CoreWeave (NASDAQ:CRWV) Trading 3% Higher – Here’s Why

CoreWeave Inc. (NASDAQ:CRWV) shares rose 3% during mid-day trading on Friday . The company traded as high as $88.76 and last traded at $88.30. Approximately 19,828,920 shares were traded during trading, a decline of 18% from the average daily volume of 24,179,439 shares. The stock had previously closed at $85.75.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on CRWV shares. Bank of America reduced their price objective on shares of CoreWeave from $168.00 to $140.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 11th. Melius Research set a $140.00 price target on shares of CoreWeave in a report on Tuesday, November 11th. Melius raised shares of CoreWeave from a “hold” rating to a “buy” rating and set a $165.00 price objective for the company in a report on Tuesday, September 23rd. JMP Securities upgraded CoreWeave from a “market perform” rating to a “market outperform” rating and set a $180.00 price objective for the company in a research report on Tuesday, September 16th. Finally, Seaport Res Ptn upgraded CoreWeave to a “hold” rating in a research report on Monday, September 15th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, twelve have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $129.47.

CoreWeave Stock Performance

The business’s fifty day moving average price is $110.51 and its two-hundred day moving average price is $120.44. The company has a debt-to-equity ratio of 2.66, a quick ratio of 0.49 and a current ratio of 0.49. The stock has a market capitalization of $34.12 billion and a P/E ratio of -60.90.

CoreWeave (NASDAQ:CRWV) last announced its quarterly earnings results on Monday, November 10th. The company reported ($0.22) EPS for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.14. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same period in the previous year, the business posted ($1.82) EPS. The firm’s revenue was up 133.7% on a year-over-year basis.

Insider Activity at CoreWeave

In related news, major shareholder Magnetar Financial Llc sold 1,451,063 shares of the stock in a transaction on Friday, September 19th. The stock was sold at an average price of $125.60, for a total transaction of $182,253,512.80. Following the sale, the insider owned 363,631 shares in the company, valued at approximately $45,672,053.60. This represents a 79.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last three months, insiders sold 30,174,704 shares of company stock valued at $3,942,122,559.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Family Legacy Financial Solutions LLC lifted its holdings in shares of CoreWeave by 166.7% in the 3rd quarter. Family Legacy Financial Solutions LLC now owns 200 shares of the company’s stock worth $27,000 after acquiring an additional 125 shares during the last quarter. HighMark Wealth Management LLC purchased a new stake in CoreWeave in the 3rd quarter worth about $27,000. OLD Second National Bank of Aurora purchased a new stake in CoreWeave in the 3rd quarter worth about $27,000. KERR FINANCIAL PLANNING Corp bought a new stake in CoreWeave in the third quarter worth about $27,000. Finally, Princeton Global Asset Management LLC purchased a new position in shares of CoreWeave during the third quarter valued at approximately $28,000.

CoreWeave Company Profile

CoreWeave, Inc engages in the powers of the creation and delivery of the intelligence that drives innovation. It offers a solution used by organizations of all sizes that require sophisticated AI computing, from the largest of enterprises to small, well-funded start-ups. The company was founded by Michael Intrator, Brian Venturo, and Brannin McBee on September 21, 2017 and is headquartered in Livingston, NJ.