CoreWeave (NASDAQ:CRWV) Upgraded to “Buy” at Bank of America

CoreWeave (NASDAQ:CRWV) was upgraded by equities research analysts at Bank of America from a “neutral” rating to a “buy” rating in a research report issued on Tuesday,Finviz reports. The brokerage presently has a $100.00 target price on the stock. Bank of America‘s price objective would indicate a potential upside of 22.01% from the stock’s current price.

CRWV has been the subject of a number of other research reports. HC Wainwright reissued a “buy” rating and set a $180.00 target price on shares of CoreWeave in a research report on Monday, March 2nd. Sanford C. Bernstein started coverage on shares of CoreWeave in a research note on Thursday, March 5th. They issued an “underperform” rating and a $56.00 price objective on the stock. Wells Fargo & Company decreased their price objective on shares of CoreWeave from $150.00 to $125.00 and set an “overweight” rating for the company in a research report on Thursday, January 8th. Needham & Company LLC reissued a “hold” rating on shares of CoreWeave in a research note on Friday, February 27th. Finally, Jefferies Financial Group dropped their target price on shares of CoreWeave from $155.00 to $120.00 and set a “buy” rating on the stock in a report on Monday, January 5th. Nineteen equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $121.06.

CoreWeave Trading Up 0.6%

NASDAQ CRWV opened at $81.96 on Tuesday. The firm has a market capitalization of $34.34 billion and a PE ratio of -25.61. The business’s 50-day moving average price is $89.21 and its two-hundred day moving average price is $97.66. The company has a current ratio of 0.46, a quick ratio of 0.46 and a debt-to-equity ratio of 4.46. CoreWeave has a 12 month low of $33.51 and a 12 month high of $187.00.

CoreWeave (NASDAQ:CRWV) last issued its quarterly earnings data on Thursday, February 26th. The company reported ($0.89) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.61) by ($0.28). The company had revenue of $1.57 billion for the quarter. CoreWeave had a negative return on equity of 33.82% and a negative net margin of 22.75%.The firm’s quarterly revenue was up 110.4% compared to the same quarter last year.

Insiders Place Their Bets

In related news, CEO Michael N. Intrator sold 111,427 shares of the business’s stock in a transaction on Wednesday, December 31st. The shares were sold at an average price of $72.39, for a total transaction of $8,066,200.53. Following the transaction, the chief executive officer owned 5,922,620 shares in the company, valued at $428,738,461.80. The trade was a 1.85% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Brannin Mcbee sold 300,000 shares of the stock in a transaction on Monday, March 9th. The stock was sold at an average price of $72.61, for a total transaction of $21,783,000.00. Following the transaction, the insider directly owned 248,664 shares in the company, valued at approximately $18,055,493.04. This represents a 54.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 4,786,814 shares of company stock worth $405,782,893.

Institutional Investors Weigh In On CoreWeave

Several hedge funds and other institutional investors have recently bought and sold shares of CRWV. Vanguard Group Inc. raised its holdings in shares of CoreWeave by 275.6% during the fourth quarter. Vanguard Group Inc. now owns 27,920,979 shares of the company’s stock valued at $1,999,421,000 after purchasing an additional 20,487,478 shares during the period. Nvidia Corp grew its stake in shares of CoreWeave by 0.4% in the 2nd quarter. Nvidia Corp now owns 24,277,573 shares of the company’s stock valued at $3,958,701,000 after buying an additional 95,113 shares during the period. Proficio Capital Partners LLC increased its position in CoreWeave by 446,194.0% in the 3rd quarter. Proficio Capital Partners LLC now owns 17,851,760 shares of the company’s stock valued at $2,443,013,000 after buying an additional 17,847,760 shares in the last quarter. Clear Street Group Inc. increased its position in CoreWeave by 57.2% in the 4th quarter. Clear Street Group Inc. now owns 4,653,815 shares of the company’s stock valued at $333,260,000 after buying an additional 1,692,916 shares in the last quarter. Finally, Alyeska Investment Group L.P. raised its stake in CoreWeave by 300.0% during the 4th quarter. Alyeska Investment Group L.P. now owns 4,000,000 shares of the company’s stock worth $286,440,000 after buying an additional 3,000,000 shares during the period.

CoreWeave Company Profile

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.