CoreWeave (NASDAQ:CRWV) Shares Down 6.3% – Here’s What Happened

Shares of CoreWeave Inc. (NASDAQ:CRWV) fell 6.3% during trading on Monday . The company traded as low as $82.72 and last traded at $83.31. Approximately 18,459,053 shares traded hands during trading, a decline of 35% from the average session volume of 28,391,191 shares. The stock had previously closed at $88.88.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CRWV. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $135.00 price objective on shares of CoreWeave in a research note on Friday, May 8th. BNP Paribas Exane began coverage on shares of CoreWeave in a research report on Tuesday, June 2nd. They set an “outperform” rating and a $192.00 target price on the stock. JPMorgan Chase & Co. boosted their target price on shares of CoreWeave from $90.00 to $105.00 and gave the stock a “neutral” rating in a report on Friday, May 8th. Sanford C. Bernstein restated an “underperform” rating on shares of CoreWeave in a research report on Thursday, June 11th. Finally, Mizuho raised their price target on shares of CoreWeave from $105.00 to $110.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. Twenty-one equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $136.73.

CoreWeave Trading Down 4.0%

The company has a market cap of $35.78 billion, a price-to-earnings ratio of -25.70 and a beta of 7.17. The firm has a 50 day moving average price of $103.54 and a two-hundred day moving average price of $95.38. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 3.68.

CoreWeave (NASDAQ:CRWV) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($1.40) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 last year, the business earned ($0.60) EPS. CoreWeave’s revenue was up 111.6% compared to the same quarter last year. As a group, equities analysts forecast that CoreWeave Inc. will post -4.57 earnings per share for the current year.

Insiders Place Their Bets

In other news, major shareholder Magnetar Financial Llc sold 1,404,667 shares of the stock in a transaction on Thursday, April 16th. The shares were sold at an average price of $118.30, for a total transaction of $166,172,106.10. Following the completion of the sale, the insider directly owned 282,570 shares in the company, valued at $33,428,031. This represents a 83.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Brian M. Venturo sold 1,125,000 shares of the business’s stock in a transaction on Monday, April 20th. The shares were sold at an average price of $115.93, for a total transaction of $130,421,250.00. 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. In the last 90 days, insiders sold 24,130,539 shares of company stock worth $2,824,785,086. 24.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Sivia Capital Partners LLC acquired a new stake in CoreWeave during the second quarter worth approximately $39,824,000. Quantbot Technologies LP bought a new position in shares of CoreWeave during the 2nd quarter worth approximately $311,000. Invesco Ltd. bought a new position in shares of CoreWeave during the 2nd quarter worth approximately $882,000. First Trust Advisors LP bought a new position in shares of CoreWeave during the 2nd quarter worth approximately $20,260,000. Finally, Baird Financial Group Inc. acquired a new stake 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.