Short Interest in Cerebras Systems Inc. (NASDAQ:CBRS) Rises By 211.6%

Cerebras Systems Inc. (NASDAQ:CBRS) was the recipient of a large growth in short interest in the month of May. As of May 29th, there was short interest totaling 5,918,090 shares, a growth of 211.6% from the May 14th total of 1,899,096 shares. Approximately 2.8% of the company’s shares are short sold. Based on an average daily volume of 8,259,984 shares, the short-interest ratio is currently 0.7 days.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CBRS. UBS Group began coverage on shares of Cerebras Systems in a research report on Monday. They set a “buy” rating and a $300.00 price objective for the company. Citigroup began coverage on shares of Cerebras Systems in a research report on Monday. They set a “buy” rating and a $340.00 price objective for the company. TD Cowen began coverage on shares of Cerebras Systems in a research report on Monday. They set a “buy” rating and a $275.00 price objective for the company. Wedbush began coverage on shares of Cerebras Systems in a research report on Monday. They set an “outperform” rating and a $270.00 price objective for the company. Finally, Zacks Research raised shares of Cerebras Systems to a “hold” rating in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $294.00.

Cerebras Systems Stock Down 4.5%

Cerebras Systems stock opened at $226.55 on Friday. Cerebras Systems has a 52-week low of $196.73 and a 52-week high of $386.34.

Trending Headlines about Cerebras Systems

Here are the key news stories impacting Cerebras Systems this week:

• Positive Sentiment: Morgan Stanley reportedly upgraded Cerebras Systems and said investors should buy the shares, helping fuel a sharp rally in the stock. Cerebras Systems (CBRS) Gets Fresh Positive Rating, Climbs by This Much
• Positive Sentiment: Barclays initiated coverage with an overweight rating and a $280 price target, implying meaningful upside from recent trading levels. Tickerreport.com coverage of Barclays initiation
• Positive Sentiment: Needham analysts said Cerebras could still gain further after its IPO, reinforcing the bullish view on the company’s growth prospects. Why Needham Analysts Think Cerebras Stock Can Gain Another 25% After Historic IPO
• Neutral Sentiment: Zacks Research initiated/updated coverage with a hold rating, which is less supportive than the stronger bullish calls but not outright negative. Tickerreport.com coverage of Zacks Research rating
• Neutral Sentiment: Trading activity also picked up in CBRS call options, suggesting speculation around further share movement. Stock Traders Purchase High Volume of Call Options on Cerebras Systems
• Neutral Sentiment: Commentary from Jim Cramer and other opinion pieces added to the attention around the stock, but these remarks were mixed rather than clearly fundamental. Jim Cramer Explains How Cerebras Systems Price Misallocation Hurt Retail Investors

About Cerebras Systems

Cerebras Systems is a technology company focused on building artificial intelligence infrastructure, including hardware and software designed to accelerate deep learning and large-scale AI workloads. The company is best known for its wafer-scale processor architecture, which is intended to provide high-performance compute for training and inference applications.

In addition to its AI chips, Cerebras offers systems and related software tools that support researchers and enterprises working with machine learning models.