Updated 12 November 2026, 13:10 GMT, hours before Q3 results. Cerebras (CBRS) traded at $97.84 in US premarket trading, down 3.2 percent from Wednesday’s $101.08 close, as reports about Nvidia’s leadership weighed on AI stocks (Yahoo Finance quote; TipRanks). Verdict: the stock goes into tonight’s report with options pricing a move of about 12 to 14 percent either way. Reference levels after the print: $111 above, $84 below.
Key facts
- Premarket price: $97.84 at 8:09 a.m. ET on Thursday 12 November, down from Wednesday’s $101.08 close (Yahoo Finance).
- Wednesday: CBRS rose about 8 percent, from $93.66, in the AI rally that followed CoreWeave’s results (TipRanks, 12 November).
- Results timing: Q3 2026 results after the US close tonight; the call starts at 5 p.m. ET, 22:00 GMT.
- Company guide for Q3: core revenue of $214 million to $216 million, core gross margin of 38 to 40 percent, core operating margin of minus 25 to minus 23 percent (Investing.com, 11 November).
- Consensus: revenue of $214.7 million (GuruFocus) to $217.7 million (TipRanks), with Zacks at $215.82 million; a loss of 13 to 15 cents per share.
- Options-implied move: 13.7 percent (TipRanks, 12 November) and about 12 percent (GuruFocus via Yahoo Finance, 10 November).
- Backlog: $25.4 billion of remaining performance obligations, most of it tied to OpenAI (Investing.com).
- 52-week range: $77.84 to $386.34.
Where Cerebras stands this morning
Cerebras listed on the Nasdaq on 14 May at $185 a share and trades about 47 percent below that price. It hit a 52-week low of $77.84 on 5 November and was back above $100 by Wednesday’s close. Wednesday’s 8 percent gain came as CoreWeave’s raised guidance lifted chip and AI infrastructure stocks; TipRanks also linked the move to a new customer deal with Bilt. Our CoreWeave page has those figures.
Part of that gain is going this morning. The Wall Street Journal reported late on Wednesday that Nvidia’s board is preparing to remove chief executive Jensen Huang, and Nvidia shares fell sharply before the open. TipRanks said the reports weighed on AI stocks broadly. Our Nvidia stock page follows that story. No decision on Huang had been announced at the time of writing.
The 180-day IPO lock-up ended on 10 November, according to TipRanks, so early holders can now sell. Our lock-up report covers the share counts.
What the Street expects tonight
Cerebras guided Q3 core revenue to $214 million to $216 million in August. Most estimates sit at or a little above the top of that range: GuruFocus and Benzinga use about $214.7 million, Zacks $215.82 million and TipRanks $217.7 million. For earnings, Zacks expects a loss of 13 cents per share, GuruFocus about 14 cents and TipRanks 15 cents. A year earlier Cerebras lost 10 cents per share, according to TipRanks.
In Q2 core revenue was $209.9 million, up 103 percent from a year earlier, with a core gross margin of 40.6 percent (Investing.com). Management called Q3 the low point for margins. The reason is that some capacity is rented back from partners while Cerebras-owned systems are built. For the full year the company guides core revenue to $880 million to $890 million, and management has said core revenue should more than triple in 2027.
The options market and the last two reports
TipRanks’ options data priced a move of 13.7 percent in either direction after the report. GuruFocus put it at about 12 percent, with implied volatility above 100 percent. Neither source gives the expiry used, so read the two numbers as a range rather than a precise figure. From this morning’s $97.84, a 13 percent move points to about $111 on the upside and about $85 on the downside.
The stock fell after both of its earlier reports as a public company: by 19.6 percent after Q1 and by 11.85 percent after Q2, according to TipRanks. Other data providers give different figures for the Q2 move, but both reactions were negative.
