Piper Sandler Begins Coverage on CoreWeave (NASDAQ:CRWV)

Key Points

• Piper Sandler initiated coverage of CoreWeave with an “overweight” rating and a $151 price target, implying roughly 76% upside from the stock’s reported $85.71 price.
• Analyst sentiment remains broadly positive, with CoreWeave carrying a “Moderate Buy” consensus rating and an average price target of $136.70, despite some recent downgrades to “hold.”
• CoreWeave’s revenue surged 111.6% year over year to $2.08 billion, but the company missed quarterly earnings expectations and remains unprofitable; insiders have also sold approximately $1.52 billion of stock over the past 90 days.

Equities research analysts at Piper Sandler started coverage on shares of CoreWeave (NASDAQ:CRWV - Get Free Report) in a research note issued to investors on Monday,Benzinga reports. The brokerage set an "overweight" rating and a $151.00 price target on the stock. Piper Sandler's target price would suggest a potential upside of 76.18% from the company's current price.

Several other analysts have also recently issued reports on CRWV. Jefferies Financial Group cut shares of CoreWeave from a "buy" rating to a "hold" rating in a research note on Wednesday, July 22nd. Roth Capital reaffirmed a "buy" rating and issued a $150.00 price target on shares of CoreWeave in a report on Friday, May 8th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $135.00 price objective on shares of CoreWeave in a research report on Friday, May 8th. Citigroup lowered CoreWeave from a "buy" rating to a "hold" rating in a research note on Wednesday, July 22nd. Finally, Truist Financial upgraded CoreWeave from a "hold" rating to a "buy" rating and reduced their target price for the stock from $131.00 to $126.00 in a research report on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, CoreWeave presently has an average rating of "Moderate Buy" and an average price target of $136.70.

CoreWeave Stock Performance

CRWV traded up $13.94 during midday trading on Monday, reaching $85.71. The company had a trading volume of 38,255,044 shares, compared to its average volume of 28,346,219. The company has a debt-to-equity ratio of 3.68, a quick ratio of 0.31 and a current ratio of 0.31. The stock has a market cap of $38.36 billion, a PE ratio of -27.56 and a beta of 7.45. The business has a 50-day moving average price of $93.58 and a two-hundred day moving average price of $95.03. CoreWeave has a 12-month low of $60.55 and a 12-month high of $153.20.

CoreWeave (NASDAQ:CRWV - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($1.40) earnings per share for the quarter, missing the consensus estimate of ($1.17) by ($0.23). CoreWeave had a negative net margin of 25.57% and a negative return on equity of 43.07%. The firm had revenue of $2.08 billion for the quarter. During the same period last year, the business posted ($0.60) earnings per share. The company's revenue for the quarter was up 111.6% compared to the same quarter last year. On average, sell-side analysts expect that CoreWeave will post -5.15 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Jack D. Cogen sold 986,540 shares of the firm's stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $107.80, for a total value of $106,349,012.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Brian M. Venturo sold 375,000 shares of the company's stock in a transaction on Monday, May 11th. The shares were sold at an average price of $115.85, for a total transaction of $43,443,750.00. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 13,636,344 shares of company stock worth $1,516,486,944 in the last ninety days. Corporate insiders own 24.20% of the company's stock.

Hedge Funds Weigh In On CoreWeave

Several hedge funds and other institutional investors have recently modified their holdings of CRWV. Vanguard Group Inc. raised its holdings in CoreWeave by 275.6% in the fourth quarter. Vanguard Group Inc. now owns 27,920,979 shares of the company's stock worth $1,999,421,000 after purchasing an additional 20,487,478 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of CoreWeave by 6,022.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 112,768 shares of the company's stock valued at $8,075,000 after buying an additional 110,926 shares in the last quarter. Legal & General Group Plc grew its position in shares of CoreWeave by 8,455.6% in the 4th quarter. Legal & General Group Plc now owns 611,301 shares of the company's stock worth $43,775,000 after buying an additional 604,156 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in shares of CoreWeave by 67.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 66,947 shares of the company's stock worth $4,794,000 after buying an additional 26,907 shares during the period. Finally, Broad Peak Investment Advisers Pte Ltd bought a new position in shares of CoreWeave in the 4th quarter worth about $15,539,000.

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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