Blake G. Modersitzki, a director at Weave Communications, Inc. (NYSE:WEAV), recently sold a significant portion of his holdings in the company, according to a regulatory filing. The transactions, conducted over three consecutive days, amounted to a total value of approximately $7.17 million, with share prices ranging from $15.25 to $15.59. The sales occurred as the stock trades near its 52-week high of $15.93, following an impressive 72% gain over the past six months.
The sales included multiple transactions executed on December 11, 12, and 13, 2024, involving a total of 468,682 shares. These shares were sold under a prearranged trading plan, as noted in the filing. The transactions were carried out through Pelion Ventures VI, L.P. and Pelion Ventures VI-A, L.P., entities associated with Modersitzki's role as managing director. According to InvestingPro data, Weave Communications, now valued at $1.09 billion, appears overvalued based on its Fair Value analysis.
Following these sales, Modersitzki still retains a substantial number of shares indirectly through various Pelion Ventures funds, as well as directly. The filing highlights his continued involvement and investment in Weave Communications, despite the recent divestments. While analysts maintain price targets ranging from $14.50 to $20.00, InvestingPro subscribers can access 8 additional key insights about WEAV's valuation and growth prospects through the comprehensive Pro Research Report.
In other recent news, Weave Communications reported a significant increase in revenue in its third quarter of 2024, reaching $52.4 million, surpassing the expected guidance by $1.2 million. This robust performance also marked a milestone for the company, registering its first positive non-GAAP operating income of $1.4 million. The company's growth is attributed to advanced platform features, strategic partnerships, and an expanded market presence. In the wake of these developments, Weave raised its 2024 revenue guidance to between $202.7 million and $203.7 million and expects continued positive non-GAAP operating income.
In addition to these financial highlights, Piper Sandler maintained an Overweight rating on Weave Communications, with a steady price target of $17.00. This endorsement was based on meetings with Weave's top executives and the company's strategic direction, which includes plans for new products, partnerships, and payment solutions. Piper Sandler expressed confidence in Weave's sustainable growth model and attractive valuation.
Furthermore, Weave plans to expand from four to potentially over 20 subverticals in the coming years, indicating a commitment to growth and operational efficiency. These recent developments provide valuable insights for investors considering Weave Communications.
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