Bank of America Has Lowered Expectations for CoreWeave (NASDAQ:CRWV) Stock Price

Key Points

• Bank of America has reduced its target price for CoreWeave (CRWV) stock from $185.00 to $168.00, maintaining a "neutral" rating with a potential upside of 38.35% from the last closing price.
• CoreWeave's stock price recently fell 18.4%, trading at approximately $121.43, with significant trading volume surpassing its average.
• The company reported an earnings miss for the last quarter, with an EPS of ($0.27), below analysts' expectations of ($0.20), despite revenue increasing by 206.7% year-over-year.

CoreWeave (NASDAQ:CRWV - Get Free Report) had its target price lowered by equities researchers at Bank of America from $185.00 to $168.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the stock. Bank of America's price target points to a potential upside of 38.35% from the company's previous close.

CRWV has been the subject of several other research reports. Moffett Nathanson initiated coverage on shares of CoreWeave in a research note on Monday, May 5th. They issued a "neutral" rating and a $43.00 price objective for the company. Northland Securities raised their price target on shares of CoreWeave from $85.00 to $165.00 and gave the company an "outperform" rating in a research note on Friday, July 18th. Jefferies Financial Group began coverage on shares of CoreWeave in a research note on Tuesday, April 22nd. They set a "buy" rating and a $51.00 price target for the company. JMP Securities began coverage on shares of CoreWeave in a research note on Thursday, May 22nd. They set a "market perform" rating for the company. Finally, HC Wainwright reaffirmed a "neutral" rating on shares of CoreWeave in a research note on Wednesday. Three research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $99.80.

CoreWeave Stock Down 18.4%

CoreWeave stock traded down $27.32 during trading hours on Wednesday, hitting $121.43. The company had a trading volume of 29,179,571 shares, compared to its average volume of 18,930,949. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 2.60. CoreWeave has a one year low of $33.51 and a one year high of $187.00. The business's 50-day moving average is $142.07.

CoreWeave (NASDAQ:CRWV - Get Free Report) last announced its earnings results on Tuesday, August 12th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.20) by ($0.07). The business had revenue of $1.21 million for the quarter. The company's revenue for the quarter was up 206.7% on a year-over-year basis.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Chelsea Counsel Co. purchased a new position in CoreWeave during the second quarter worth about $33,000. Archer Investment Corp purchased a new position in CoreWeave in the second quarter valued at about $34,000. Chilton Capital Management LLC purchased a new position in CoreWeave in the second quarter valued at about $39,000. TD Waterhouse Canada Inc. purchased a new position in CoreWeave in the second quarter valued at about $47,000. Finally, Montag A & Associates Inc. bought a new stake in shares of CoreWeave in the second quarter valued at approximately $49,000.

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.

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