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

Shares of CoreWeave Inc. (NASDAQ:CRWV) fell 2.7% during trading on Monday . The company traded as low as $88.17 and last traded at $88.19. Approximately 20,482,304 shares were traded during 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 Analyst Weigh In

A number of research firms recently commented on CRWV. Piper Sandler began coverage on shares of CoreWeave in a research report on Monday, August 3rd. They issued an “overweight” rating and a $151.00 target price on the stock. Barclays cut their target price on CoreWeave from $120.00 to $90.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 21st. Citigroup reduced their target price on CoreWeave from $158.00 to $142.00 and set a “buy” rating for the company in a report on Wednesday, August 5th. Raymond James Financial downgraded CoreWeave from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, July 22nd. Finally, Wells Fargo & Company lifted their price target on CoreWeave from $135.00 to $155.00 and gave the stock an “overweight” rating in a research report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, CoreWeave currently has an average rating of “Moderate Buy” and an average price target of $136.67.

CoreWeave Price Performance

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 company has a market capitalization of $39.47 billion, a PE ratio of -28.36 and a beta of 7.45. The company’s 50-day simple moving average is $91.81 and its 200-day simple moving average is $94.81.

CoreWeave (NASDAQ:CRWV) last announced its earnings results on Thursday, May 7th. The company reported ($1.40) EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $2.08 billion during the quarter. During the same period last year, the firm earned ($0.60) earnings per share. The business’s revenue was up 111.6% on a year-over-year basis. As a group, sell-side analysts anticipate that CoreWeave Inc. will post -5.7 earnings per share for the current year.

Insider Activity at CoreWeave

In other CoreWeave news, Director Jack D. Cogen sold 986,540 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $107.80, for a total transaction of $106,349,012.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael N. Intrator sold 278,560 shares of the stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $97.43, for a total value of $27,140,100.80. Following the sale, the chief executive officer directly owned 3,138,612 shares of the company’s stock, valued at $305,794,967.16. The trade was a 8.15% decrease in their ownership of the stock. 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. Insiders have sold 9,343,798 shares of company stock worth $929,303,314 in the last quarter. Company insiders own 24.20% of the company’s stock.

Institutional Investors Weigh In On CoreWeave

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