a research report on Thursday, August 13th. Finally, Freedom Capital raised shares of Cerebras Systems from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 2nd. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cerebras Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $299.90.

Cerebras Systems Company Profile

Cerebras Systems is an artificial intelligence computing company that develops specialized hardware and software for training and deploying large AI models. The company’s technology is designed to address the computational demands of generative AI, deep learning and other data-intensive workloads.

Its core products include the Wafer-Scale Engine, a purpose-built AI processor produced on a single silicon wafer, and the CS-3 AI supercomputer, which incorporates that processor into an integrated computing system.