Weave Communications, Inc. (NYSE:WEAV) Chief Financial Officer, Taylor Alan, has sold a significant number of shares in the company, according to a recent regulatory filing. The transaction, which took place on September 17, involved the sale of 13,295 shares of Weave Communications' common stock at an average price of $11.03 per share, totaling approximately $146,643.
The sale was conducted under a Rule 10b5-1 trading plan, which allows company insiders to sell shares at predetermined times to avoid accusations of insider trading. The prices of the individual shares sold ranged from $11.00 to $11.09, with the volume-weighted average price coming in at $11.03. This plan had been adopted by Taylor Alan on June 7, earlier in the year.
Following this transaction, the Chief Financial Officer still holds a substantial number of shares, with 475,941 shares of Weave Communications remaining in his direct ownership. This indicates a continued vested interest in the company's performance, despite the recent sale.
Investors and shareholders who may request more detailed information regarding the sale, including the number of shares sold at each separate price, can obtain it from the reporting person as per the undertaking in the footnote of the filing.
Weave Communications, based in Lehi, Utah, operates within the prepackaged software industry and is incorporated in Delaware. The company's business address and the mailing address for the CFO are the same, located on West Powell Way in Lehi.
The filing did not include any derivative securities transactions for the reporting period. The disclosed sale provides a glimpse into the trading activities of Weave Communications' executives, offering investors a piece of the company's insider transaction puzzle.
In other recent news, Weave, the healthcare software and payments platform, has reported notable growth in its Q2 earnings. The company has seen a substantial year-over-year revenue increase of 21.4%, reaching $50.6 million. Also, for the first time in the company's history, the adjusted EBITDA has turned positive. Contributing factors to this success include strategic partnerships, particularly with Patterson Dental, and the launch of an affiliate partner marketplace.
Weave has also made strides in improving its gross margin by 400 basis points, hitting 71.9%. The company concluded the quarter with a robust cash and short-term investments balance of $99 million. Looking ahead, Weave projects its full-year revenue for 2024 to be between $201 million and $203 million.
However, recent developments also indicate that the company is forecasting a non-GAAP operating loss for both Q3 and the full year of 2024. Despite this, Weave's consistent performance and strategic initiatives have positioned the company for continued growth. These are the recent developments that investors should take note of.
InvestingPro Insights
Amidst the news of Weave Communications, Inc.'s (NYSE:WEAV) CFO selling a portion of his shares, current and potential investors might be looking to understand the broader financial health and market performance of the company. Here are some insights based on recent data and analysis from InvestingPro:
Despite the CFO's sale, Weave Communications holds a strong liquidity position, as indicated by one of the InvestingPro Tips, which notes that the company holds more cash than debt on its balance sheet. This could suggest a level of financial stability that may reassure investors, especially in uncertain economic times.
Moreover, the company's stock has seen a robust return over the last three months, with a price total return of 25.79%. This performance is particularly notable and aligns with another InvestingPro Tip highlighting the stock's volatility, which could have contributed to these significant short-term gains.
From a valuation standpoint, Weave Communications has a high Price / Book multiple of 12.36, reflecting investors' willingness to pay a premium for the company's book value. This could be attributed to the market's expectations of future growth, a sentiment echoed by analysts who have revised their earnings upwards for the upcoming period and predict that the company will be profitable this year.
To gain further insights and access additional InvestingPro Tips, which could help in making more informed investment decisions, interested parties can visit InvestingPro's dedicated page for Weave Communications at https://www.investing.com/pro/WEAV. Currently, there are 8 additional tips listed on InvestingPro for Weave Communications.
InvestingPro Data metrics provide a snapshot of the company's financials, revealing a market capitalization of $798.56M and a revenue growth of 20.53% over the last twelve months as of Q2 2024. These figures underscore the company's expanding operations and may be a positive sign for investors looking for growth potential in their investments.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.