CoreWeave (NASDAQ:CRWV) Stock Price Down 9.9% After Analyst Downgrade

Key Points

• CoreWeave's stock price fell 9.9% after Bank of America reduced its price target from $185 to $168, maintaining a neutral rating.
• Despite the downgrade, other analysts like Barclays and Morgan Stanley have raised their price targets, contributing to a consensus rating of "Hold" with a target of $99.80.
• The company's latest earnings report showed a revenue increase of 206.7% year-over-year, but missed EPS estimates by $0.07.

CoreWeave Inc. (NASDAQ:CRWV - Get Free Report)'s share price dropped 9.9% during trading on Thursday after Bank of America lowered their price target on the stock from $185.00 to $168.00. Bank of America currently has a neutral rating on the stock. CoreWeave traded as low as $106.01 and last traded at $106.07. Approximately 11,643,475 shares changed hands during mid-day trading, a decline of 38% from the average daily volume of 18,909,475 shares. The stock had previously closed at $117.76.

A number of other equities analysts have also commented on CRWV. Barclays raised their price target on CoreWeave from $100.00 to $140.00 and gave the stock an "equal weight" rating in a report on Monday, July 21st. Needham & Company LLC restated a "hold" rating on shares of CoreWeave in a research report on Wednesday. Melius started coverage on CoreWeave in a research report on Tuesday, April 22nd. They set a "hold" rating and a $40.00 target price for the company. Morgan Stanley boosted their target price on CoreWeave from $58.00 to $91.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 31st. Finally, Deutsche Bank Aktiengesellschaft restated a "hold" rating on shares of CoreWeave in a research report on Wednesday. Three research analysts have rated the stock with a sell rating, eighteen have given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, CoreWeave presently has a consensus rating of "Hold" and a consensus price target of $99.80.

Institutional Investors Weigh In On CoreWeave

A number of institutional investors have recently modified their holdings of the stock. Gamco Investors INC. ET AL bought a new position in CoreWeave in the 1st quarter worth about $318,000. Goldman Sachs Group Inc. purchased a new stake in CoreWeave during the 1st quarter valued at $963,000. Howard Financial Services LTD. purchased a new stake in CoreWeave during the 2nd quarter valued at $489,000. McAlister Sweet & Associates Inc. purchased a new stake in CoreWeave during the 2nd quarter valued at $277,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in CoreWeave during the 2nd quarter valued at $117,000.

CoreWeave Stock Performance

The business's 50 day simple moving average is $141.16. The company has a debt-to-equity ratio of 2.60, a current ratio of 0.44 and a quick ratio of 0.44.

CoreWeave (NASDAQ:CRWV - Get Free Report) last issued its earnings results on Tuesday, August 12th. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.07). The business had revenue of $1.21 million during the quarter. The business's revenue was up 206.7% on a year-over-year basis.

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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