CoreWeave (NASDAQ:CRWV) Shares Down 7.9% Following Insider Selling

CoreWeave Inc. (NASDAQ:CRWV)’s stock price dropped 7.9% on Monday after an insider sold shares in the company. The company traded as low as $72.02 and last traded at $72.35. Approximately 30,942,011 shares were traded during trading, an increase of 27% from the average daily volume of 24,452,188 shares. The stock had previously closed at $78.59.

Specifically, CFO Nitin Agrawal sold 66,467 shares of the business’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $82.58, for a total value of $5,488,844.86. Following the transaction, the chief financial officer owned 203,392 shares in the company, valued at approximately $16,796,111.36. The trade was a 24.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Brian M. Venturo sold 281,250 shares of the company’s stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $87.75, for a total transaction of $24,679,687.50. Additional details regarding this sale are available in the official SEC disclosure. In related news, insider Brannin Mcbee sold 63,835 shares of the firm’s stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $83.80, for a total value of $5,349,373.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Wall Street Analyst Weigh In

A number of research analysts have commented on CRWV shares. DA Davidson reaffirmed an “underperform” rating and set a $36.00 price target on shares of CoreWeave in a research report on Tuesday, November 11th. Macquarie cut their price objective on CoreWeave from $140.00 to $115.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 11th. JPMorgan Chase & Co. restated a “neutral” rating and set a $110.00 target price on shares of CoreWeave in a report on Tuesday, November 11th. Wells Fargo & Company dropped their price target on CoreWeave from $170.00 to $150.00 and set an “overweight” rating for the company in a research note on Wednesday, November 12th. Finally, Raymond James Financial began coverage on shares of CoreWeave in a report on Monday, September 15th. They issued an “outperform” rating and a $130.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, twelve have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, CoreWeave presently has an average rating of “Hold” and an average target price of $129.47.

CoreWeave Price Performance

The stock has a market cap of $27.96 billion and a P/E ratio of -49.90. 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 firm has a 50-day moving average price of $105.11 and a 200-day moving average price of $119.95.

CoreWeave (NASDAQ:CRWV) last issued its quarterly earnings results on Monday, November 10th. The company reported ($0.22) earnings per share 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 analysts’ expectations of $1.28 billion. CoreWeave’s revenue for the quarter was up 133.7% on a year-over-year basis. During the same period in the previous year, the company earned ($1.82) earnings per share.

Institutional Trading of CoreWeave

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