CoreWeave (NASDAQ:CRWV) Shares Gap Down – Here’s What Happened

CoreWeave Inc. (NASDAQ:CRWV) gapped down before the market opened on Wednesday . The stock had previously closed at $99.54, but opened at $88.87. CoreWeave shares last traded at $88.9890, with a volume of 12,381,119 shares traded.

Analyst Ratings Changes

Several brokerages have weighed in on CRWV. JPMorgan Chase & Co. raised their target price on shares of CoreWeave from $90.00 to $105.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. Sanford C. Bernstein reaffirmed an “underperform” rating on shares of CoreWeave in a research report on Thursday, June 11th. Barclays increased their price objective on CoreWeave from $106.00 to $120.00 and gave the company an “equal weight” rating in a report on Monday, May 11th. Truist Financial raised their price objective on CoreWeave from $85.00 to $131.00 and gave the stock a “hold” rating in a research report on Friday, May 8th. Finally, BNP Paribas Exane assumed coverage on CoreWeave in a research note on Tuesday, June 2nd. They set an “outperform” rating and a $192.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, CoreWeave has an average rating of “Moderate Buy” and an average price target of $135.00.

CoreWeave Stock Performance

The company has a market cap of $39.09 billion, a PE ratio of -28.15 and a beta of 7.14. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 3.68. The firm’s 50-day simple moving average is $109.59 and its two-hundred day simple moving average is $94.79.

CoreWeave (NASDAQ:CRWV) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($1.40) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.17) by ($0.23). The company had revenue of $2.08 billion for the quarter. CoreWeave had a negative net margin of 25.57% and a negative return on equity of 43.07%. The company’s quarterly revenue was up 111.6% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.60) EPS. As a group, research analysts anticipate that CoreWeave Inc. will post -4.57 earnings per share for the current fiscal year.

Insider Activity at CoreWeave

In other CoreWeave news, Director Jack D. Cogen sold 986,540 shares of CoreWeave stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $107.80, for a total transaction of $106,349,012.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Brian M. Venturo sold 1,125,000 shares of the business’s stock in a transaction dated Monday, April 13th. The shares were sold at an average price of $110.82, for a total value of $124,672,500.00. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 26,758,311 shares of company stock valued at $3,093,227,010 in the last ninety days.

Institutional Investors Weigh In On CoreWeave

A number of institutional investors and hedge funds have recently modified their holdings of CRWV. Vanguard Group Inc. boosted its position in CoreWeave by 275.6% during the fourth quarter. Vanguard Group Inc. now owns 27,920,979 shares of the company’s stock worth $1,999,421,000 after acquiring an additional 20,487,478 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in CoreWeave by 6,022.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 112,768 shares of the company’s stock valued at $8,075,000 after acquiring an additional 110,926 shares during the last quarter. Legal & General Group Plc raised its holdings in CoreWeave by 8,455.6% in the 4th quarter. Legal & General Group Plc now owns 611,301 shares of the company’s stock valued at $43,775,000 after acquiring an additional 604,156 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in CoreWeave by 67.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 66,947 shares of the company’s stock valued at $4,794,000 after acquiring an additional 26,907 shares during the last quarter. Finally, Hidden Lake Asset Management LP purchased a new position in CoreWeave in the 3rd quarter worth approximately $14,814,000.

About CoreWeave

CoreWeave is a U.S.-based provider of GPU-accelerated cloud infrastructure designed to support compute-intensive workloads such as artificial intelligence, machine learning, visual effects rendering and other high-performance computing applications. The company supplies access to large fleets of modern GPUs and complementary infrastructure that enable customers to train and deploy large models, run inference at scale, and process graphics-heavy workloads with low latency and high throughput.

CoreWeave’s product offering includes on-demand and dedicated GPU instances, bare-metal servers, private clusters and managed services tailored for enterprise and developer use.