CoreWeave (NASDAQ:CRWV) Shares Up 8.8% - Here's What Happened

Key Points

• CoreWeave Inc. stock price surged by 8.8%, closing at $119.95, following a previous closing of $110.24, despite a significant decline in trading volume.
• Analysts have provided mixed ratings for the stock, with a consensus rating of "Hold" and an average price target of $90.20, while Goldman Sachs recently raised its target from $54.00 to $61.00.
• Institutional investors actively invested in CoreWeave during the second quarter, with notable purchases from Cisco Systems and Sivia Capital Partners, indicating growing interest in the company's potential.

CoreWeave Inc. (NASDAQ:CRWV - Get Free Report)'s stock price traded up 8.8% during mid-day trading on Thursday . The company traded as high as $120.70 and last traded at $119.95. 8,171,751 shares changed hands during trading, a decline of 56% from the average session volume of 18,608,070 shares. The stock had previously closed at $110.24.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft assumed coverage on CoreWeave in a report on Tuesday, April 22nd. They set a "hold" rating and a $45.00 target price for the company. Mizuho reissued a "neutral" rating and set a $150.00 price target (up from $70.00) on shares of CoreWeave in a research report on Tuesday, July 8th. Wall Street Zen lowered CoreWeave from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Stifel Nicolaus set a $115.00 price target on CoreWeave and gave the stock a "hold" rating in a research report on Tuesday, July 8th. Finally, Argus started coverage on CoreWeave in a research report on Friday, July 11th. They set a "buy" rating and a $200.00 price target on the stock. Three research analysts have rated the stock with a sell rating, eighteen have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $90.20.

CoreWeave Stock Performance

The business has a 50 day simple moving average of $141.71. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 2.60.

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 analysts' consensus estimates of ($0.16) by ($0.67).

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Chelsea Counsel Co. bought a new position in shares of CoreWeave in the second quarter worth $33,000. Chilton Capital Management LLC bought a new position in shares of CoreWeave in the second quarter worth $39,000. Montag A & Associates Inc. bought a new position in shares of CoreWeave in the second quarter worth $49,000. SOA Wealth Advisors LLC. grew its stake in shares of CoreWeave by 275.0% in the second quarter. SOA Wealth Advisors LLC. now owns 375 shares of the company's stock worth $61,000 after purchasing an additional 275 shares in the last quarter. Finally, Atlantic Union Bankshares Corp bought a new position in shares of CoreWeave in the second quarter worth $61,000.

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.