Weave Communications down on weak Q4 results

Weave Communications

03/03/2022 11:16

** Communications software platform's shares  WEAV.N  down
29.1% at $6.61 premarket - set for a third straight session of
declines if losses hold
    ** WEAV on Wednesday posted Q4 revenue of $31.8 mln,
compared with estimates of $32.1 mln - Refinitiv data 
    ** Co also reported a larger Q4 net loss  urn:newsml:reuters.com:*:nBw3NrR1Ka
    ** Piper Sandler cuts rating to "neutral" from "overweight"
and lowers PT to $9 from $20, given the execution missteps,
increasing operating risk and widening cash burn expected in the
coming year
    ** Raymond James says initial 2022 outlook implies a much
more pronounced reset to growth/margins than it anticipated;
cuts rating to "market perform" from "outperform"
    ** Co expects FY22 revenue between $136 mln and $140 mln
    ** Avg. rating of 10 analysts is "buy"; median PT is $22 -
Refinitiv data
    ** As of last close, stock had fallen ~39% this year

    

 (Reporting by Tiyashi Datta in Bengaluru)
 ((tiyashi.datta@thomsonreuters.com))