Frank Rimerman Advisors LLC increased its stake in Cerebras Systems. The firm boosted its holdings by 3,681.7% in the third quarter. Its total holdings reached 56,271 shares. These shares were valued at approximately $10 million. Other institutional investors also initiated new positions in the artificial intelligence hardware company.
Cerebras shares recently fell 10.5%. The company reported a quarterly earnings per share loss of $2.98. This was below analyst estimates. Insiders sold stock totaling around $387.7 million in the last quarter. Analysts currently hold a consensus "Moderate Buy" rating on the stock. The average price target is $299.90.