CoreWeave (NASDAQ:CRWV) Shares Up 4.5% – Here’s What Happened

CoreWeave Inc. (NASDAQ:CRWV)’s stock price was up 4.5% during trading on Thursday . The company traded as high as $84.85 and last traded at $84.56. 18,225,379 shares traded hands during mid-day trading, a decline of 35% from the average session volume of 28,172,516 shares. The stock had previously closed at $80.93.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on CRWV shares. Wolfe Research reaffirmed an “outperform” rating on shares of CoreWeave in a research note on Monday, July 6th. Needham & Company LLC reissued a “hold” rating on shares of CoreWeave in a research note on Thursday, August 13th. Sanford C. Bernstein increased their target price on CoreWeave from $67.00 to $74.00 and gave the company an “underperform” rating in a report on Wednesday, August 12th. Weiss Ratings upgraded CoreWeave from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, June 24th. Finally, Roth Capital set a $145.00 price target on CoreWeave in a research note on Thursday, August 13th. Twenty-one research analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, CoreWeave currently has a consensus rating of “Moderate Buy” and a consensus price target of $141.90.

CoreWeave Trading Up 4.5%

The stock has a market capitalization of $38.80 billion, a P/E ratio of -23.17 and a beta of 7.45. The firm’s 50 day moving average price is $85.75 and its 200 day moving average price is $94.51. The company has a debt-to-equity ratio of 5.53, a current ratio of 0.46 and a quick ratio of 0.46.

CoreWeave (NASDAQ:CRWV) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($1.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.52) by $0.38. The company had revenue of $2.58 billion for the quarter. CoreWeave had a negative return on equity of 47.95% and a negative net margin of 25.41%.The firm’s revenue for the quarter was up 112.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.27) EPS. As a group, equities research analysts expect that CoreWeave Inc. will post -5.19 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Kristen Mcveety sold 2,100 shares of the firm’s stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $88.03, for a total value of $184,863.00. Following the completion of the sale, the insider directly owned 123,313 shares of the company’s stock, valued at approximately $10,855,243.39. This trade represents a 1.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Intrator sold 107,692 shares of CoreWeave stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $88.60, for a total transaction of $9,541,511.20. Following the sale, the chief executive officer directly owned 1,553,062 shares in the company, valued at $137,601,293.20. The trade was a 6.48% decrease in their position. 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 7,146,467 shares of company stock valued at $667,792,935 over the last quarter. 24.20% of the stock is owned by company insiders.

Institutional Trading of CoreWeave

Institutional investors and hedge funds have recently bought and sold shares of the stock. Legal & General Group Plc boosted its position in shares of CoreWeave by 8,455.6% during the fourth quarter. Legal & General Group Plc now owns 611,301 shares of the company’s stock valued at $43,775,000 after purchasing an additional 604,156 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in CoreWeave in the second quarter worth $15,543,000. Bank of New York Mellon Corp raised its holdings in CoreWeave by 12.6% in the first quarter. Bank of New York Mellon Corp now owns 353,702 shares of the company’s stock worth $27,401,000 after purchasing an additional 39,599 shares in the last quarter. California State Teachers Retirement System lifted its position in CoreWeave by 25.5% during the first quarter. California State Teachers Retirement System now owns 320,011 shares of the company’s stock valued at $24,791,000 after buying an additional 64,960 shares during the period. Finally, Ardmore Road Asset Management LP lifted its position in CoreWeave by 3,410.0% during the first quarter. Ardmore Road Asset Management LP now owns 351,000 shares of the company’s stock valued at $27,192,000 after buying an additional 341,000 shares during the period.

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.