CoreWeave (NASDAQ:CRWV) Trading Down 3.9% – What’s Next?

CoreWeave Inc. (NASDAQ:CRWV)’s stock price dropped 3.9% during trading on Tuesday . The stock traded as low as $67.75 and last traded at $69.50. Approximately 35,664,214 shares were traded during trading, an increase of 45% from the average daily volume of 24,516,225 shares. The stock had previously closed at $72.35.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Stifel Nicolaus set a $120.00 price target on shares of CoreWeave in a research report on Tuesday, November 11th. Wells Fargo & Company dropped their target price on CoreWeave from $170.00 to $150.00 and set an “overweight” rating on the stock in a report on Wednesday, November 12th. Seaport Res Ptn upgraded CoreWeave to a “hold” rating in a research note on Monday, September 15th. Arete Research raised CoreWeave from a “neutral” rating to a “buy” rating and set a $180.00 price target on the stock in a research report on Thursday, August 21st. Finally, Roth Capital started coverage on CoreWeave in a report on Thursday, December 4th. They issued a “buy” rating and a $110.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, twelve have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, CoreWeave presently has a consensus rating of “Hold” and an average price target of $128.53.

CoreWeave Stock Down 3.9%

The company has a debt-to-equity ratio of 2.66, a quick ratio of 0.49 and a current ratio of 0.49. The firm has a fifty day simple moving average of $103.88 and a 200-day simple moving average of $119.71. The firm has a market cap of $26.85 billion and a price-to-earnings ratio of -47.93.

CoreWeave (NASDAQ:CRWV) last released its quarterly earnings data on Monday, November 10th. The company reported ($0.22) EPS for the quarter, beating the consensus estimate of ($0.36) by $0.14. The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.28 billion. CoreWeave’s revenue for the quarter was up 133.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($1.82) earnings per share.

Insiders Place Their Bets

In other CoreWeave news, major shareholder Magnetar Financial Llc sold 1,451,063 shares of the firm’s stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $125.60, for a total transaction of $182,253,512.80. Following the completion of the sale, the insider directly owned 363,631 shares in the company, valued at $45,672,053.60. This trade represents a 79.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last quarter, insiders have sold 26,952,726 shares of company stock valued at $3,559,080,066.

Hedge Funds Weigh In On CoreWeave

A number of large investors have recently made changes to their positions in CRWV. Costello Asset Management INC grew its holdings in CoreWeave by 33.3% in the 2nd quarter. Costello Asset Management INC now owns 400 shares of the company’s stock valued at $65,000 after buying an additional 100 shares in the last quarter. Chilton Capital Management LLC lifted its holdings in shares of CoreWeave by 50.2% during the third quarter. Chilton Capital Management LLC now owns 362 shares of the company’s stock worth $50,000 after buying an additional 121 shares in the last quarter. Family Legacy Financial Solutions LLC boosted its position in shares of CoreWeave by 166.7% in the third quarter. Family Legacy Financial Solutions LLC now owns 200 shares of the company’s stock valued at $27,000 after acquiring an additional 125 shares during the period. CoreCap Advisors LLC grew its stake in shares of CoreWeave by 29.6% in the third quarter. CoreCap Advisors LLC now owns 644 shares of the company’s stock valued at $88,000 after acquiring an additional 147 shares in the last quarter. Finally, Pittenger & Anderson Inc. increased its position in CoreWeave by 36.0% during the third quarter. Pittenger & Anderson Inc. now owns 680 shares of the company’s stock worth $93,000 after acquiring an additional 180 shares during the period.

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.