CoreWeave (NASDAQ:CRWV) Trading Up 8.1% – Here’s What Happened

CoreWeave Inc. (NASDAQ:CRWV) shares shot up 8.1% during mid-day trading on Thursday . The stock traded as high as $88.38 and last traded at $85.75. 29,126,878 shares traded hands during trading, an increase of 20% from the average session volume of 24,202,363 shares. The stock had previously closed at $79.36.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Mizuho lowered 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. Weiss Ratings reiterated a “sell (d-)” rating on shares of CoreWeave in a research note on Monday. HC Wainwright reissued a “buy” rating and issued a $180.00 price objective on shares of CoreWeave in a research note on Wednesday, November 12th. Cantor Fitzgerald restated an “overweight” rating and issued a $174.00 price objective on shares of CoreWeave in a report on Wednesday, November 5th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating on shares of CoreWeave in a research note on Wednesday, August 13th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, twelve have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, CoreWeave has an average rating of “Moderate Buy” and an average target price of $129.47.

CoreWeave Trading Up 3.0%

The company’s fifty day moving average is $109.87 and its two-hundred day moving average is $120.45. The stock has a market cap of $34.12 billion and a price-to-earnings ratio of -60.90. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 2.66.

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

Insider Buying and Selling

In other CoreWeave news, major shareholder Magnetar Financial Llc sold 1,451,063 shares of the firm’s 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 sale, the insider directly owned 363,631 shares in the company, valued at $45,672,053.60. This trade represents a 79.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 30,259,275 shares of company stock valued at $3,948,619,405 over the last 90 days.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Allworth Financial LP raised its position in shares of CoreWeave by 190.7% during the 3rd quarter. Allworth Financial LP now owns 4,358 shares of the company’s stock worth $596,000 after acquiring an additional 2,859 shares in the last quarter. IFP Advisors Inc boosted its holdings in CoreWeave by 1,009.7% in the third quarter. IFP Advisors Inc now owns 8,223 shares of the company’s stock valued at $1,125,000 after purchasing an additional 7,482 shares in the last quarter. KERR FINANCIAL PLANNING Corp purchased a new position in CoreWeave in the third quarter valued at approximately $27,000. CIBC Private Wealth Group LLC raised its holdings in CoreWeave by 228.7% during the third quarter. CIBC Private Wealth Group LLC now owns 23,920 shares of the company’s stock worth $3,273,000 after purchasing an additional 16,643 shares in the last quarter. Finally, CIBC Bancorp USA Inc. acquired a new stake in CoreWeave during the third quarter worth approximately $3,670,000.

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.