CoreWeave (NASDAQ:CRWV) Stock Price Down 7.9% After Insider Selling

CoreWeave Inc. (NASDAQ:CRWV) dropped 7.9% during mid-day trading on Monday following insider selling activity. The stock traded as low as $72.02 and last traded at $72.35. Approximately 30,942,011 shares changed hands during mid-day trading, an increase of 27% from the average daily volume of 24,452,188 shares. The stock had previously closed at $78.59.

Specifically, CFO Nitin Agrawal sold 66,467 shares of the business’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $82.58, for a total transaction of $5,488,844.86. Following the completion of the transaction, the chief financial officer directly owned 203,392 shares of the company’s stock, valued at approximately $16,796,111.36. The trade was a 24.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Brian M. Venturo sold 281,250 shares of CoreWeave stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $87.75, for a total transaction of $24,679,687.50. The disclosure for this sale is available in the SEC filing. In other CoreWeave news, insider Brannin Mcbee sold 63,835 shares of the stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $83.80, for a total value of $5,349,373.00. The sale was disclosed in a filing with the SEC, which is available through this link.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CRWV. Loop Capital decreased their price objective on shares of CoreWeave from $165.00 to $120.00 and set a “buy” rating for the company in a research report on Wednesday, November 12th. Raymond James Financial assumed coverage on CoreWeave in a research note on Monday, September 15th. They issued an “outperform” rating and a $130.00 price target on the stock. Barclays lowered their price objective on CoreWeave from $140.00 to $120.00 and set an “equal weight” rating for the company in a research report on Wednesday, November 12th. Mizuho dropped their price objective on CoreWeave from $150.00 to $120.00 and set a “neutral” rating on the stock in a report on Tuesday, November 11th. Finally, Wells Fargo & Company cut their target price on CoreWeave from $170.00 to $150.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 12th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, twelve have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $129.47.

CoreWeave Price Performance

The company has a debt-to-equity ratio of 2.66, a current ratio of 0.49 and a quick ratio of 0.49. The firm has a market cap of $27.96 billion and a price-to-earnings ratio of -49.90. The stock has a 50-day moving average price of $103.88 and a 200 day moving average price of $119.71.

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Proficio Capital Partners LLC increased its position in CoreWeave by 446,194.0% in the 3rd quarter. Proficio Capital Partners LLC now owns 17,851,760 shares of the company’s stock valued at $2,443,013,000 after acquiring an additional 17,847,760 shares during the period. Vanguard Group Inc. grew its stake in shares of CoreWeave by 109.7% in the 3rd quarter. Vanguard Group Inc. now owns 7,433,501 shares of the company’s stock valued at $1,017,275,000 after purchasing an additional 3,888,164 shares during the last quarter. Invesco Ltd. increased its holdings in shares of CoreWeave by 55,329.7% in the third quarter. Invesco Ltd. now owns 2,999,300 shares of the company’s stock valued at $410,454,000 after purchasing an additional 2,993,889 shares during the period. Clear Street Group Inc. purchased a new stake in shares of CoreWeave during the third quarter worth approximately $405,199,000. Finally, Lavaca Capital LLC purchased a new stake in shares of CoreWeave during the third quarter worth approximately $273,700,000.

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.