Cerebras (CBRS) Falls 10% on Profit-Taking

Cerebras Systems Inc. (NASDAQ:CBRS) is one of the 10 Stocks Entering June in the Wrong Direction.

Cerebras extended its losing streak to a third consecutive day on Monday, shedding 10 percent to end at $213.28 apiece, as investors disposed of positions to take advantage of profits, while digesting the lack of positive developments to boost buying appetite.

Cathie Wood-led ARK Invest remained bullish about the stock despite the drop, having announced on Monday that it made another round of acquisitions, the most recent being the purchase of 62,669 new shares for a total of $14.85 million.

Photo by RDNE Stock Project on Pexels

Cerebras Systems Inc. (NASDAQ:CBRS) has already slashed as much as 81 percent of its value since it joined the roster of publicly listed companies on May 14.

During its initial public offering, it was able to raise $5.5 billion in fresh funds following the successful sale of 30 million shares at a price of $185 apiece.

Cerebras Systems Inc. (NASDAQ:CBRS) said that it would use the proceeds to fund general corporate purposes, including working capital, operating expenses, and capital expenditures.

The balance may also be used to in-license, acquire, or invest in complementary technologies, assets, businesses, or intellectual property, among others.

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