CoreWeave (NASDAQ:CRWV) Shares Down 4.6% - Here's What Happened

Key Points

• CoreWeave Inc. shares fell 4.6% to last trade at $106.66, with trading volume down 82% from average levels.
• Analyst ratings are mixed: Citigroup upgraded CoreWeave to a "buy" with a $160 target, while Hsbc Global Res rated it "moderate sell," and the consensus rating remains a "Hold."
• The company reported a significant earnings miss with an EPS of ($0.83), falling short of the expected ($0.16).

CoreWeave Inc. (NASDAQ:CRWV - Get Free Report)'s share price was down 4.6% during trading on Wednesday . The stock traded as low as $105.56 and last traded at $106.66. Approximately 3,299,919 shares traded hands during trading, a decline of 82% from the average daily volume of 18,680,490 shares. The stock had previously closed at $111.84.

Wall Street Analyst Weigh In

Several analysts recently commented on CRWV shares. Citigroup raised CoreWeave from a "neutral" rating to a "buy" rating and set a $160.00 price objective on the stock in a research note on Thursday, July 31st. Wall Street Zen downgraded CoreWeave from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. JPMorgan Chase & Co. lifted their price target on CoreWeave from $43.00 to $66.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Wells Fargo & Company lifted their price target on CoreWeave from $50.00 to $60.00 and gave the company an "equal weight" rating in a research note on Thursday, May 15th. Finally, Hsbc Global Res raised CoreWeave to a "moderate sell" rating in a research note on Thursday, July 17th. Three research analysts have rated the stock with a sell rating, eighteen have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $90.20.

CoreWeave Trading Down 2.8%

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 company has a fifty day moving average of $141.11.

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

Institutional Trading of CoreWeave

Several institutional investors have recently modified their holdings of the business. Cisco Systems Inc. bought a new stake in CoreWeave during the second quarter valued at $173,493,000. Sivia Capital Partners LLC bought a new position in shares of CoreWeave during the 2nd quarter worth about $39,824,000. Sumitomo Mitsui Trust Group Inc. bought a new position in shares of CoreWeave during the 2nd quarter worth about $34,284,000. CWM LLC boosted its position in shares of CoreWeave by 283.0% during the 2nd quarter. CWM LLC now owns 166,663 shares of the company's stock worth $27,176,000 after purchasing an additional 123,147 shares in the last quarter. Finally, Carnegie Investment Counsel bought a new position in shares of CoreWeave during the 2nd quarter worth about $15,073,000.

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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