LEHI, Utah—Marcus Bertilson, Chief Operating Officer of Weave Communications, Inc. (NYSE:WEAV), has recently sold shares of the company's stock. According to a filing with the Securities and Exchange Commission, Bertilson sold 45,000 shares on November 19 at a volume-weighted average price of $13.43 per share. This transaction amounts to a total value of approximately $604,350.
Following this sale, Bertilson retains ownership of 285,248 shares in the company. The filing noted that the actual sale prices ranged from $13.25 to $13.72 per share.
In other recent news, Weave Communications has been making significant strides in its financial performance. The company reported a notable year-over-year revenue increase to $52.4 million in the third quarter of 2024, exceeding expectations by $1.2 million. This achievement marked a milestone for the company with its first positive non-GAAP operating income of $1.4 million. Weave attributes its growth to advanced platform features, strategic partnerships, and an expanded market presence.
Piper Sandler has maintained an Overweight rating on Weave, with a steady price target of $17. The firm's confidence in Weave is based on the company's new leadership team, strategic direction, and the expectation of new products, partnerships, and payment solutions serving as catalysts for future performance.
In addition, Weave has raised its 2024 revenue guidance to between $202.7 million and $203.7 million, and expects continued positive non-GAAP operating income. The company also plans to expand from four to potentially over 20 subverticals in the coming years. These recent developments represent Weave's commitment to growth and operational efficiency.
InvestingPro Insights
While Marcus Bertilson's recent stock sale might raise eyebrows, it's essential to consider Weave Communications' broader financial picture. According to InvestingPro data, Weave's market capitalization stands at $1 billion, with a revenue of $195.84 million for the last twelve months as of Q3 2023. The company has demonstrated strong growth, with revenue increasing by 20.54% over the same period.
InvestingPro Tips highlight that Weave holds more cash than debt on its balance sheet, which could provide financial flexibility as the company continues to expand. Additionally, analysts are optimistic about Weave's prospects, with six analysts revising their earnings upwards for the upcoming period. This positive sentiment is reflected in the stock's performance, as Weave has seen a substantial 56.75% price increase over the past six months.
However, investors should note that Weave's stock price movements are quite volatile, and the company is not yet profitable over the last twelve months. The P/E ratio of -35.05 and the high Price/Book multiple of 14.21 suggest that the market has high growth expectations for Weave.
For those seeking a more comprehensive analysis, InvestingPro offers 9 additional tips for Weave Communications, providing deeper insights into the company's financial health and market position.
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