HB Wealth Management LLC Takes Position in CoreWeave Inc. $CRWV

Key Points

• HB Wealth Management initiated a CoreWeave position of 39,599 shares valued at approximately $3.94 million during the second quarter. Other major investors, including Proficio Capital Partners and Alyeska Investment Group, also significantly increased their holdings.
• CoreWeave reported quarterly revenue of $2.58 billion, up 112.5% year over year, and a loss of $1.14 per share that exceeded analyst expectations. Despite strong growth, the company posted a negative net margin and negative return on equity.
• Analysts maintain a generally positive outlook, with 21 Buy, 10 Hold and 3 Sell ratings and a consensus price target of $141.90 versus the stock’s recent price near $89.36. However, insiders sold more than 7 million shares worth approximately $649.8 million over the past three months.

HB Wealth Management LLC purchased a new position in CoreWeave Inc. (NASDAQ:CRWV - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 39,599 shares of the company's stock, valued at approximately $3,942,000.

A number of other large investors also recently modified their holdings of the company. Proficio Capital Partners LLC increased its holdings in 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 acquiring an additional 17,847,760 shares during the period. Alyeska Investment Group L.P. boosted its holdings in CoreWeave by 55.7% in the 2nd quarter. Alyeska Investment Group L.P. now owns 10,891,267 shares of the company's stock valued at $1,084,117,000 after purchasing an additional 3,897,741 shares during the period. Bank of America Corp DE boosted its holdings in CoreWeave by 13.1% in the 1st quarter. Bank of America Corp DE now owns 5,652,129 shares of the company's stock valued at $437,870,000 after purchasing an additional 653,398 shares during the period. Clear Street Group Inc. grew its position in shares of CoreWeave by 57.2% during the 4th quarter. Clear Street Group Inc. now owns 4,653,815 shares of the company's stock valued at $333,260,000 after purchasing an additional 1,692,916 shares in the last quarter. Finally, Deutsche Bank AG increased its holdings in shares of CoreWeave by 22,624.0% in the fourth quarter. Deutsche Bank AG now owns 3,812,856 shares of the company's stock worth $273,039,000 after purchasing an additional 3,796,077 shares during the period.

CoreWeave Stock Performance

Shares of CRWV stock opened at $89.36 on Tuesday. The company has a quick ratio of 0.46, a current ratio of 0.46 and a debt-to-equity ratio of 5.53. The business has a 50-day moving average price of $85.20 and a two-hundred day moving average price of $94.37. CoreWeave Inc. has a 12-month low of $60.55 and a 12-month high of $153.20. The firm has a market cap of $41.00 billion, a P/E ratio of -24.48 and a beta of 7.45.

CoreWeave (NASDAQ:CRWV - Get Free Report) last posted its quarterly earnings data on Tuesday, August 11th. The company reported ($1.14) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.52) by $0.38. The firm had revenue of $2.58 billion during the quarter. CoreWeave had a negative return on equity of 47.95% and a negative net margin of 25.41%.CoreWeave's revenue for the quarter was up 112.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.27) earnings per share. Equities analysts anticipate that CoreWeave Inc. will post -5.19 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CRWV has been the topic of a number of recent analyst reports. Roth Capital set a $145.00 price objective on CoreWeave in a research report on Thursday, August 13th. BNP Paribas Exane began coverage on CoreWeave in a research report on Tuesday, June 2nd. They set an "outperform" rating and a $192.00 target price for the company. Rosenblatt Securities restated a "buy" rating and issued a $250.00 target price on shares of CoreWeave in a research note on Wednesday, August 12th. Truist Financial raised their price target on CoreWeave from $155.00 to $165.00 and gave the company a "buy" rating in a report on Monday, August 24th. Finally, Cantor Fitzgerald set a $176.00 price objective on CoreWeave and gave the stock an "overweight" rating in a report on Wednesday, August 12th. Twenty-one investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $141.90.

Insider Transactions at CoreWeave

In other CoreWeave news, insider Brannin Mcbee sold 500 shares of the stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $85.51, for a total transaction of $42,755.00. Following the transaction, the insider directly owned 48,000 shares in the company, valued at $4,104,480. This trade represents a 1.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Nitin Agrawal sold 5,509 shares of the stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $88.64, for a total transaction of $488,317.76. Following the transaction, the chief financial officer owned 132,596 shares in the company, valued at $11,753,309.44. The trade was a 3.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 7,052,467 shares of company stock worth $649,768,759 in the last three months. Corporate insiders own 24.20% of the company's stock.

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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