CoreWeave (NASDAQ:CRWV) Shares Gap Down After Earnings Miss

Key Points

• CoreWeave Inc. shares gapped down significantly, opening at $135.82 after closing at $139.78, with recent trading at $133.73 and a high volume of over 3.7 million shares.
• Analysts have mixed opinions on CoreWeave, with three rating the stock as a sell and a consensus average price target of $90.20, while one analyst set a high target of $200.00.
• The company reported an earnings miss for the last quarter, with an EPS of ($0.83), falling short of the expected ($0.16).

CoreWeave Inc. (NASDAQ:CRWV - Get Free Report)'s stock price gapped down before the market opened on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $139.78, but opened at $135.82. CoreWeave shares last traded at $133.73, with a volume of 3,710,294 shares changing hands.

The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($0.07). The company had revenue of $1.21 million for the quarter. The business's quarterly revenue was up 206.7% compared to the same quarter last year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CRWV. Arete started coverage on shares of CoreWeave in a research note on Thursday, June 5th. They issued a "neutral" rating and a $130.00 price target on the stock. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating on shares of CoreWeave in a report on Wednesday. Argus reaffirmed a "buy" rating and set a $200.00 price objective on shares of CoreWeave in a research report on Thursday. Hsbc Global Res upgraded CoreWeave to a "moderate sell" rating in a research note on Thursday, July 17th. Finally, HC Wainwright reissued a "neutral" rating on shares of CoreWeave in a report on Wednesday. Three analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $99.80.

Institutional Investors Weigh In On CoreWeave

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

CoreWeave Price Performance

The business's fifty day simple moving average is $139.65. The company has a quick ratio of 0.44, a current ratio of 0.52 and a debt-to-equity ratio of 2.79.

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.