CoreWeave (NASDAQ:CRWV) Stock Price Down 1.1% - What's Next?

Key Points

• CoreWeave shares fell 1.1% to $80.93, below both its 50-day ($86.15) and 200-day ($94.62) moving averages, on trading volume 45% below average.
• Analysts remain broadly bullish, with a “Moderate Buy” consensus and average price target of $141.90; 21 analysts rate the stock Buy, compared with 10 Holds and three Sells.
• CoreWeave’s revenue surged 112.5% year over year to $2.58 billion and its quarterly loss beat estimates, but the company remains unprofitable and highly leveraged. Insiders sold approximately $667.8 million of shares over the past 90 days under pre-arranged trading plans.

CoreWeave Inc. (NASDAQ:CRWV - Get Free Report) shares dropped 1.1% on Wednesday . The stock traded as low as $79.58 and last traded at $80.93. Approximately 15,423,710 shares changed hands during trading, a decline of 45% from the average session volume of 28,231,299 shares. The stock had previously closed at $81.85.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CRWV. BTIG Research began coverage on shares of CoreWeave in a report on Wednesday, July 22nd. They issued a "buy" rating on the stock. Piper Sandler reiterated an "overweight" rating and set a $153.00 price objective (up from $151.00) on shares of CoreWeave in a research report on Wednesday, August 12th. Truist Financial boosted their target price on shares of CoreWeave from $155.00 to $165.00 and gave the stock a "buy" rating in a report on Monday, August 24th. DA Davidson reissued a "neutral" rating and set a $100.00 target price (down from $175.00) on shares of CoreWeave in a research report on Monday, May 18th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of CoreWeave from $105.00 to $110.00 and gave the company a "neutral" rating in a research note on Tuesday, August 11th. Twenty-one investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, CoreWeave presently has a consensus rating of "Moderate Buy" and an average price target of $141.90.

CoreWeave Trading Down 1.1%

The firm has a 50-day simple moving average of $86.15 and a 200-day simple moving average of $94.62. 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 stock has a market cap of $37.14 billion, a PE ratio of -22.17 and a beta of 7.45.

CoreWeave (NASDAQ:CRWV - Get Free Report) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($1.14) EPS for the quarter, topping the consensus estimate of ($1.52) by $0.38. The company 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%.The firm's revenue for the quarter was up 112.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.27) EPS. Equities analysts forecast that CoreWeave Inc. will post -5.19 earnings per share for the current year.

Insider Buying and Selling

In other CoreWeave news, insider Kristen J. Mcveety sold 2,100 shares of the firm's stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $88.03, for a total transaction of $184,863.00. Following the completion of the transaction, the insider owned 123,313 shares of the company's stock, valued at approximately $10,855,243.39. This trade represents a 1.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael N. Intrator sold 200,000 shares of CoreWeave stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $88.60, for a total transaction of $17,720,000.00. Following the transaction, the chief executive officer directly owned 1,487,129 shares of the company's stock, valued at approximately $131,759,629.40. This trade represents a 11.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 7,146,467 shares of company stock valued at $667,792,935 over the last ninety days. Corporate insiders own 24.20% of the company's stock.

Institutional Trading of CoreWeave

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

CoreWeave Company 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.

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