Cerebras Systems (NASDAQ:CBRS) Hits New 12-Month Low – Here’s What Happened

Cerebras Systems Inc. (NASDAQ:CBRS) hit a new 52-week low during trading on Monday. The stock traded as low as $122.14 and last traded at $121.6380, with a volume of 1,715,629 shares trading hands. The stock had previously closed at $127.21.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CBRS. Citigroup lowered their target price on shares of Cerebras Systems from $340.00 to $320.00 and set a “buy” rating on the stock in a report on Thursday, August 13th. Weiss Ratings cut shares of Cerebras Systems from a “sell (d)” rating to a “sell (d-)” rating in a research note on Friday, September 25th. Rosenblatt Securities reissued a “buy” rating and issued a $300.00 price objective on shares of Cerebras Systems in a research report on Wednesday, August 19th. Wedbush upped their target price on shares of Cerebras Systems from $280.00 to $290.00 and gave the company an “outperform” rating in a report on Thursday, August 13th. Finally, Wall Street Zen raised Cerebras Systems from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Cerebras Systems currently has an average rating of “Moderate Buy” and a consensus price target of $299.90.

Cerebras Systems Stock Down 2.7%

The company has a market cap of $29.40 billion and a PE ratio of -1,542.17. The firm’s fifty day simple moving average is $191.68. The company has a quick ratio of 5.80, a current ratio of 5.82 and a debt-to-equity ratio of 0.02.

Cerebras Systems (NASDAQ:CBRS) last posted 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 firm had revenue of $209.87 million for the quarter. The business’s revenue for the quarter was up 74.3% on a year-over-year basis. As a group, analysts anticipate that Cerebras Systems Inc. will post -0.52 earnings per share for the current year.

Insider Transactions at Cerebras Systems

In other news, Director Steven Vassallo sold 50,000 shares of the company’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 value of $10,515,000.00. Following the transaction, the director owned 171,977 shares of the company’s stock, valued at approximately $36,166,763.10. This represents a 22.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Eric Vishria sold 68,268 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $229.77, for a total value of $15,685,938.36. Following the transaction, the director owned 31,383 shares in the company, valued at approximately $7,210,871.91. This trade represents a 68.51% 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. Over the last 90 days, insiders sold 1,864,452 shares of company stock worth $387,680,754.

Institutional Trading of Cerebras Systems

Several institutional investors have recently added to or reduced their stakes in the company. Wealth Enhancement Trust Services Inc. bought a new position in Cerebras Systems during the 3rd quarter worth $26,000. GK Wealth Management LLC bought a new stake in shares of Cerebras Systems in the third quarter valued at about $31,000. Silicon Valley Capital Partners bought a new stake in shares of Cerebras Systems in the second quarter valued at about $44,000. Mather Group LLC. acquired a new position in shares of Cerebras Systems in the third quarter valued at about $44,000. Finally, CoreCap Advisors LLC bought a new position in Cerebras Systems during the third quarter worth about $52,000.

Cerebras Systems Company Profile

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.