Cerebras Systems (NASDAQ:CBRS) Shares Up 7.8% – Here’s What Happened

Cerebras Systems Inc. (NASDAQ:CBRS) shares traded up 7.8% during trading on Monday. The company traded as high as $97.46 and last traded at $96.70. Approximately 8,473,204 shares were traded during trading, an increase of 7% from the average daily volume of 7,949,795 shares. The stock had previously closed at $89.68.

Analyst Ratings Changes

Several analysts have recently commented on the company. Needham & Company LLC reissued a “buy” rating and issued a $300.00 price objective on shares of Cerebras Systems in a research note on Wednesday, August 19th. Mizuho cut their target price on Cerebras Systems from $310.00 to $300.00 and set an “outperform” rating on the stock in a research report on Thursday, August 13th. Weiss Ratings lowered Cerebras Systems from a “sell (d)” rating to a “sell (d-)” rating in a research report on Wednesday. Wall Street Zen raised Cerebras Systems from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Finally, Rosenblatt Securities restated a “buy” rating and set a $300.00 price objective on shares of Cerebras Systems in a research note on Wednesday, August 19th. 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.com, Cerebras Systems currently has a consensus rating of “Moderate Buy” and an average price target of $261.80.

Cerebras Systems Stock Performance

The firm has a market cap of $22.97 billion and a PE ratio of -1,208.75. The company has a current ratio of 5.82, a quick ratio of 5.80 and a debt-to-equity ratio of 0.02. The stock’s 50 day simple moving average is $159.28.

Cerebras Systems (NASDAQ:CBRS) last announced its earnings results on Wednesday, August 12th. The company reported ($2.98) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($2.77). The firm had revenue of $209.87 million during the quarter. The business’s revenue was up 74.3% compared to the same quarter last year. On average, sell-side analysts predict that Cerebras Systems Inc. will post -0.52 earnings per share for the current fiscal year.

Insider Activity at Cerebras Systems

In other Cerebras Systems news, Director Eric Vishria sold 68,268 shares of the business’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $229.77, for a total value of $15,685,938.36. Following the transaction, the director directly owned 31,383 shares in the company, valued at $7,210,871.91. The trade was a 68.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Andrew D. Feldman sold 237,559 shares of the stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $199.27, for a total transaction of $47,338,381.93. Following the transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,924,452 shares of company stock valued at $394,628,154 in the last 90 days.

Institutional Investors Weigh In On Cerebras Systems

A number of hedge funds have recently modified their holdings of the stock. Bessemer Group Inc. bought a new stake in Cerebras Systems during the 3rd quarter valued at $462,000. Washington University lifted its position in shares of Cerebras Systems by 175.3% during the third quarter. Washington University now owns 1,517,400 shares of the company’s stock worth $269,566,000 after acquiring an additional 966,314 shares in the last quarter. ACT Capital Partners L.P. bought a new position in shares of Cerebras Systems in the third quarter worth $444,000. Private Advisory Group LLC bought a new position in shares of Cerebras Systems in the third quarter worth $1,065,000. Finally, Russell Investments Group Ltd. grew its position in shares of Cerebras Systems by 855.0% in the third quarter. Russell Investments Group Ltd. now owns 91,686 shares of the company’s stock valued at $16,367,000 after purchasing an additional 82,085 shares in the last quarter.

Cerebras Systems Company Profile

Cerebras Systems develops computing systems and software designed for artificial intelligence and other compute-intensive workloads. Its products are built around the Wafer-Scale Engine, a large processor designed to support AI model training and inference, and include the CS-3 system and related software.

The company also offers cloud-based access to its AI computing infrastructure, giving customers a way to run AI workloads without deploying its systems on site. Its offerings are aimed at organizations developing and operating large AI models, including businesses, research institutions and public-sector customers.

Founded in 2015, Cerebras is headquartered in Sunnyvale, California.