CoreWeave (NASDAQ:CRWV) Hits New 1-Year Low Following Insider Selling

Key Points

• CoreWeave shares fell 8.2% to a new 52-week low of about $50.75, with more than 30 million shares traded.
• Insider Jeff Baker sold 6,670 shares worth approximately $407,937 to cover tax withholding tied to vested equity awards, reducing his ownership by 32%.
• Analysts remain broadly positive, with a “Moderate Buy” consensus and an average price target of $130.24, despite CoreWeave’s negative earnings, high leverage, and elevated volatility.

CoreWeave Inc. (NASDAQ:CRWV - Get Free Report) hit a new 52-week low on Monday following insider selling activity. The company traded as low as $50.78 and last traded at $50.7490, with a volume of 30,012,709 shares changing hands. The stock had previously closed at $54.87.

Specifically, insider Jeff Baker sold 6,670 shares of the business's stock in a transaction on Thursday, October 29th. The shares were sold at an average price of $61.16, for a total value of $407,937.20. Following the sale, the insider owned 14,170 shares in the company, valued at approximately $866,637.20. The trade was a 32.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Analysts Set New Price Targets

Several equities analysts recently commented on CRWV shares. Wells Fargo & Company upped their price target on shares of CoreWeave from $155.00 to $160.00 and gave the company an "overweight" rating in a report on Wednesday, August 12th. Robert W. Baird boosted their target price on CoreWeave from $100.00 to $130.00 and gave the company an "outperform" rating in a research report on Wednesday, August 12th. Piper Sandler cut their target price on CoreWeave from $153.00 to $124.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 21st. Moffett Nathanson set a $89.00 target price on CoreWeave in a research note on Monday, October 19th. Finally, Barclays increased their price target on CoreWeave from $90.00 to $105.00 and gave the stock an "equal weight" rating in a report on Thursday, August 13th. Twenty-seven research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $130.24.

CoreWeave Stock Down 8.2%

The firm has a market capitalization of $23.12 billion, a PE ratio of -13.82 and a beta of 7.36. The company has a fifty day simple moving average of $79.45 and a two-hundred day simple moving average of $91.02. The company has a debt-to-equity ratio of 5.53, a quick ratio of 0.46 and a current ratio of 0.46.

CoreWeave (NASDAQ:CRWV - Get Free Report) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($1.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.52) by $0.38. CoreWeave had a negative net margin of 25.41% and a negative return on equity of 47.95%. The company had revenue of $2.58 billion for the quarter. During the same period in the previous year, the business earned ($0.27) earnings per share. The business's quarterly revenue was up 112.5% compared to the same quarter last year. Analysts forecast that CoreWeave Inc. will post -4.97 EPS for the current fiscal year.

Institutional Trading of CoreWeave

Several large investors have recently made changes to their positions in CRWV. Alyeska Investment Group L.P. boosted its stake in shares of CoreWeave by 55.7% in the second quarter. Alyeska Investment Group L.P. now owns 10,891,267 shares of the company's stock worth $1,084,117,000 after buying an additional 3,897,741 shares during the last quarter. State Street Corp raised its position in CoreWeave by 139.7% during the second quarter. State Street Corp now owns 7,058,846 shares of the company's stock valued at $702,638,000 after acquiring an additional 4,113,873 shares in the last quarter. Bank of America Corp DE raised its position in CoreWeave by 13.1% during the first quarter. Bank of America Corp DE now owns 5,652,129 shares of the company's stock valued at $437,870,000 after acquiring an additional 653,398 shares in the last quarter. Amundi lifted its holdings in CoreWeave by 266.2% in the first quarter. Amundi now owns 3,284,121 shares of the company's stock valued at $254,421,000 after acquiring an additional 2,387,337 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. lifted its holdings in CoreWeave by 32.0% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,288,909 shares of the company's stock valued at $199,410,000 after acquiring an additional 555,128 shares during the period.

About CoreWeave

CoreWeave, Inc is a specialized cloud computing company that provides infrastructure designed for artificial intelligence (AI), machine learning, and other high-performance computing workloads. Its platform gives customers access to accelerated computing resources, including graphics processing units (GPUs), along with the networking, storage, and software tools needed to develop, train, and deploy demanding applications.

The company offers cloud services for AI model training and inference, visual effects and rendering, scientific computing, and other data-intensive workloads.

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