CoreWeave (NASDAQ:CRWV) Shares Down 3.2% - Here's What Happened

CoreWeave Inc. (NASDAQ:CRWV - Get Free Report) shares were down 3.2% during mid-day trading on Thursday . The company traded as low as $120.00 and last traded at $122.03. Approximately 3,550,464 shares were traded during trading, a decline of 82% from the average daily volume of 19,429,750 shares. The stock had previously closed at $126.05.

Analysts Set New Price Targets

CRWV has been the subject of several recent research reports. JPMorgan Chase & Co. increased their price objective on shares of CoreWeave from $43.00 to $66.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. Arete assumed coverage on CoreWeave in a report on Thursday, June 5th. They issued a "neutral" rating and a $130.00 price target for the company. Wells Fargo & Company increased their price target on CoreWeave from $50.00 to $60.00 and gave the company an "equal weight" rating in a report on Thursday, May 15th. Argus began coverage on CoreWeave in a report on Friday, July 11th. They set a "buy" rating and a $200.00 target price on the stock. Finally, HSBC initiated coverage on CoreWeave in a report on Wednesday, July 16th. They set a "reduce" rating and a $32.00 target price on the stock. Three investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, CoreWeave presently has an average rating of "Hold" and a consensus target price of $85.25.

CoreWeave Stock Down 4.6%

The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 2.60. The stock has a 50-day moving average price of $139.52.

CoreWeave (NASDAQ:CRWV - Get Free Report) last released its quarterly earnings results on Wednesday, May 14th. The company reported ($0.83) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.67).

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Chelsea Counsel Co. bought a new position in CoreWeave during the 2nd quarter valued at $33,000. SOA Wealth Advisors LLC. boosted its stake in CoreWeave by 275.0% during the second quarter. SOA Wealth Advisors LLC. now owns 375 shares of the company's stock valued at $61,000 after buying an additional 275 shares in the last quarter. Costello Asset Management INC boosted its stake in CoreWeave by 33.3% during the second quarter. Costello Asset Management INC now owns 400 shares of the company's stock valued at $65,000 after buying an additional 100 shares in the last quarter. Western Pacific Wealth Management LP bought a new position in shares of CoreWeave during the 2nd quarter valued at about $82,000. Finally, Webster Bank N. A. bought a new position in shares of CoreWeave during the 2nd quarter valued at about $82,000.

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.