CoreWeave (NASDAQ:CRWV) Trading Down 1.3% – What’s Next?

CoreWeave Inc. (NASDAQ:CRWV)’s stock price was down 1.3% during mid-day trading on Tuesday . The company traded as low as $75.95 and last traded at $76.03. Approximately 25,357,018 shares were traded during trading, an increase of 5% from the average daily volume of 24,194,451 shares. The stock had previously closed at $77.06.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Mizuho reduced their target price on CoreWeave from $150.00 to $120.00 and set a “neutral” rating for the company in a report on Tuesday, November 11th. JMP Securities raised shares of CoreWeave from a “market perform” rating to a “market outperform” rating and set a $180.00 target price on the stock in a research note on Tuesday, September 16th. Moffett Nathanson lifted their price objective on shares of CoreWeave from $56.00 to $65.00 and gave the stock a “neutral” rating in a report on Tuesday, August 19th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $174.00 price target on shares of CoreWeave in a research note on Wednesday, November 5th. Finally, DA Davidson reaffirmed an “underperform” rating and issued a $36.00 target price on shares of CoreWeave in a research note on Tuesday, November 11th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, twelve have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $130.14.

CoreWeave Price Performance

The stock has a market cap of $29.38 billion and a P/E ratio of -52.43. The business’s 50 day moving average price is $113.51 and its two-hundred day moving average price is $121.00. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 2.66.

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

Insider Transactions at CoreWeave

In related news, major shareholder Magnetar Financial Llc sold 1,451,063 shares of the business’s stock in a transaction dated Friday, September 19th. The shares were 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 of the company’s stock, valued at $45,672,053.60. The trade was a 79.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Over the last three months, insiders have sold 30,223,678 shares of company stock worth $3,949,590,336.

Institutional Trading of CoreWeave

A number of hedge funds have recently made changes to their positions in CRWV. Proficio Capital Partners LLC raised its stake in CoreWeave by 446,194.0% during the third quarter. Proficio Capital Partners LLC now owns 17,851,760 shares of the company’s stock valued at $2,443,013,000 after buying an additional 17,847,760 shares during the last quarter. Vanguard Group Inc. boosted its stake in CoreWeave by 109.7% in the 3rd quarter. Vanguard Group Inc. now owns 7,433,501 shares of the company’s stock worth $1,017,275,000 after purchasing an additional 3,888,164 shares in the last quarter. Invesco Ltd. increased its stake in CoreWeave by 55,329.7% during the 3rd quarter. Invesco Ltd. now owns 2,999,300 shares of the company’s stock valued at $410,454,000 after purchasing an additional 2,993,889 shares in the last quarter. Clear Street Group Inc. purchased a new position in CoreWeave in the third quarter worth about $405,199,000. Finally, Lavaca Capital LLC purchased a new position in CoreWeave in the third quarter worth about $273,700,000.

About CoreWeave

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.