Cerebras Systems (NASDAQ:CBRS) Trading Down 4.9% – What’s Next?

Cerebras Systems Inc. (NASDAQ:CBRS)’s share price dropped 4.9% during mid-day trading on Monday . The stock traded as low as $203.12 and last traded at $204.62. 3,471,080 shares traded hands during mid-day trading, a decline of 54% from the average session volume of 7,518,809 shares. The stock had previously closed at $215.08.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on CBRS shares. Zacks Research raised Cerebras Systems to a “hold” rating in a research report on Tuesday, June 9th. Barclays initiated coverage on shares of Cerebras Systems in a report on Monday, June 8th. They issued an “overweight” rating and a $280.00 target price for the company. Rosenblatt Securities restated a “buy” rating and issued a $300.00 price target on shares of Cerebras Systems in a research report on Wednesday, June 24th. Wedbush increased their price objective on Cerebras Systems from $270.00 to $280.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 24th. Finally, Mizuho initiated coverage on Cerebras Systems in a research note on Monday, June 8th. They issued an “outperform” rating and a $300.00 target price on the stock. 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 company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $299.30.

Cerebras Systems Price Performance

The firm’s fifty day moving average is $225.96.

Cerebras Systems (NASDAQ:CBRS) last released its quarterly earnings data on Tuesday, June 23rd. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate 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.

Insider Activity at Cerebras Systems

In other Cerebras Systems news, COO Dhiraj Mallick sold 10,000 shares of the stock in a transaction dated Tuesday, June 30th. The shares were 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 directly owned 10,000 shares of the company’s stock, valued at approximately $2,065,100. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Yagnesh Patel sold 3,954 shares of Cerebras Systems stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $174.03, for a total transaction of $688,114.62. Following the sale, the chief accounting officer owned 3,954 shares of the company’s stock, valued at approximately $688,114.62. The trade was a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 117,547 shares of company stock worth $20,676,799 over the last three months.

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.