CoreWeave (NASDAQ:CRWV) Stock Price Down 1.1% - Here's Why

CoreWeave Inc. (NASDAQ:CRWV - Get Free Report) traded down 1.1% during mid-day trading on Thursday . The company traded as low as $165.55 and last traded at $170.00. 19,807,247 shares changed hands during mid-day trading, a decline of 40% from the average session volume of 32,754,048 shares. The stock had previously closed at $171.93.

Analysts Set New Price Targets

Several research firms have commented on CRWV. Moffett Nathanson initiated coverage on CoreWeave in a report on Monday, May 5th. They set a "neutral" rating and a $43.00 price objective on the stock. Barclays reissued an "equal weight" rating and set a $100.00 price target (up previously from $70.00) on shares of CoreWeave in a research report on Tuesday, May 27th. Northland Capmk upgraded CoreWeave to a "strong-buy" rating in a research note on Tuesday, May 13th. Needham & Company LLC reaffirmed a "buy" rating and issued a $55.00 price objective on shares of CoreWeave in a research note on Thursday, May 15th. Finally, DA Davidson reiterated an "underperform" rating and set a $36.00 target price on shares of CoreWeave in a report on Tuesday, June 10th. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $65.00.

CoreWeave Stock Performance

The stock's 50-day moving average is $91.91.

CoreWeave (NASDAQ:CRWV - Get Free Report) last issued 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).

Insider Activity at CoreWeave

In other news, CFO Nitin Agrawal sold 12,720 shares of the company's stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $40.00, for a total transaction of $508,800.00. Following the transaction, the chief financial officer now owns 231,811 shares in the company, valued at $9,272,440. This represents a 5.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Kristen J. Mcveety sold 69,460 shares of the stock in a transaction that occurred on Thursday, March 27th. The shares were sold at an average price of $40.00, for a total transaction of $2,778,400.00. The disclosure for this sale can be found here.

Hedge Funds Weigh In On CoreWeave

A hedge fund recently bought a new stake in CoreWeave stock. Gamco Investors INC. ET AL acquired a new stake in CoreWeave Inc. (NASDAQ:CRWV - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 8,575 shares of the company's stock, valued at approximately $318,000.

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.