CoreWeave (NASDAQ:CRWV) Trading Down 1.1% – Here’s Why

CoreWeave Inc. (NASDAQ:CRWV)’s stock price fell 1.1% on Wednesday . The company traded as low as $79.58 and last traded at $80.93. 15,423,710 shares were traded during trading, a decline of 45% from the average daily volume of 28,231,299 shares. The stock had previously closed at $81.85.

CoreWeave News Roundup

Here are the key news stories impacting CoreWeave this week:

• Positive Sentiment: On CNBC’s “Mad Money Lightning Round,” Jim Cramer described Nuvation Bio as a “pure spec” and indicated that CoreWeave is the neocloud company he favors. The endorsement may reinforce the bullish view of CoreWeave’s AI infrastructure business. Jim Cramer: This Health Care Stock Is Pure Spec, The Only Neocloud I Like Is

Analysts Set New Price Targets

Several equities analysts have recently commented on CRWV shares. Wells Fargo & Company upped their target price on CoreWeave from $155.00 to $160.00 and gave the company an “overweight” rating in a report on Wednesday, August 12th. JPMorgan Chase & Co. raised their target price on CoreWeave from $105.00 to $110.00 and gave the company a “neutral” rating in a research note on Tuesday, August 11th. Cantor Fitzgerald set a $176.00 price target on shares of CoreWeave and gave the stock an “overweight” rating in a research report on Wednesday, August 12th. Weiss Ratings upgraded shares of CoreWeave from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, June 24th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $250.00 price objective on shares of CoreWeave in a report on Wednesday, August 12th. Twenty-one investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $141.90.

CoreWeave Stock Up 4.5%

The firm’s fifty day moving average is $85.47 and its two-hundred day moving average is $94.43. The firm has a market cap of $38.80 billion, a price-to-earnings ratio of -23.17 and a beta of 7.45. The company has a debt-to-equity ratio of 5.53, a current ratio of 0.46 and a quick ratio of 0.46.

CoreWeave (NASDAQ:CRWV) last issued its quarterly earnings results on Tuesday, August 11th. The company reported ($1.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.52) by $0.38. CoreWeave had a negative net margin of 25.41% and a negative return on equity of 47.95%. The company had revenue of $2.58 billion during the quarter. During the same period in the previous year, the company posted ($0.27) earnings per share. CoreWeave’s revenue was up 112.5% compared to the same quarter last year. On average, sell-side analysts expect that CoreWeave Inc. will post -5.19 EPS for the current fiscal year.

Insider Buying and Selling at CoreWeave

In other CoreWeave news, insider Kristen J. Mcveety sold 156,000 shares of the company’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $81.63, for a total value of $12,734,280.00. Following the transaction, the insider owned 123,313 shares of the company’s stock, valued at approximately $10,066,040.19. This represents a 55.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael N. Intrator sold 200,000 shares of the stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $81.66, for a total value of $16,332,000.00. Following the sale, the chief executive officer owned 1,287,129 shares of the company’s stock, valued at $105,106,954.14. This trade represents a 13.45% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 7,610,159 shares of company stock valued at $705,653,344. 24.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CRWV. California State Teachers Retirement System lifted its position in shares of CoreWeave by 12,886.8% in the 2nd quarter. California State Teachers Retirement System now owns 41,559,344 shares of the company’s stock valued at $4,136,817,000 after acquiring an additional 41,239,333 shares in the last quarter. Proficio Capital Partners LLC raised its stake in CoreWeave by 446,194.0% during the 3rd quarter. Proficio Capital Partners LLC now owns 17,851,760 shares of the company’s stock valued at $2,443,013,000 after purchasing an additional 17,847,760 shares during the period. Alyeska Investment Group L.P. lifted its holdings in shares of CoreWeave by 55.7% in the second quarter. Alyeska Investment Group L.P. now owns 10,891,267 shares of the company’s stock valued at $1,084,117,000 after purchasing an additional 3,897,741 shares in the last quarter. Deutsche Bank AG lifted its holdings in shares of CoreWeave by 22,624.0% in the fourth quarter. Deutsche Bank AG now owns 3,812,856 shares of the company’s stock valued at $273,039,000 after purchasing an additional 3,796,077 shares in the last quarter. Finally, Altimeter Capital Management LP acquired a new stake in shares of CoreWeave in the fourth quarter worth $230,099,000.

About CoreWeave

CoreWeave is a U.S.-based provider of GPU-accelerated cloud infrastructure designed to support compute-intensive workloads such as artificial intelligence, machine learning, visual effects rendering and other high-performance computing applications. The company supplies access to large fleets of modern GPUs and complementary infrastructure that enable customers to train and deploy large models, run inference at scale, and process graphics-heavy workloads with low latency and high throughput.

CoreWeave’s product offering includes on-demand and dedicated GPU instances, bare-metal servers, private clusters and managed services tailored for enterprise and developer use.