Axxcess Wealth Management LLC Invests $718,000 in CoreWeave Inc. $CRWV

Key Points

• Axxcess Wealth Management LLC opened a new position in CoreWeave during the fourth quarter, buying 10,025 shares valued at about $718,000.
• Several other institutional investors also increased or initiated positions in CRWV, highlighting ongoing hedge fund interest in the stock.
• CoreWeave reported quarterly revenue of $1.57 billion, up 110.4% year over year, but still posted a wider-than-expected loss of $0.89 per share.

Axxcess Wealth Management LLC bought a new position in shares of CoreWeave Inc. (NASDAQ:CRWV - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 10,025 shares of the company's stock, valued at approximately $718,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in CRWV. Cornerstone Planning Group LLC increased its position in shares of CoreWeave by 272.8% during the fourth quarter. Cornerstone Planning Group LLC now owns 343 shares of the company's stock worth $25,000 after purchasing an additional 251 shares in the last quarter. KERR FINANCIAL PLANNING Corp acquired a new position in CoreWeave in the 3rd quarter valued at about $27,000. Aspect Partners LLC acquired a new position in CoreWeave in the 3rd quarter valued at about $28,000. Cullen Frost Bankers Inc. increased its position in CoreWeave by 45.8% in the 4th quarter. Cullen Frost Bankers Inc. now owns 385 shares of the company's stock valued at $28,000 after acquiring an additional 121 shares during the period. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new position in CoreWeave in the 3rd quarter valued at about $30,000.

Insider Transactions at CoreWeave

In related news, insider Brian M. Venturo sold 5,887 shares of the company's stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $99.82, for a total value of $587,640.34. Following the sale, the insider owned 229,079 shares of the company's stock, valued at approximately $22,866,665.78. This represents a 2.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Kristen J. Mcveety sold 3,833 shares of the company's stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $99.82, for a total value of $382,610.06. Following the completion of the sale, the insider directly owned 123,961 shares in the company, valued at approximately $12,373,787.02. The trade was a 3.00% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 25,134,617 shares of company stock worth $2,816,351,278 in the last quarter.

CoreWeave Price Performance

Shares of NASDAQ:CRWV opened at $105.89 on Wednesday. The business's 50 day simple moving average is $101.23 and its 200-day simple moving average is $90.49. The firm has a market capitalization of $47.39 billion, a price-to-earnings ratio of -34.05 and a beta of 7.84. The company has a debt-to-equity ratio of 3.68, a current ratio of 0.31 and a quick ratio of 0.31. CoreWeave Inc. has a 12 month low of $63.80 and a 12 month high of $187.00.

CoreWeave (NASDAQ:CRWV - Get Free Report) last announced its quarterly earnings results on Thursday, February 26th. The company reported ($0.89) EPS for the quarter, missing the consensus estimate of ($0.61) by ($0.28). CoreWeave had a negative return on equity of 43.07% and a negative net margin of 25.57%.The firm had revenue of $1.57 billion for the quarter. The business's revenue for the quarter was up 110.4% on a year-over-year basis. As a group, equities analysts forecast that CoreWeave Inc. will post -4.58 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CRWV has been the topic of several recent research reports. Roth Mkm restated a "buy" rating and issued a $150.00 price target on shares of CoreWeave in a research report on Friday, May 8th. Sanford C. Bernstein boosted their price target on CoreWeave from $56.00 to $67.00 and gave the company an "underperform" rating in a research report on Tuesday, April 14th. Wolfe Research initiated coverage on CoreWeave in a research report on Thursday, April 16th. They issued an "outperform" rating and a $150.00 price target on the stock. Citigroup boosted their price target on CoreWeave from $155.00 to $158.00 and gave the company a "buy" rating in a research report on Thursday, May 14th. Finally, Bank of America upgraded CoreWeave from a "neutral" rating to a "buy" rating and set a $100.00 price target on the stock in a research report on Tuesday, March 24th. Nineteen equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $129.63.

About CoreWeave

CoreWeave is a U.S.-based provider of GPU-accelerated cloud infrastructure designed to support compute-intensive workloads such as artificial intelligence, machine learning, visual effects rendering and other high-performance computing applications. The company supplies access to large fleets of modern GPUs and complementary infrastructure that enable customers to train and deploy large models, run inference at scale, and process graphics-heavy workloads with low latency and high throughput.

CoreWeave’s product offering includes on-demand and dedicated GPU instances, bare-metal servers, private clusters and managed services tailored for enterprise and developer use.

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