CoreWeave (NASDAQ:CRWV) Shares Up 5.1% – Here’s What Happened

CoreWeave Inc. (NASDAQ:CRWV)’s share price shot up 5.1% on Tuesday . The company traded as high as $91.22 and last traded at $90.66. 33,984,475 shares changed hands during trading, an increase of 40% from the average session volume of 24,325,773 shares. The stock had previously closed at $86.24.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CRWV. Wells Fargo & Company lowered their target price on shares of CoreWeave from $170.00 to $150.00 and set an “overweight” rating for the company in a research note on Wednesday, November 12th. Compass Point assumed coverage on shares of CoreWeave in a report on Thursday, November 13th. They issued a “buy” rating and a $150.00 price target on the stock. HC Wainwright reiterated a “buy” rating and issued a $180.00 price objective on shares of CoreWeave in a research report on Wednesday, November 12th. Melius raised shares of CoreWeave from a “hold” rating to a “buy” rating and set a $165.00 price target for the company in a report on Tuesday, September 23rd. Finally, Moffett Nathanson increased their price objective on CoreWeave from $56.00 to $65.00 and gave the company a “neutral” rating in a research note on Tuesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, twelve have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $129.47.

CoreWeave Price Performance

The company has a debt-to-equity ratio of 2.66, a current ratio of 0.49 and a quick ratio of 0.49. The company’s 50 day simple moving average is $109.15 and its 200 day simple moving average is $120.66. The company has a market capitalization of $35.03 billion and a PE ratio of -62.52.

CoreWeave (NASDAQ:CRWV) last announced its earnings results on Monday, November 10th. The company reported ($0.22) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.14. The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same period last year, the company earned ($1.82) earnings per share. The firm’s revenue for the quarter was up 133.7% compared to the same quarter last year.

Insiders Place Their Bets

In related news, major shareholder Magnetar Financial Llc sold 1,451,063 shares of the company’s stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $125.60, for a total value of $182,253,512.80. Following the sale, the insider owned 363,631 shares in the company, valued at $45,672,053.60. This represents a 79.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders have sold 29,060,818 shares of company stock worth $3,826,902,880 in the last quarter.

Institutional Trading of CoreWeave

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allworth Financial LP lifted its position in CoreWeave by 190.7% during the third quarter. Allworth Financial LP now owns 4,358 shares of the company’s stock worth $596,000 after buying an additional 2,859 shares during the period. IFP Advisors Inc boosted its position in shares of CoreWeave by 1,009.7% in the third quarter. IFP Advisors Inc now owns 8,223 shares of the company’s stock worth $1,125,000 after buying an additional 7,482 shares during the period. KERR FINANCIAL PLANNING Corp acquired a new stake in CoreWeave in the third quarter valued at approximately $27,000. CIBC Private Wealth Group LLC boosted its position in CoreWeave by 228.7% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 23,920 shares of the company’s stock valued at $3,273,000 after buying an additional 16,643 shares during the last quarter. Finally, CIBC Bancorp USA Inc. acquired a new stake in CoreWeave during the 3rd quarter valued at approximately $3,670,000.

CoreWeave Company Profile

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.