CoreWeave (NASDAQ:CRWV) Trading Down 2.7% – Here’s What Happened

CoreWeave Inc. (NASDAQ:CRWV)’s stock price traded down 2.7% during mid-day trading on Monday . The stock traded as low as $88.17 and last traded at $88.19. 20,482,304 shares traded hands during mid-day trading, a decline of 27% from the average daily volume of 28,200,166 shares. The stock had previously closed at $90.67.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on CRWV shares. Piper Sandler assumed coverage on CoreWeave in a report on Monday, August 3rd. They set an “overweight” rating and a $151.00 price target on the stock. Weiss Ratings raised shares of CoreWeave from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, June 24th. Rosenblatt Securities reissued a “buy” rating and issued a $250.00 price target on shares of CoreWeave in a research note on Wednesday, August 5th. Sanford C. Bernstein started coverage on shares of CoreWeave in a report on Wednesday, July 22nd. They set an “outperform” rating for the company. Finally, Robert W. Baird began coverage on shares of CoreWeave in a research report on Tuesday, July 21st. They set an “outperform” rating and a $100.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, CoreWeave has a consensus rating of “Moderate Buy” and a consensus price target of $136.67.

CoreWeave Stock Down 2.7%

The business’s 50 day moving average price is $91.81 and its 200-day moving average price is $94.81. The company has a debt-to-equity ratio of 3.68, a quick ratio of 0.31 and a current ratio of 0.31. The firm has a market capitalization of $39.47 billion, a PE ratio of -28.36 and a beta of 7.45.

CoreWeave (NASDAQ:CRWV) last posted its earnings results on Thursday, May 7th. The company reported ($1.40) earnings per share for the quarter, missing the consensus estimate of ($1.17) by ($0.23). CoreWeave had a negative net margin of 25.57% and a negative return on equity of 43.07%. The company had revenue of $2.08 billion during the quarter. During the same period in the previous year, the business earned ($0.60) EPS. The business’s revenue was up 111.6% compared to the same quarter last year. As a group, equities research analysts forecast that CoreWeave Inc. will post -5.7 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Jack D. Cogen sold 986,540 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $107.80, for a total transaction of $106,349,012.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael N. Intrator sold 278,560 shares of the firm’s stock in a transaction that occurred on Tuesday, June 30th. The shares were 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 of the company’s stock, valued at $305,794,967.16. This represents a 8.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 9,343,798 shares of company stock valued at $929,303,314. Corporate insiders own 24.20% of the company’s stock.

Institutional Trading of CoreWeave

Several hedge funds have recently modified their holdings of CRWV. Sivia Capital Partners LLC acquired a new position in CoreWeave during the 2nd quarter worth $39,824,000. Quantbot Technologies LP purchased a new position in shares of CoreWeave in the 2nd quarter valued at about $311,000. Invesco Ltd. acquired a new position in shares of CoreWeave during the second quarter worth about $882,000. First Trust Advisors LP purchased a new stake in shares of CoreWeave during the second quarter worth approximately $20,260,000. Finally, Baird Financial Group Inc. purchased a new stake in shares of CoreWeave during the second quarter worth approximately $455,000.

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.