CoreWeave (NASDAQ:CRWV) Stock Price Down 3.1% – Here’s What Happened

CoreWeave Inc. (NASDAQ:CRWV)’s stock price fell 3.1% during trading on Friday . The company traded as low as $75.73 and last traded at $76.42. 13,887,822 shares traded hands during trading, a decline of 44% from the average session volume of 24,802,053 shares. The stock had previously closed at $78.87.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Bank of America reduced their price target on CoreWeave from $168.00 to $140.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 11th. Macquarie lowered their price target on shares of CoreWeave from $140.00 to $115.00 and set a “neutral” rating for the company in a report on Tuesday, November 11th. Weiss Ratings restated a “sell (d-)” rating on shares of CoreWeave in a research report on Monday, December 22nd. Compass Point assumed coverage on shares of CoreWeave in a research report on Thursday, November 13th. They set a “buy” rating and a $150.00 price objective for the company. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $174.00 target price on shares of CoreWeave in a report on Wednesday, November 5th. One 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, CoreWeave currently has a consensus rating of “Hold” and an average price target of $127.70.

CoreWeave Trading Down 3.1%

The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 2.66. The firm’s 50-day moving average price is $92.68 and its 200 day moving average price is $115.72. The company has a market cap of $29.53 billion and a price-to-earnings ratio of -52.70.

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

Insider Activity

In related news, insider Brannin Mcbee sold 102,835 shares of the stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $85.30, for a total value of $8,771,825.50. Following the transaction, the insider directly owned 185,181 shares in the company, valued at $15,795,939.30. This trade represents a 35.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Nitin Agrawal sold 36,317 shares of the business’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $69.18, for a total transaction of $2,512,410.06. Following the sale, the chief financial officer owned 167,075 shares of the company’s stock, valued at $11,558,248.50. This trade represents a 17.86% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 18,769,114 shares of company stock worth $2,501,681,063 over the last quarter.

Institutional Investors Weigh In On CoreWeave

Institutional investors and hedge funds have recently made changes to their positions in the business. Gamco Investors INC. ET AL acquired a new position in CoreWeave during the 1st quarter valued at about $318,000. Goldman Sachs Group Inc. bought a new position in shares of CoreWeave in the first quarter valued at approximately $963,000. Howard Financial Services LTD. purchased a new position in shares of CoreWeave during the second quarter valued at approximately $489,000. McAlister Sweet & Associates Inc. purchased a new position in shares of CoreWeave during the second quarter valued at approximately $277,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in CoreWeave during the second quarter worth $117,000.

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.