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Weave Communications Inc. (WEAV) stock soared to a 52-week high, reaching $16.56, marking a significant milestone for the $1.2 billion market cap company’s performance. According to InvestingPro data, the stock is currently trading above its Fair Value, with analyst price targets ranging from $14.50 to $20.00. This peak reflects robust growth, with Weave Communications witnessing an impressive 30.86% increase in its stock value over the past year, supported by 20.54% revenue growth in the last twelve months. While not yet profitable, InvestingPro analysis reveals that analysts expect the company to turn profitable this year. Get access to 8 additional InvestingPro Tips and comprehensive financial analysis through the Pro Research Report, available for over 1,400 US stocks including WEAV.
In other recent news, Weave Communications reported a substantial increase in revenue to $52.4 million in its third quarter of 2024, exceeding expectations by $1.2 million. This performance marked a significant milestone, as the company recorded its first positive non-GAAP operating income of $1.4 million. Weave’s robust financial results are attributed to its innovative platform features, strategic partnerships, and an expanded market presence.
Analysts at Piper Sandler maintained an Overweight rating on Weave Communications, with a steady target of $17. The firm’s confidence in Weave is backed by the company’s new leadership team, strategic direction, and plans for new products, partnerships, and payment solutions.
Additionally, Weave has improved its gross margin to 72.5%, sustaining an 11-quarter growth streak. The company also reported a net revenue retention rate of 98%, reflecting improved operational efficiency.
Looking ahead, Weave has raised its 2024 revenue guidance to between $202.7 million and $203.7 million, and anticipates 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 underscore Weave’s commitment to growth and operational efficiency.
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