What analysts are saying
All nine analysts tracked by TipRanks rate the stock a Buy, with an average target of $267.13. Most have cut their targets recently. Morgan Stanley’s Joseph Moore went to $178 from $279, citing short-term data-centre capacity constraints and possible margin pressure. UBS’s Timothy Arcuri cut to $250 from $330 (TipRanks). Wedbush’s Matt Bryson cut to $190 from $290 and kept an Outperform rating. He expects a modest revenue beat and higher guidance, helped by OpenAI commitments and inference demand (GuruFocus).
Those targets describe where analysts see the business in 2027. They do not predict tonight’s move. Our preview from Wednesday has more on the analyst targets and the short-seller case.
Cerebras stock: bull, base and bear after Q3
| Scenario | CBRS | What has to happen | Anchor |
|---|---|---|---|
| Bear | $84 | Revenue lands near the guide but the margin or the full-year outlook disappoints, as after the first two reports. | About 14 percent below this morning’s $97.84, the low end of the options-implied range; the $77.84 52-week low sits below it. |
| Base | $92-$102 | Results in line with the guide and no change to the full-year outlook. | Wednesday’s $101.08 close and Tuesday’s $93.66 close. |
| Bull | $111 | Revenue beats $217.7 million, the full-year guide rises and the backlog shows OpenAI and AWS demand turning into sales. | About 13.5 percent above this morning’s price, in line with the options-implied move. |
The bear case sits below the current price. These are reference levels measured from this morning’s premarket quote. They are not forecasts.
What would change the picture
- Core gross margin: a result inside or above the 38 to 40 percent guide, and a clear path back up in Q4 as Cerebras-owned systems come online.
- Full-year guide: any move from $880 million to $890 million, up or down.
- Customer mix: how much of the $25.4 billion backlog is OpenAI, and timing for AWS Bedrock availability, expected in Q1 2027 (Investing.com).
- GAAP against core figures: sources gave conflicting Q2 numbers, so expect the first headlines tonight to differ.
- Nvidia: any board decision on Jensen Huang before or after the print, and Nvidia’s own results on 17 November.
Quick take: Cerebras is at $97.84 premarket ahead of tonight’s Q3 report, after an 8 percent gain on Wednesday. Consensus sits at the top of the $214 million to $216 million guide, and options price a move of about 12 to 14 percent. Margins and the full-year outlook decide whether the stock heads toward $111 or back to $84.
FAQ
When does Cerebras report earnings?
Cerebras reports Q3 2026 results today, Thursday 12 November, after the US market close. The conference call starts at 5 p.m. ET, 22:00 GMT.
What is Cerebras’ stock price today?
CBRS traded at $97.84 in premarket trading at 8:09 a.m. ET on 12 November, down 3.2 percent from Wednesday’s $101.08 close (Yahoo Finance). The regular session opens at 14:30 GMT.
What are analysts expecting from Cerebras’ Q3 results?
Revenue of about $214.7 million to $217.7 million and a loss of 13 to 15 cents per share, depending on the source. The company guided core revenue to $214 million to $216 million.
How much could Cerebras stock move after earnings?
Options priced a move of about 12 to 14 percent in either direction: 13.7 percent per TipRanks and about 12 percent per GuruFocus. From $97.84 that is roughly $85 to $111.
Why is Cerebras stock down this morning?
Reports that Nvidia’s board is preparing to remove CEO Jensen Huang weighed on AI stocks before the open, according to TipRanks. Cerebras had also risen 8 percent on Wednesday.
What is the Cerebras price target?
TipRanks lists an average target of $267.13 from nine Buy ratings. Recent targets include $178 at Morgan Stanley, $190 at Wedbush and $250 at UBS. Price targets are not guarantees.
Sources: Yahoo Finance quote data, 12 November, 13:09 GMT (premarket price, Wednesday and Tuesday closes); TipRanks, 12 November (Wednesday move, options-implied move, consensus, analyst targets, past reactions, lock-up, Nvidia reports); Investing.com, 11 November (guidance, Q2 results, backlog, 52-week range, AWS timing); GuruFocus via Yahoo Finance, 10 November (consensus, implied move, Wedbush); Zacks via TradingView (consensus).
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Stock prices are volatile. Do your own research and consult a licensed financial adviser before making investment decisions.
