CoreWeave (NASDAQ:CRWV) Shares Down 1.5% – Here’s Why

Shares of CoreWeave Inc. (NASDAQ:CRWV) were down 1.5% during mid-day trading on Monday . The stock traded as low as $69.69 and last traded at $70.79. 17,730,622 shares were traded during mid-day trading, a decline of 37% from the average daily volume of 28,117,635 shares. The stock had previously closed at $71.88.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Robert W. Baird initiated coverage on CoreWeave in a research note on Tuesday, July 21st. They set an “outperform” rating and a $100.00 price target for the company. Sanford C. Bernstein began coverage on CoreWeave in a research note on Wednesday, July 22nd. They issued an “outperform” rating on the stock. Citigroup cut CoreWeave from a “buy” rating to a “hold” rating in a report on Wednesday, July 22nd. Truist Financial upgraded CoreWeave from a “hold” rating to a “buy” rating and lowered their target price for the company from $131.00 to $126.00 in a research report on Tuesday, July 21st. Finally, TD Cowen raised shares of CoreWeave to a “buy” rating in a report on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, CoreWeave has a consensus rating of “Moderate Buy” and an average target price of $136.25.

CoreWeave Price Performance

The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 3.68. The firm’s 50-day moving average price is $97.04 and its 200-day moving average price is $95.44. The stock has a market capitalization of $31.68 billion, a PE ratio of -22.76 and a beta of 7.17.

CoreWeave (NASDAQ:CRWV) last released 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). CoreWeave had a negative return on equity of 43.07% and a negative net margin of 25.57%.The company had revenue of $2.08 billion during the quarter. During the same period in the prior year, the company posted ($0.60) EPS. The company’s quarterly revenue was up 111.6% compared to the same quarter last year. On average, equities analysts forecast that CoreWeave Inc. will post -4.57 EPS for the current fiscal year.

Insider Activity

In other news, insider Brian M. Venturo sold 76,912 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $86.99, for a total transaction of $6,690,574.88. Following the transaction, the insider owned 283,985 shares of the company’s stock, valued at approximately $24,703,855.15. The trade was a 21.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Michael N. Intrator sold 61,797 shares of the stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $86.94, for a total value of $5,372,631.18. Following the sale, the chief executive officer owned 2,876,815 shares in the company, valued at $250,110,296.10. The trade was a 2.10% decrease in their position. 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 sold 16,356,870 shares of company stock valued at $1,905,180,027 in the last ninety days. Insiders own 24.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Haven Capital Group Inc. purchased a new stake in shares of CoreWeave in the second quarter valued at $242,000. Dagco Inc. purchased a new position in shares of CoreWeave during the 2nd quarter worth about $258,000. Fiduciary Financial Group LLC purchased a new position in shares of CoreWeave during the 2nd quarter worth about $7,298,000. E. Ohman J or Asset Management AB grew its holdings in CoreWeave by 48.5% during the 2nd quarter. E. Ohman J or Asset Management AB now owns 7,040 shares of the company’s stock valued at $701,000 after purchasing an additional 2,300 shares during the last quarter. Finally, Bay Rivers Group bought a new position in CoreWeave during the 2nd quarter valued at about $255,000.

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.