CoreWeave (NASDAQ:CRWV) Stock Price Down 1.1% – Here’s Why

CoreWeave Inc. (NASDAQ:CRWV)’s stock price traded down 1.1% during mid-day trading on Wednesday . The stock traded as low as $79.58 and last traded at $80.93. 15,423,710 shares changed hands during mid-day trading, a decline of 45% from the average daily volume of 28,231,299 shares. The stock had previously closed at $81.85.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. BNP Paribas Exane started coverage on shares of CoreWeave in a research report on Tuesday, June 2nd. They issued an “outperform” rating and a $192.00 price target on the stock. JPMorgan Chase & Co. raised their target price on CoreWeave from $105.00 to $110.00 and gave the stock a “neutral” rating in a report on Tuesday, August 11th. Truist Financial lifted their target price on CoreWeave from $155.00 to $165.00 and gave the company a “buy” rating in a research report on Monday, August 24th. TD Cowen raised CoreWeave to a “buy” rating in a report on Wednesday, July 22nd. Finally, Barclays raised their price objective on CoreWeave from $90.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 13th. Twenty-one analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $141.90.

CoreWeave Stock Down 1.1%

The company has a quick ratio of 0.46, a current ratio of 0.46 and a debt-to-equity ratio of 5.53. The company has a fifty day moving average price of $86.15 and a 200-day moving average price of $94.62. The stock has a market capitalization of $37.14 billion, a P/E ratio of -22.17 and a beta of 7.45.

CoreWeave (NASDAQ:CRWV) last released its quarterly earnings data on Tuesday, August 11th. The company reported ($1.14) EPS for the quarter, beating the consensus estimate of ($1.52) by $0.38. The business had revenue of $2.58 billion during the quarter. CoreWeave had a negative net margin of 25.41% and a negative return on equity of 47.95%. CoreWeave’s revenue for the quarter was up 112.5% compared to the same quarter last year. During the same quarter last year, the business earned ($0.27) EPS. As a group, research analysts forecast that CoreWeave Inc. will post -5.19 EPS for the current fiscal year.

Insiders Place Their Bets

In other CoreWeave news, major shareholder Magnetar Financial Llc sold 307,131 shares of the company’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $108.75, for a total value of $33,400,496.25. Following the transaction, the insider owned 220,810 shares of the company’s stock, valued at $24,013,087.50. This represents a 58.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Michael N. Intrator sold 278,560 shares of the firm’s stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $97.43, for a total transaction of $27,140,100.80. Following the completion of the transaction, the chief executive officer directly owned 3,138,612 shares in the company, valued at $305,794,967.16. This represents a 8.15% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 7,146,467 shares of company stock valued at $667,792,935. 24.20% of the stock is owned by company insiders.

Institutional Trading of CoreWeave

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Cornerstone Planning Group LLC increased its holdings in shares of CoreWeave by 272.8% during the fourth quarter. Cornerstone Planning Group LLC now owns 343 shares of the company’s stock valued at $25,000 after acquiring an additional 251 shares in the last quarter. Cullen Frost Bankers Inc. grew its position in CoreWeave by 45.8% during the 4th quarter. Cullen Frost Bankers Inc. now owns 385 shares of the company’s stock worth $28,000 after purchasing an additional 121 shares during the last quarter. Greenline Wealth Management LLC acquired a new position in CoreWeave during the 4th quarter valued at approximately $28,000. Essential Partners LLC acquired a new position in CoreWeave during the 2nd quarter valued at approximately $30,000. Finally, Peterson Wealth Services raised its holdings in shares of CoreWeave by 153.1% in the first quarter. Peterson Wealth Services now owns 405 shares of the company’s stock worth $31,000 after buying an additional 245 shares during the last quarter.

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.