Readystate Asset Management LP Takes Position in Cerebras Systems Inc. $CBRS

Readystate Asset Management LP purchased a new position in Cerebras Systems Inc. (NASDAQ:CBRS) during the 2nd quarter, Holdings Channel.com reports. The firm purchased 10,500 shares of the company’s stock, valued at approximately $2,320,000.

Other hedge funds have also added to or reduced their stakes in the company. Tiger Pacific Capital LP purchased a new stake in shares of Cerebras Systems in the second quarter worth $221,000. TD Waterhouse Canada Inc. purchased a new position in shares of Cerebras Systems in the 2nd quarter worth about $630,000. Fortitude Advisory Group L.L.C. bought a new position in Cerebras Systems in the 2nd quarter worth about $705,000. Proficio Capital Partners LLC bought a new position in Cerebras Systems in the 2nd quarter worth about $1,383,000. Finally, Situational Awareness LP purchased a new stake in Cerebras Systems during the 2nd quarter valued at about $2,210,000.

Insiders Place Their Bets

In other news, COO Dhiraj Mallick sold 38,889 shares of the firm’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $222.22, for a total value of $8,641,913.58. Following the transaction, the chief operating officer directly owned 120,000 shares in the company, valued at $26,666,400. This trade represents a 24.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Eric Vishria sold 68,268 shares of Cerebras Systems stock in a transaction on Monday, August 17th. The stock was sold at an average price of $229.77, for a total value of $15,685,938.36. Following the completion of the sale, the director directly owned 31,383 shares of the company’s stock, valued at $7,210,871.91. The trade was a 68.51% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,291,278 shares of company stock worth $265,966,662 in the last 90 days.

Analyst Ratings Changes

Several brokerages have issued reports on CBRS. Weiss Ratings assumed coverage on shares of Cerebras Systems in a report on Thursday, August 13th. They issued a “sell (d)” rating for the company. Craig Hallum assumed coverage on shares of Cerebras Systems in a research report on Monday, June 8th. They set a “buy” rating and a $325.00 price target for the company. Citigroup decreased their price objective on shares of Cerebras Systems from $340.00 to $320.00 and set a “buy” rating for the company in a report on Thursday, August 13th. Morgan Stanley upped their price objective on Cerebras Systems from $273.00 to $279.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $300.00 target price on shares of Cerebras Systems in a research note on Wednesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $299.90.

Cerebras Systems Stock Performance

CBRS opened at $210.05 on Tuesday. The company’s 50-day moving average is $203.35. Cerebras Systems Inc. has a 52-week low of $160.81 and a 52-week high of $386.34.

Cerebras Systems (NASDAQ:CBRS) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($2.98) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($2.77). The firm had revenue of $209.87 million for the quarter. The company’s revenue was up 74.3% compared to the same quarter last year. As a group, analysts expect that Cerebras Systems Inc. will post -0.52 EPS for the current year.

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.