CoreWeave (NASDAQ:CRWV) Shares Down 2% - Here's What Happened

Key Points

• CoreWeave's stock price fell by 2% to around $97.53 during trading, with a significant trading volume increase of 46% compared to its average daily volume.
• Equities analysts have mixed ratings for CoreWeave, with a majority rating the stock as a "hold," while Bank of America and Moffett Nathanson have set target prices of $168.00 and $43.00, respectively.
• Despite a miss on earnings per share estimates, CoreWeave reported a remarkable year-over-year revenue increase of 206.7%, totaling $1.21 million for the quarter.

CoreWeave Inc. (NASDAQ:CRWV - Get Free Report)'s stock price was down 2% during mid-day trading on Friday . The stock traded as low as $94.70 and last traded at $97.53. Approximately 28,407,377 shares traded hands during trading, an increase of 46% from the average daily volume of 19,422,984 shares. The stock had previously closed at $99.51.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on CRWV shares. Bank of America dropped their target price on shares of CoreWeave from $185.00 to $168.00 and set a "neutral" rating on the stock in a research note on Wednesday. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating on shares of CoreWeave in a research report on Wednesday. Melius Research upgraded shares of CoreWeave to a "hold" rating in a research note on Tuesday, April 22nd. Hsbc Global Res raised shares of CoreWeave to a "moderate sell" rating in a report on Thursday, July 17th. Finally, Moffett Nathanson began coverage on CoreWeave in a report on Monday, May 5th. They set a "neutral" rating and a $43.00 target price on the stock. Three investment analysts have rated the stock with a sell rating, eighteen have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, CoreWeave currently has an average rating of "Hold" and an average price target of $99.80.

CoreWeave Stock Up 0.7%

The company has a debt-to-equity ratio of 2.60, a current ratio of 0.44 and a quick ratio of 0.44. The firm has a fifty day moving average price of $140.45.

CoreWeave (NASDAQ:CRWV - Get Free Report) last issued its earnings results on Tuesday, August 12th. The company reported ($0.27) earnings per share for the quarter, missing analysts' consensus estimates of ($0.20) by ($0.07). The company 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

Several institutional investors have recently bought and sold shares of CRWV. Chelsea Counsel Co. bought a new position in CoreWeave during the 2nd quarter worth $33,000. Archer Investment Corp bought a new position in shares of CoreWeave in the 2nd quarter worth $34,000. Chilton Capital Management LLC bought a new position in shares of CoreWeave in the second quarter valued at $39,000. TD Waterhouse Canada Inc. bought a new stake in CoreWeave during the 2nd quarter worth approximately $47,000. Finally, Montag A & Associates Inc. purchased a new stake in CoreWeave in the 2nd quarter valued at $49,000.

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.

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