Blake G. Modersitzki, a director at Weave Communications, Inc. (NYSE:WEAV), recently disclosed the sale of a significant portion of the company's common stock. According to the SEC filing, Modersitzki sold shares totaling approximately $2.54 million. The transactions occurred over several days, with prices ranging from $14.04 to $14.20 per share.
The sales were conducted through entities associated with Pelion Ventures, where Modersitzki holds a managing director position. The largest transaction involved the sale of 69,478 shares at a price of $14.04 per share. Following these transactions, Modersitzki, through Pelion Ventures VI, L.P. and associated entities, retains ownership of over 4.1 million shares of Weave Communications.
These transactions were executed under a Rule 10b5-1 trading plan, which allows insiders to set up a predetermined plan to sell stocks, helping to avoid concerns about insider trading.
In other recent news, Weave reported strong growth in its Q3 earnings call, with a significant year-over-year revenue increase to $52.4 million, surpassing the expected guidance by $1.2 million. This marks the company's first positive non-GAAP operating income of $1.4 million, demonstrating a promising growth trajectory. Weave's financial performance is supported by its advanced platform features, strategic partnerships, and expanded market presence. The company also raised its 2024 revenue guidance to between $202.7 million and $203.7 million, anticipating continued positive non-GAAP operating income.
These developments are recent and reflect the company's resilience in the face of dynamic market conditions. Weave's strategic partnerships, such as with Affordable Care and Patterson, are expected to drive further growth. The company's focus on integrating with leading practice management systems is seen as a significant growth opportunity.
Weave's management team, represented by Brett White and Alan Taylor during the earnings call, expressed optimism for the company's future, citing strong market demand and high adoption rates of Weave payments at the point of sale. They also appreciated the efforts of the Weave team and shareholders for their support in the company's progress.
InvestingPro Insights
Following the significant stock sale by director Blake G. Modersitzki, investors may be interested in additional insights about Weave Communications, Inc. (NYSE:WEAV). According to InvestingPro data, the company's market capitalization stands at $1.03 billion, reflecting its current position in the market.
Despite the recent insider selling, Weave Communications has shown strong performance in the stock market. InvestingPro Tips highlight that the company has delivered a high return over the last year, with a 54.84% price total return. This positive trend is further supported by a robust 55.72% return over the past six months.
The company's financial metrics reveal a mixed picture. While Weave Communications boasts a solid revenue growth of 20.54% over the last twelve months, with total revenue reaching $195.84 million, it is not yet profitable. The company's operating income margin stands at -16.36%, indicating ongoing challenges in achieving profitability.
However, there are signs of potential improvement. An InvestingPro Tip notes that analysts predict the company will be profitable this year. This optimism is reflected in the fact that 6 analysts have revised their earnings upwards for the upcoming period.
Investors should also consider that Weave Communications is trading near its 52-week high, with its current price at 94.83% of the highest point over the past year. This suggests strong market confidence in the company's prospects, despite its current lack of profitability.
For those interested in a more comprehensive analysis, InvestingPro offers 11 additional tips for Weave Communications, providing a deeper understanding of the company's financial health and market position.
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