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Brett White, the Chief Executive Officer of Weave Communications, Inc. (NASDAQ:WEAV), a $1.15 billion market cap company, has sold a significant portion of his holdings in the company. According to a recent SEC filing, White sold 54,778 shares of common stock on January 27, 2025, at a price of $15.86 per share. The total value of the transaction amounted to $868,779. The sale comes as WEAV trades near its 52-week high of $16.56, having surged over 52% in the past six months.
This stock sale was conducted to cover taxes due upon the release and settlement of restricted stock units. Following the transaction, White retains ownership of 1,928,364 shares in Weave Communications. InvestingPro analysis indicates the stock is currently trading above its Fair Value, with 8 additional exclusive insights available to subscribers. Investors should note that the company’s next earnings report is scheduled for February 19, 2025.
In other recent news, Weave Communications has reported substantial growth in its third quarter of 2024, boasting a significant year-over-year revenue increase to $52.4 million, surpassing expected guidance by $1.2 million. This robust financial performance also marked a milestone for the company with its first positive non-GAAP operating income of $1.4 million. Piper Sandler has maintained its Overweight rating on Weave Communications, with a steady price target of $17.00, expressing confidence in the company as an attractive small-cap growth stock. The firm’s positive outlook is based on Weave’s strategic direction, including plans for new products, partnerships, and payment solutions.
Furthermore, Weave has raised its 2024 revenue guidance to between $202.7 million and $203.7 million and expects 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. With an emphasis on growth and operational efficiency, Weave is planning to expand from four to potentially over 20 subverticals in the coming years. These recent developments reflect Weave’s commitment to sustainable growth and operational efficiency, as well as its promising future prospects as indicated by Piper Sandler.
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