Independent Financial Group LLC Acquires New Position in CoreWeave Inc. $CRWV

Key Points

• Independent Financial Group LLC disclosed a new first-quarter position in CoreWeave, buying 17,636 shares valued at about $1.37 million.
• CoreWeave reported strong revenue growth of $2.08 billion in its latest quarter, up 111.6% year over year, but still posted a loss of $1.40 per share, missing analyst expectations.
• Insider selling has been significant: CEO Michael N. Intrator and insider Brannin Mcbee recently sold shares, while analysts remain broadly positive with a consensus rating of Moderate Buy and an average target price of $138.87.

Independent Financial Group LLC bought a new position in CoreWeave Inc. (NASDAQ:CRWV - Free Report) in the first quarter, according to its most recent filing with the SEC. The firm bought 17,636 shares of the company's stock, valued at approximately $1,366,000.

Several other large investors also recently bought and sold shares of CRWV. Sivia Capital Partners LLC acquired a new position in CoreWeave during the 2nd quarter valued at approximately $39,824,000. Quantbot Technologies LP acquired a new stake in shares of CoreWeave during the second quarter worth $311,000. Invesco Ltd. purchased a new stake in shares of CoreWeave during the second quarter valued at $882,000. First Trust Advisors LP purchased a new stake in shares of CoreWeave during the second quarter valued at $20,260,000. Finally, Baird Financial Group Inc. acquired a new position in shares of CoreWeave in the 2nd quarter valued at $455,000.

CoreWeave Stock Performance

NASDAQ CRWV opened at $73.21 on Monday. The company has a market capitalization of $32.77 billion, a PE ratio of -23.54 and a beta of 7.17. The company has a fifty day moving average of $100.38 and a 200 day moving average of $95.33. CoreWeave Inc. has a 1 year low of $63.80 and a 1 year high of $153.20. 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 (NASDAQ:CRWV - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($1.40) EPS for the quarter, missing the consensus estimate of ($1.17) by ($0.23). The business had revenue of $2.08 billion during the quarter. CoreWeave had a negative net margin of 25.57% and a negative return on equity of 43.07%. The business's revenue was up 111.6% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.60) earnings per share. Research analysts forecast that CoreWeave Inc. will post -4.57 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CRWV has been the subject of a number of research analyst reports. Truist Financial raised their target price on CoreWeave from $85.00 to $131.00 and gave the stock a "hold" rating in a research note on Friday, May 8th. Jefferies Financial Group boosted their price target on CoreWeave from $120.00 to $160.00 and gave the company a "buy" rating in a research note on Monday, May 4th. BNP Paribas Exane started coverage on CoreWeave in a report on Tuesday, June 2nd. They issued an "outperform" rating and a $192.00 price objective on the stock. JPMorgan Chase & Co. raised their price objective on CoreWeave from $90.00 to $105.00 and gave the stock a "neutral" rating in a research note on Friday, May 8th. Finally, Evercore reaffirmed an "outperform" rating and set a $150.00 target price on shares of CoreWeave in a report on Wednesday, April 15th. Twenty investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $138.87.

Insider Transactions at CoreWeave

In related news, CEO Michael N. Intrator sold 61,797 shares of the firm's stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $86.94, for a total transaction of $5,372,631.18. Following the sale, the chief executive officer directly owned 2,876,815 shares of the company's stock, valued at $250,110,296.10. This trade represents a 2.10% decrease in their ownership of the stock. The transaction 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, insider Brannin Mcbee sold 53,000 shares of CoreWeave stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $86.13, for a total value of $4,564,890.00. 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 have sold 20,516,306 shares of company stock worth $2,400,874,625 over the last quarter. 24.20% of the stock is currently owned by insiders.

CoreWeave Profile

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.

Want to see what other hedge funds are holding CRWV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CoreWeave Inc. (NASDAQ:CRWV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.