CoreWeave (NASDAQ:CRWV) Trading Up 6.6% – Time to Buy?

CoreWeave Inc. (NASDAQ:CRWV) shares traded up 6.6% on Monday . The stock traded as high as $79.31 and last traded at $78.0290. 4,609,370 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 28,197,264 shares. The stock had previously closed at $73.21.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CRWV. Weiss Ratings raised shares of CoreWeave from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, June 24th. Roth Capital restated a “buy” rating and set a $150.00 price objective on shares of CoreWeave in a research note on Friday, May 8th. Rosenblatt Securities reaffirmed a “buy” rating and set a $250.00 target price on shares of CoreWeave in a report on Thursday, July 2nd. BNP Paribas Exane started coverage on CoreWeave in a research report on Tuesday, June 2nd. They issued an “outperform” rating and a $192.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $135.00 price target on shares of CoreWeave in a report on Friday, May 8th. Twenty analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $138.87.

CoreWeave Stock Performance

The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 3.68. The stock has a 50 day simple moving average of $100.38 and a 200 day simple moving average of $95.33. The company has a market capitalization of $33.57 billion, a price-to-earnings ratio of -24.12 and a beta of 7.17.

CoreWeave (NASDAQ:CRWV) last released its quarterly 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 return on equity of 43.07% and a negative net margin of 25.57%.The company had revenue of $2.08 billion for the quarter. During the same period in the previous year, the business posted ($0.60) EPS. The firm’s revenue was up 111.6% on a year-over-year basis. As a group, analysts anticipate that CoreWeave Inc. will post -4.57 earnings per share for the current fiscal year.

Insider Transactions at CoreWeave

In other CoreWeave news, insider Brian M. Venturo sold 76,912 shares of the firm’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $86.99, for a total value of $6,690,574.88. Following the transaction, the insider owned 283,985 shares in the company, valued at approximately $24,703,855.15. This trade represents a 21.31% decrease in their position. The sale 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Brannin Mcbee sold 53,000 shares of CoreWeave stock in a transaction on Monday, July 6th. The stock was sold at an average price of $86.13, for a total transaction of $4,564,890.00. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 20,516,306 shares of company stock valued at $2,400,874,625 over the last ninety days. Insiders own 24.20% of the company’s stock.

Institutional Investors Weigh In On CoreWeave

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