CoreWeave (NASDAQ:CRWV) Stock Price Down 7.6% – Here’s Why

CoreWeave Inc. (NASDAQ:CRWV)’s share price traded down 7.6% during trading on Thursday . The company traded as low as $68.95 and last traded at $69.21. 40,173,088 shares traded hands during trading, an increase of 67% from the average session volume of 24,064,896 shares. The stock had previously closed at $74.92.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on CRWV shares. Evercore ISI lowered their target price on CoreWeave from $175.00 to $160.00 and set an “outperform” rating on the stock in a report on Tuesday, November 11th. Stifel Nicolaus set a $120.00 price target on shares of CoreWeave in a research report on Tuesday, November 11th. Citizens Jmp upgraded shares of CoreWeave from a “market perform” rating to an “outperform” rating and set a $180.00 price objective on the stock in a research note on Tuesday, September 16th. Loop Capital dropped their price objective on shares of CoreWeave from $165.00 to $120.00 and set a “buy” rating on the stock in a report on Wednesday, November 12th. Finally, Moffett Nathanson boosted their target price on shares of CoreWeave from $56.00 to $65.00 and gave the company a “neutral” rating in a research report on Tuesday, August 19th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, twelve have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $130.14.

CoreWeave Trading Down 7.6%

The stock has a 50-day moving average price of $121.10 and a two-hundred day moving average price of $119.71. The stock has a market capitalization of $26.74 billion and a PE ratio of -47.73. The company has a debt-to-equity ratio of 2.66, a quick ratio of 0.49 and a current ratio of 0.49.

CoreWeave (NASDAQ:CRWV) last released its earnings results on Monday, November 10th. The company reported ($0.22) EPS for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.14. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the previous year, the business posted ($1.82) EPS. CoreWeave’s revenue was up 133.7% on a year-over-year basis. CoreWeave has set its FY 2025 guidance at EPS.

Insiders Place Their Bets

In related news, Director Jack D. Cogen sold 1,112,004 shares of the company’s stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $94.69, for a total value of $105,295,658.76. Following the completion of the transaction, the director owned 12,329,676 shares of the company’s stock, valued at approximately $1,167,497,020.44. This represents a 8.27% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, 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 value of $182,253,512.80. Following the completion of 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 position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 33,615,739 shares of company stock worth $4,284,590,906.

Institutional Trading of CoreWeave

Several institutional investors have recently made changes to their positions in the business. Gamco Investors INC. ET AL bought a new stake in CoreWeave during the 1st quarter valued at approximately $318,000. Goldman Sachs Group Inc. purchased a new stake in CoreWeave during the 1st quarter valued at approximately $963,000. Howard Financial Services LTD. purchased a new stake in CoreWeave during the 2nd quarter valued at approximately $489,000. McAlister Sweet & Associates Inc. bought a new stake in shares of CoreWeave during the second quarter valued at approximately $277,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of CoreWeave in the second quarter worth $117,000.

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.