Dhiraj Mallick Sells 10,000 Shares of Cerebras Systems (NASDAQ:CBRS) Stock

Cerebras Systems Inc. (NASDAQ:CBRS) COO Dhiraj Mallick sold 10,000 shares of the firm’s stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $206.51, for a total value of $2,065,100.00. Following the completion of the transaction, the chief operating officer owned 10,000 shares in the company, valued at approximately $2,065,100. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Dhiraj Mallick also recently made the following trade(s):

• On Thursday, June 25th, Dhiraj Mallick sold 36,131 shares of Cerebras Systems stock. The shares were sold at an average price of $169.28, for a total value of $6,116,255.68.
• On Friday, June 26th, Dhiraj Mallick sold 20,000 shares of Cerebras Systems stock. The shares were sold at an average price of $173.73, for a total value of $3,474,600.00.
• On Thursday, June 25th, Dhiraj Mallick sold 13,314 shares of Cerebras Systems stock. The shares were sold at an average price of $184.89, for a total value of $2,461,625.46.

Cerebras Systems Stock Up 0.1%

Shares of NASDAQ CBRS traded up $0.27 during midday trading on Wednesday, hitting $221.27. 8,623,903 shares of the company’s stock traded hands, compared to its average volume of 8,108,407. Cerebras Systems Inc. has a 1 year low of $160.81 and a 1 year high of $386.34.

Cerebras Systems (NASDAQ:CBRS) last posted its quarterly earnings data on Tuesday, June 23rd. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.10. The business had revenue of $193.41 million during the quarter, compared to analysts’ expectations of $180.70 million.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Wedbush upped their price objective on Cerebras Systems from $270.00 to $280.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 24th. Needham & Company LLC reissued a “buy” rating and set a $300.00 price target on shares of Cerebras Systems in a report on Wednesday, June 24th. Morgan Stanley boosted their price objective on Cerebras Systems from $250.00 to $273.00 and gave the company an “overweight” rating in a research note on Wednesday, June 24th. Freedom Capital upgraded shares of Cerebras Systems to a “hold” rating in a research note on Monday. Finally, Zacks Research raised shares of Cerebras Systems to a “hold” rating in a research note on Tuesday, June 9th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Cerebras Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $299.30.

More Cerebras Systems News

Here are the key news stories impacting Cerebras Systems this week:

• Positive Sentiment: Cerebras reported first-quarter revenue of $193.4 million, up 94% year over year and above expectations, while EPS of -$0.04 beat analyst estimates; the strong results are a key reason shares have been rising. Cerebras Systems Reports Strong Growth Following Multi-Year OpenAI Partnership
• Positive Sentiment: Investor interest remains elevated after reports highlighting Cerebras as a standout AI name, along with unusually heavy call-option buying, suggesting traders are positioning for more upside.
• Positive Sentiment: Several analysts reiterated bullish views after earnings, with multiple firms raising price targets and maintaining buy-like ratings, reinforcing the view that the company’s AI infrastructure business is gaining traction.
• Neutral Sentiment: Freedom Capital upgraded Cerebras to “hold,” which is not a major positive or negative catalyst on its own, but it does indicate continued market attention.
• Negative Sentiment: Multiple executives, including the CEO, CTO, COO, and CAO, sold shares in recent days. The company says the transactions were tied to equity vesting and tax withholding, but the cluster of sales can still pressure sentiment.
• Negative Sentiment: New law-firm headlines about a potential securities-law investigation may create caution among investors, even though no wrongdoing has been established. Pomerantz Law Firm Investigates Claims On Behalf of Investors of Cerebras Systems Inc. – CBRS

Cerebras Systems Company 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.