CoreWeave (NASDAQ:CRWV) Stock Price Down 1.3% - Here's What Happened

Key Points

• CoreWeave shares were down 1.3% midday, last trading at $76.03 (intraday low $75.95) on about 25.36 million shares, ~5% above average volume.
• Analysts remain broadly positive but have trimmed targets recently; the consensus rating is “Moderate Buy” with a consensus price target of $130.14, while several firms lowered estimates (Evercore, Jefferies, BofA) and others reiterated or raised their ratings.
• CoreWeave beat Q3 expectations with $1.36B revenue (up 133.7% YoY) and EPS of -$0.22 vs. -$0.36 expected, but insiders (notably Magnetar) have sold large stakes even as institutional investors (Proficio, Vanguard, Invesco) added significant positions.

CoreWeave Inc. (NASDAQ:CRWV - Get Free Report)'s share price was down 1.3% during mid-day trading on Tuesday . The stock traded as low as $75.95 and last traded at $76.03. Approximately 25,357,018 shares changed hands during trading, an increase of 5% from the average daily volume of 24,194,451 shares. The stock had previously closed at $77.06.

Analyst Ratings Changes

CRWV has been the topic of a number of recent analyst reports. HC Wainwright reiterated a "buy" rating and issued a $180.00 price objective on shares of CoreWeave in a report on Wednesday, November 12th. Evercore ISI reduced their price objective on CoreWeave from $175.00 to $160.00 and set an "outperform" rating for the company in a research report on Tuesday, November 11th. JMP Securities upgraded shares of CoreWeave from a "market perform" rating to a "market outperform" rating and set a $180.00 target price for the company in a research report on Tuesday, September 16th. Jefferies Financial Group decreased their price target on CoreWeave from $180.00 to $155.00 and set a "buy" rating for the company in a research report on Tuesday, November 11th. Finally, Bank of America decreased their price target on shares of CoreWeave from $168.00 to $140.00 and set a "neutral" rating for the company in a report on Tuesday, November 11th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, twelve have given a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, CoreWeave presently has an average rating of "Moderate Buy" and a consensus target price of $130.14.

CoreWeave Stock Performance

The company has a debt-to-equity ratio of 2.66, a quick ratio of 0.49 and a current ratio of 0.49. The stock has a fifty day simple moving average of $113.51 and a two-hundred day simple moving average of $121.00. The stock has a market capitalization of $29.38 billion and a price-to-earnings ratio of -52.43.

CoreWeave (NASDAQ:CRWV - Get Free Report) last announced its quarterly earnings data on Monday, November 10th. The company reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.36) by $0.14. The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.28 billion. CoreWeave's revenue for the quarter was up 133.7% on a year-over-year basis. During the same quarter in the prior year, the company posted ($1.82) EPS.

Insider Transactions at CoreWeave

In other news, major shareholder Magnetar Financial Llc sold 1,451,063 shares of the company's stock in a transaction on Friday, September 19th. The shares were sold at an average price of $125.60, for a total value of $182,253,512.80. Following the completion of the sale, the insider owned 363,631 shares in the company, valued at $45,672,053.60. This represents a 79.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last quarter, insiders have sold 30,223,678 shares of company stock worth $3,949,590,336.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CRWV. Proficio Capital Partners LLC raised its stake in shares of CoreWeave by 446,194.0% during the 3rd quarter. Proficio Capital Partners LLC now owns 17,851,760 shares of the company's stock worth $2,443,013,000 after purchasing an additional 17,847,760 shares during the period. Vanguard Group Inc. lifted its stake in CoreWeave by 109.7% in the third quarter. Vanguard Group Inc. now owns 7,433,501 shares of the company's stock valued at $1,017,275,000 after purchasing an additional 3,888,164 shares during the last quarter. Invesco Ltd. increased its position in CoreWeave by 55,329.7% in the third quarter. Invesco Ltd. now owns 2,999,300 shares of the company's stock worth $410,454,000 after buying an additional 2,993,889 shares during the last quarter. Clear Street Group Inc. bought a new position in shares of CoreWeave during the 3rd quarter worth $405,199,000. Finally, Lavaca Capital LLC purchased a new stake in CoreWeave during the third quarter valued at about $273,700,000.

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.

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