Cerebras Systems (NASDAQ:CBRS) COO Dhiraj Mallick Sells 20,000 Shares of Stock

Cerebras Systems Inc. (NASDAQ:CBRS) COO Dhiraj Mallick sold 20,000 shares of the stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $173.73, for a total transaction of $3,474,600.00. Following the completion of the transaction, the chief operating officer owned 33,130 shares of the company’s stock, valued at $5,755,674.90. This represents a 37.64% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Dhiraj Mallick also recently made the following trade(s):

• On Thursday, June 25th, Dhiraj Mallick sold 36,131 shares of Cerebras Systems stock. The shares were sold at an average price of $169.28, for a total transaction of $6,116,255.68.
• On Thursday, June 25th, Dhiraj Mallick sold 13,314 shares of Cerebras Systems stock. The stock was sold at an average price of $184.89, for a total transaction of $2,461,625.46.

Cerebras Systems Price Performance

Shares of NASDAQ:CBRS opened at $216.16 on Tuesday. Cerebras Systems Inc. has a twelve month low of $160.81 and a twelve month high of $386.34.

Cerebras Systems (NASDAQ:CBRS) last posted its quarterly earnings data on Tuesday, June 23rd. The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.10. The company had revenue of $193.41 million for the quarter, compared to analyst estimates of $180.70 million.

Cerebras Systems News Roundup

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

• Positive Sentiment: Unusual options activity signaled rising speculative interest, with traders buying 63,080 call options versus a typical 39,550, suggesting some investors are betting on more upside for CBRS.
• Positive Sentiment: A new market article highlighted Cerebras as one of the “best new stocks to buy,” which may be adding to momentum and investor attention. Here’s Why Cerebras (CBRS) is Among the 10 Best New Stocks to Buy Other Than SpaceX
• Neutral Sentiment: Seeking Alpha noted the stock had fallen below its recent IPO price after weak Q1 results and margin pressure, but also pointed to longer-term upside tied to OpenAI, AWS, and broader AI inference demand. Cerebras: Gets Appealing Below IPO Price
• Negative Sentiment: Several executives disclosed stock sales, including CEO Andrew Feldman, CTO Sean Lie, COO Dhiraj Mallick, and CAO Yagnesh Patel. While the filings say the transactions were made to cover tax withholding on vested equity awards, the volume of selling may still weigh on sentiment.
• Negative Sentiment: A fraud-investigation headline from a law firm may add caution among investors, even though no wrongdoing has been established. CBRS Investors Have Opportunity to Join Cerebras Systems Inc. Fraud Investigation with the Schall Law Firm

Wall Street Analyst Weigh In

CBRS has been the subject of several research analyst reports. Rosenblatt Securities restated a “buy” rating and issued a $300.00 price objective on shares of Cerebras Systems in a report on Wednesday, June 24th. UBS Group boosted their price target on shares of Cerebras Systems from $300.00 to $320.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Zacks Research upgraded shares of Cerebras Systems to a “hold” rating in a research report on Tuesday, June 9th. Morgan Stanley upped their price target on shares of Cerebras Systems from $250.00 to $273.00 and gave the company an “overweight” rating in a report on Wednesday, June 24th. Finally, Wedbush lifted their price objective on shares of Cerebras Systems from $270.00 to $280.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Cerebras Systems has a consensus rating of “Buy” and an average price target of $299.30.

Cerebras Systems Company Profile

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.