CoreWeave (NASDAQ:CRWV) Shares Down 1.1% - Here's What Happened

Shares of CoreWeave Inc. (NASDAQ:CRWV - Get Free Report) fell 1.1% on Thursday . The stock traded as low as $165.55 and last traded at $170.00. 19,807,247 shares traded 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.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CRWV. Needham & Company LLC reissued a "buy" rating and issued a $55.00 price target on shares of CoreWeave in a research note on Thursday, May 15th. Mizuho increased their price target on CoreWeave from $46.00 to $70.00 and gave the company an "outperform" rating in a research note on Thursday, May 15th. JPMorgan Chase & Co. increased 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. Wall Street Zen lowered CoreWeave from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Finally, Melius began coverage on CoreWeave in a research report on Tuesday, April 22nd. They set a "hold" rating and a $40.00 target price on the stock. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $65.00.

CoreWeave Price Performance

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

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

Insider Activity at CoreWeave

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

Institutional Investors Weigh In On CoreWeave

A hedge fund recently bought a new stake in CoreWeave stock. Gamco Investors INC. ET AL purchased a new stake in shares of CoreWeave Inc. (NASDAQ:CRWV - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 8,575 shares of the company's stock, valued at approximately $318,000.

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.