CoreWeave (NASDAQ:CRWV) Stock Price Down 1.1% Following Insider Selling

Key Points

• CoreWeave shares fell 1.1% after insider selling, with the stock trading as low as $89.55 before last changing hands at $95.51. Trading volume was 21.7 million shares, below the stock’s average daily volume.
• Insiders disclosed several large sales, including Brian M. Venturo’s sale of 76,924 shares and CEO Michael N. Intrator’s sales totaling more than 307,000 shares, all executed under pre-arranged Rule 10b5-1 plans.
• Despite the price dip, analysts remain generally positive on CoreWeave, with a Moderate Buy consensus and an average price target of $135. The company also reported strong year-over-year revenue growth in its latest quarter, though earnings missed estimates.

Shares of CoreWeave Inc. (NASDAQ:CRWV - Get Free Report) dropped 1.1% during trading on Monday after an insider sold shares in the company. The company traded as low as $89.55 and last traded at $95.51. 21,744,059 shares changed hands during trading, a decline of 24% from the average daily volume of 28,541,166 shares. The stock had previously closed at $96.58.

Specifically, insider Brian M. Venturo sold 76,924 shares of CoreWeave stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $101.32, for a total transaction of $7,793,939.68. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael N. Intrator sold 107,692 shares of the company's stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $106.81, for a total transaction of $11,502,582.52. Following the completion of the sale, the chief executive officer directly owned 3,474,020 shares in the company, valued at approximately $371,060,076.20. This represents a 3.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In related news, CEO Michael N. Intrator sold 200,000 shares of the company's stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $106.81, for a total transaction of $21,362,000.00. Following the sale, the chief executive officer owned 3,276,815 shares in the company, valued at $349,996,610.15. This represents a 5.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analysts Set New Price Targets

CRWV has been the subject of a number of research reports. Roth Mkm restated a "buy" rating and issued a $150.00 price target on shares of CoreWeave in a report on Friday, May 8th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $135.00 price target on shares of CoreWeave in a report on Friday, May 8th. Wolfe Research started coverage on shares of CoreWeave in a research note on Thursday, April 16th. They issued an "outperform" rating and a $150.00 price objective for the company. DA Davidson reiterated a "neutral" rating and set a $100.00 target price (down from $175.00) on shares of CoreWeave in a research note on Monday, May 18th. Finally, Truist Financial upped their price objective on CoreWeave from $85.00 to $131.00 and gave the company a "hold" rating in a research note on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, CoreWeave presently has an average rating of "Moderate Buy" and a consensus price target of $135.00.

CoreWeave Trading Down 1.1%

The firm's 50-day simple moving average is $110.42 and its 200-day simple moving average is $94.67. The firm has a market capitalization of $42.75 billion, a P/E ratio of -30.71 and a beta of 7.18. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 3.68.

CoreWeave (NASDAQ:CRWV - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported ($1.40) EPS for the quarter, missing analysts' consensus estimates of ($1.17) by ($0.23). The firm had revenue of $2.08 billion during the quarter. CoreWeave had a negative net margin of 25.57% and a negative return on equity of 43.07%. The firm's revenue was up 111.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.60) earnings per share. Analysts anticipate that CoreWeave Inc. will post -4.57 EPS for the current year.

Hedge Funds Weigh In On CoreWeave

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in CoreWeave by 275.6% in the 4th quarter. Vanguard Group Inc. now owns 27,920,979 shares of the company's stock worth $1,999,421,000 after purchasing an additional 20,487,478 shares during the period. Proficio Capital Partners LLC boosted its stake in shares of CoreWeave by 446,194.0% during the third quarter. Proficio Capital Partners LLC now owns 17,851,760 shares of the company's stock valued at $2,443,013,000 after purchasing an additional 17,847,760 shares during the period. Bank of America Corp DE grew its holdings in shares of CoreWeave by 13.1% in the first quarter. Bank of America Corp DE now owns 5,652,129 shares of the company's stock worth $437,870,000 after purchasing an additional 653,398 shares during the last quarter. Clear Street Group Inc. grew its holdings in shares of CoreWeave by 57.2% in the fourth quarter. Clear Street Group Inc. now owns 4,653,815 shares of the company's stock worth $333,260,000 after purchasing an additional 1,692,916 shares during the last quarter. Finally, Alyeska Investment Group L.P. increased its stake in shares of CoreWeave by 300.0% in the fourth quarter. Alyeska Investment Group L.P. now owns 4,000,000 shares of the company's stock worth $286,440,000 after buying an additional 3,000,000 shares during the period.

About CoreWeave

CoreWeave is a U.S.-based provider of GPU-accelerated cloud infrastructure designed to support compute-intensive workloads such as artificial intelligence, machine learning, visual effects rendering and other high-performance computing applications. The company supplies access to large fleets of modern GPUs and complementary infrastructure that enable customers to train and deploy large models, run inference at scale, and process graphics-heavy workloads with low latency and high throughput.

CoreWeave’s product offering includes on-demand and dedicated GPU instances, bare-metal servers, private clusters and managed services tailored for enterprise and developer use.

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