CoreWeave (NASDAQ:CRWV) Trading Down 2.3% Following Insider Selling

CoreWeave Inc. (NASDAQ:CRWV)’s stock price was down 2.3% on Monday after an insider sold shares in the company. The company traded as low as $80.14 and last traded at $86.24. Approximately 38,870,714 shares traded hands during mid-day trading, an increase of 60% from the average daily volume of 24,264,807 shares. The stock had previously closed at $88.30.

Specifically, CEO Michael N. Intrator sold 50,000 shares of the company’s stock in a transaction dated Wednesday, December 3rd. The shares were sold at an average price of $76.88, for a total transaction of $3,844,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael N. Intrator sold 32,455 shares of CoreWeave stock in a transaction that occurred on Wednesday, December 3rd. The stock was sold at an average price of $76.88, for a total value of $2,495,140.40. Following the completion of the transaction, the chief executive officer directly owned 5,926,145 shares in the company, valued at approximately $455,602,027.60. This represents a 0.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In related news, insider Kristen J. Mcveety sold 2,116 shares of the company’s stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $74.53, for a total transaction of $157,705.48. Following the completion of the transaction, the insider directly owned 79 shares in the company, valued at $5,887.87. This represents a 96.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CRWV. Morgan Stanley boosted their price target on shares of CoreWeave from $91.00 to $99.00 and gave the company an “equal weight” rating in a report on Tuesday, November 11th. Argus reiterated a “buy” rating and issued a $200.00 price objective on shares of CoreWeave in a research report on Thursday, August 14th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $110.00 price target on shares of CoreWeave in a research note on Tuesday, November 11th. Needham & Company LLC reiterated a “hold” rating on shares of CoreWeave in a research report on Wednesday, August 13th. Finally, Compass Point initiated coverage on shares of CoreWeave in a research note on Thursday, November 13th. They issued a “buy” rating and a $150.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, twelve have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $129.47.

CoreWeave Stock Performance

The stock has a fifty day moving average of $109.87 and a 200-day moving average of $120.76. The firm has a market capitalization of $33.32 billion and a P/E ratio of -59.48. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 2.66.

CoreWeave (NASDAQ:CRWV) last issued its quarterly earnings results on Monday, November 10th. The company reported ($0.22) earnings per share for the quarter, topping the consensus estimate of ($0.36) by $0.14. The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same period in the prior year, the business earned ($1.82) earnings per share. CoreWeave’s revenue was up 133.7% compared to the same quarter last year.

Institutional Trading of CoreWeave

Hedge funds and other institutional investors have recently modified their holdings of the stock. Proficio Capital Partners LLC increased its position in shares of CoreWeave by 446,194.0% during the 3rd quarter. Proficio Capital Partners LLC now owns 17,851,760 shares of the company’s stock worth $2,443,013,000 after purchasing an additional 17,847,760 shares during the last quarter. Vanguard Group Inc. lifted its position in CoreWeave by 109.7% during the third quarter. Vanguard Group Inc. now owns 7,433,501 shares of the company’s stock worth $1,017,275,000 after acquiring an additional 3,888,164 shares during the last quarter. Invesco Ltd. boosted its stake in CoreWeave by 55,329.7% in the 3rd quarter. Invesco Ltd. now owns 2,999,300 shares of the company’s stock valued at $410,454,000 after purchasing an additional 2,993,889 shares during the period. Clear Street Group Inc. bought a new stake in shares of CoreWeave in the third quarter valued at about $405,199,000. Finally, Lavaca Capital LLC acquired a new position in shares of CoreWeave during the 3rd quarter worth approximately $273,700,000.

About CoreWeave

CoreWeave, Inc engages in the powers of the creation and delivery of the intelligence that drives innovation. It offers a solution used by organizations of all sizes that require sophisticated AI computing, from the largest of enterprises to small, well-funded start-ups. The company was founded by Michael Intrator, Brian Venturo, and Brannin McBee on September 21, 2017 and is headquartered in Livingston, NJ.