LEHI, Utah—Alan Taylor, Chief Financial Officer of Weave Communications, Inc. (NYSE:WEAV), recently sold 44,245 shares of the company's common stock. The transaction, executed on December 16, was conducted under a pre-established Rule 10b5-1 sales plan, which Taylor adopted in June 2024. The sale comes as Weave's stock trades near its 52-week high of $16.16, having delivered an impressive 80% return over the past six months.
The shares were sold at a volume-weighted average price of $15.98, with actual sale prices ranging from $15.41 to $16.17. Following the sale, Taylor retains ownership of 301,734 shares in the company. According to InvestingPro analysis, the stock appears to be trading above its Fair Value, with analyst price targets ranging from $14.50 to $20.00.
The sale, totaling approximately $707,035, was reported in a Form 4 filing with the Securities and Exchange Commission, indicating Taylor's continued role as a significant stakeholder in Weave Communications. While currently unprofitable, InvestingPro data shows analysts expect the company to achieve profitability this year. Discover more insights about Weave Communications in the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Weave Communications has reported substantial growth with a significant year-over-year revenue increase to $52.4 million in the third quarter of 2024, surpassing expected guidance by $1.2 million. This robust financial performance also marked a milestone for the company, registering its first positive non-GAAP operating income of $1.4 million. Piper Sandler maintains its Overweight rating on Weave Communications, with a steady price target of $17.00, reflecting confidence in the company as a viable small-cap growth stock. The firm's endorsement emerges after meetings with Weave's top executives and is backed by the company's new leadership team, which aims to establish a sustainable growth model. Weave's strategic plans for new products, partnerships, and payment solutions are expected to serve as catalysts for the company's performance, particularly in the 2025-2026 timeframe. Weave has raised its 2024 revenue guidance to between $202.7 million and $203.7 million, expecting continued positive non-GAAP operating income. The company anticipates Q4 2024 revenue to be in the range of $52.6 million to $53.6 million and plans to expand from four to potentially over 20 subverticals in the coming years. These recent developments underscore Weave's commitment to growth and operational efficiency.
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