CoreWeave (NASDAQ:CRWV) Trading Down 7.1% – Should You Sell?

CoreWeave Inc. (NASDAQ:CRWV)’s share price fell 7.1% during trading on Wednesday . The company traded as low as $63.80 and last traded at $64.55. 46,324,291 shares were traded during mid-day trading, an increase of 88% from the average session volume of 24,637,869 shares. The stock had previously closed at $69.50.

Analyst Upgrades and Downgrades

CRWV has been the topic of a number of recent analyst reports. DA Davidson reiterated an “underperform” rating and set a $36.00 target price on shares of CoreWeave in a research report on Tuesday, November 11th. Citizens Jmp upgraded shares of CoreWeave from a “market perform” rating to an “outperform” rating and set a $180.00 price objective for the company in a research report on Tuesday, September 16th. HC Wainwright reaffirmed a “buy” rating and set a $180.00 price objective on shares of CoreWeave in a report on Wednesday, November 12th. Compass Point began coverage on shares of CoreWeave in a research report on Thursday, November 13th. They issued a “buy” rating and a $150.00 target price on the stock. Finally, Seaport Res Ptn upgraded shares of CoreWeave to a “hold” rating in a research report on Monday, September 15th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, twelve have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $128.53.

CoreWeave Price Performance

The stock’s fifty day moving average price is $102.69 and its 200-day moving average price is $119.44. The firm has a market cap of $24.94 billion and a PE ratio of -44.52. The company has a debt-to-equity ratio of 2.66, a current ratio of 0.49 and a quick ratio of 0.49.

CoreWeave (NASDAQ:CRWV) last posted its quarterly earnings results on Monday, November 10th. The company reported ($0.22) earnings per share for the quarter, topping the consensus estimate of ($0.36) by $0.14. The business had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.28 billion. During the same period in the prior year, the business posted ($1.82) earnings per share. The business’s quarterly revenue was up 133.7% on a year-over-year basis.

Insider Buying and Selling at CoreWeave

In other news, major shareholder Magnetar Financial Llc sold 1,451,063 shares of the company’s stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $125.60, for a total value of $182,253,512.80. Following the completion of the sale, the insider directly owned 363,631 shares in the company, valued at $45,672,053.60. This represents a 79.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders sold 25,188,364 shares of company stock worth $3,347,581,683.

Hedge Funds Weigh In On CoreWeave

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Nvidia Corp raised its holdings in shares of CoreWeave by 0.4% during the 2nd quarter. Nvidia Corp now owns 24,277,573 shares of the company’s stock worth $3,958,701,000 after acquiring an additional 95,113 shares during the period. Proficio Capital Partners LLC grew its holdings in shares of CoreWeave by 446,194.0% in the third quarter. Proficio Capital Partners LLC now owns 17,851,760 shares of the company’s stock valued at $2,443,013,000 after purchasing an additional 17,847,760 shares during the period. Vanguard Group Inc. increased its position in CoreWeave by 109.7% during the third quarter. Vanguard Group Inc. now owns 7,433,501 shares of the company’s stock worth $1,017,275,000 after purchasing an additional 3,888,164 shares during the last quarter. Invesco Ltd. increased its position in CoreWeave by 55,329.7% during the third quarter. Invesco Ltd. now owns 2,999,300 shares of the company’s stock worth $410,454,000 after purchasing an additional 2,993,889 shares during the last quarter. Finally, Clear Street Group Inc. purchased a new position in CoreWeave during the third quarter worth about $405,199,000.

CoreWeave Company Profile

CoreWeave, Inc engages in the powers of the creation and delivery of the intelligence that drives innovation. It offers a solution used by organizations of all sizes that require sophisticated AI computing, from the largest of enterprises to small, well-funded start-ups. The company was founded by Michael Intrator, Brian Venturo, and Brannin McBee on September 21, 2017 and is headquartered in Livingston, NJ.