CoreWeave (NASDAQ:CRWV) Announces Earnings Results

CoreWeave (NASDAQ:CRWV) announced its quarterly earnings data on Monday. The company reported ($0.31) EPS for the quarter, beating the consensus estimate of ($0.54) by $0.23, Zacks reports.

CoreWeave Price Performance

Shares of CRWV traded up $1.60 during mid-day trading on Monday, hitting $105.61. 40,084,427 shares of the company were exchanged, compared to its average volume of 23,043,619. The stock has a market cap of $51.60 billion and a price-to-earnings ratio of -92.64. CoreWeave has a 1-year low of $33.51 and a 1-year high of $187.00. The company has a 50 day moving average of $123.37 and a 200-day moving average of $118.05. The company has a debt-to-equity ratio of 2.79, a quick ratio of 0.52 and a current ratio of 0.52.

Insider Transactions at CoreWeave

In other news, SVP Chen Goldberg sold 19,180 shares of the firm’s stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $118.30, for a total value of $2,268,994.00. Following the transaction, the senior vice president owned 37,084 shares in the company, valued at $4,387,037.20. This trade represents a 34.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Magnetar Financial Llc sold 7,688 shares of CoreWeave stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $134.94, for a total value of $1,037,418.72. Following the completion of the sale, the insider directly owned 299,512 shares in the company, valued at $40,416,149.28. This represents a 2.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 36,743,427 shares of company stock valued at $4,592,624,537 in the last 90 days.

Hedge Funds Weigh In On CoreWeave

A number of institutional investors and hedge funds have recently bought and sold shares of CRWV. Headlands Technologies LLC purchased a new stake in CoreWeave during the 2nd quarter valued at about $110,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of CoreWeave during the 2nd quarter worth approximately $231,000. IHT Wealth Management LLC purchased a new stake in shares of CoreWeave in the second quarter valued at approximately $240,000. Cerity Partners LLC purchased a new stake in shares of CoreWeave in the second quarter valued at approximately $275,000. Finally, State of Wyoming acquired a new stake in shares of CoreWeave in the second quarter valued at approximately $288,000.

Analyst Upgrades and Downgrades

CRWV has been the subject of several recent research reports. JMP Securities raised shares of CoreWeave from a “market perform” rating to a “market outperform” rating and set a $180.00 target price for the company in a report on Tuesday, September 16th. Citigroup upgraded CoreWeave from a “neutral” rating to a “buy” rating and set a $160.00 price objective for the company in a research note on Thursday, July 31st. Deutsche Bank Aktiengesellschaft restated a “hold” rating on shares of CoreWeave in a research note on Wednesday, August 13th. Loop Capital initiated coverage on CoreWeave in a research report on Friday, September 19th. They set a “buy” rating and a $165.00 price target for the company. Finally, Hsbc Global Res raised CoreWeave to a “moderate sell” rating in a report on Thursday, July 17th. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eleven have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $129.71.

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.