CoreWeave (NASDAQ:CRWV) Shares Gap Up Following Analyst Upgrade

Key Points

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CoreWeave Inc. (NASDAQ:CRWV - Get Free Report)'s stock price gapped up prior to trading on Thursday after Morgan Stanley raised their price target on the stock from $58.00 to $91.00. The stock had previously closed at $102.89, but opened at $112.63. Morgan Stanley currently has an equal weight rating on the stock. CoreWeave shares last traded at $116.30, with a volume of 7,529,401 shares.

CRWV has been the topic of several other research reports. Melius initiated coverage on CoreWeave in a research note on Tuesday, April 22nd. They issued a "hold" rating and a $40.00 price objective on the stock. Mizuho reissued a "neutral" rating and issued a $150.00 price objective (up previously from $70.00) on shares of CoreWeave in a research note on Tuesday, July 8th. Northland Securities boosted their price objective on shares of CoreWeave from $85.00 to $165.00 and gave the stock an "outperform" rating in a research note on Friday, July 18th. Macquarie boosted their price objective on shares of CoreWeave from $56.00 to $65.00 and gave the stock a "neutral" rating in a research note on Thursday, May 15th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of CoreWeave in a research note on Tuesday, April 22nd. They issued a "hold" rating and a $45.00 target price for the company. Three investment 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 stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $90.20.

Hedge Funds Weigh In On CoreWeave

Hedge funds and other institutional investors have recently made changes to their positions in the company. Cisco Systems Inc. acquired a new stake in CoreWeave during the 2nd quarter worth $173,493,000. Sivia Capital Partners LLC acquired a new stake in shares of CoreWeave in the 2nd quarter worth $39,824,000. Sumitomo Mitsui Trust Group Inc. acquired a new stake in shares of CoreWeave in the 2nd quarter worth $34,284,000. CWM LLC increased its stake in shares of CoreWeave by 283.0% in the 2nd quarter. CWM LLC now owns 166,663 shares of the company's stock worth $27,176,000 after acquiring an additional 123,147 shares during the last quarter. Finally, Carnegie Investment Counsel acquired a new stake in shares of CoreWeave in the 2nd quarter worth $15,073,000.

CoreWeave Stock Down 6.5%

The firm has a 50 day simple moving average of $140.98. 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 (NASDAQ:CRWV - Get Free Report) last announced its quarterly earnings results on Wednesday, May 14th. The company reported ($0.83) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.67).

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.