Blake G. Modersitzki, a director of Weave Communications, Inc. (NYSE:WEAV), has sold a substantial portion of the company's stock, according to a recent SEC filing. The sales come as the company's stock trades near its 52-week high of $14.50, having gained over 56% in the past six months. Over the course of several transactions from December 3 to December 5, Modersitzki sold shares amounting to approximately $4 million.
The transactions involved the sale of common stock at prices ranging from $13.90 to $14.45 per share. The largest single-day sale was on December 4, where Modersitzki sold 112,835 shares at a price of $13.90 per share, totaling $1,566,396. Additional sales on December 5 included 33,423 shares at a price of $13.99 per share, amounting to $467,606.
These sales were executed under a Rule 10b5-1 trading plan, a pre-established trading plan that allows insiders to sell stocks at predetermined times to avoid insider trading accusations. The shares were sold through Pelion Ventures, where Modersitzki serves as managing director.
Following these transactions, Modersitzki's indirect holdings through Pelion Ventures remained significant, with over 3.8 million shares still owned by Pelion Ventures VI, L.P. and related entities.
"In other recent news, Weave Communications reported robust financial results for its third quarter of 2024, with a significant year-over-year revenue increase to $52.4 million, exceeding expectations by $1.2 million. This marks the company's first positive non-GAAP operating income of $1.4 million. Additionally, Weave's gross margin improved to 72.5%, continuing an 11-quarter streak of growth, and the net revenue retention rate increased to 98%.
Piper Sandler has maintained an Overweight rating on Weave Communications, citing the company's strategic direction, new leadership team, and current valuation as key factors. The firm's outlook is influenced by Weave's plans for new products, partnerships, and payment solutions, which are expected to serve as catalysts for the company's performance.
Looking ahead, Weave has raised its 2024 revenue guidance to between $202.7 million and $203.7 million and anticipates Q4 2024 revenue to be in the range of $52.6 million to $53.6 million. The company also plans to expand from four to potentially over 20 subverticals in the coming years. These recent developments reflect Weave's commitment to growth and operational efficiency."
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