Cerebras Systems (NASDAQ:CBRS) Shares Down 5.9% – Time to Sell?
by Sarita Garza · The Markets DailyCerebras Systems Inc. (NASDAQ:CBRS – Get Free Report) shares dropped 5.9% on Monday . The company traded as low as $193.18 and last traded at $192.6860. Approximately 740,112 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 7,861,199 shares. The stock had previously closed at $204.86.
Analyst Upgrades and Downgrades
A number of equities analysts have issued reports on CBRS shares. Wall Street Zen upgraded Cerebras Systems from a “strong sell” rating to a “sell” rating in a research note on Sunday, June 21st. Citigroup initiated coverage on shares of Cerebras Systems in a report on Monday, June 8th. They set a “buy” rating and a $340.00 price target on the stock. Freedom Capital upgraded Cerebras Systems to a “hold” rating in a research note on Monday, June 29th. Craig Hallum initiated coverage on Cerebras Systems in a report on Monday, June 8th. They issued a “buy” rating and a $325.00 target price for the company. Finally, UBS Group increased their price target on Cerebras Systems from $300.00 to $320.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $299.30.
Read Our Latest Stock Analysis on Cerebras Systems
Cerebras Systems Trading Down 8.0%
Cerebras Systems (NASDAQ:CBRS – Get Free Report) last released its earnings results on Tuesday, June 23rd. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.10. The company had revenue of $193.41 million for the quarter, compared to the consensus estimate of $180.70 million.
Insider Transactions at Cerebras Systems
In other Cerebras Systems news, CTO Sean Lie sold 10,033 shares of the firm’s stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $170.07, for a total value of $1,706,312.31. Following the completion of the sale, the chief technology officer directly owned 10,033 shares of the company’s stock, valued at $1,706,312.31. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Yagnesh Patel sold 6,079 shares of the business’s stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $171.53, for a total value of $1,042,730.87. Following the completion of the sale, the chief accounting officer owned 4,000 shares in the company, valued at approximately $686,120. The trade was a 60.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 117,547 shares of company stock valued at $20,676,799 in the last three months.
About Cerebras Systems
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.