CoreWeave (NASDAQ:CRWV) Shares Down 2.5% Following Insider Selling

by · The Markets Daily

CoreWeave Inc. (NASDAQ:CRWV – Get Free Report)’s stock price traded down 2.5% on Monday following insider selling activity. The company traded as low as $87.09 and last traded at $87.39. Approximately 17,908,735 shares were traded during trading, a decline of 37% from the average daily volume of 28,387,926 shares. The stock had previously closed at $89.62.

Specifically, CEO Michael N. Intrator sold 78,552 shares of the company’s stock in a transaction dated Wednesday, September 30th. The shares were sold at an average price of $87.69, for a total transaction of $6,888,224.88. Following the completion of the sale, the chief executive officer directly owned 548,935 shares in the company, valued at $48,136,110.15. This represents a 12.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Brannin Mcbee sold 56,531 shares of the firm’s stock in a transaction dated Wednesday, September 30th. The shares were sold at an average price of $87.69, for a total value of $4,957,203.39. Following the transaction, the insider directly owned 392,279 shares in the company, valued at $34,398,945.51. This trade represents a 12.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In other news, insider Brian Venturo sold 65,616 shares of the business’s stock in a transaction dated Wednesday, September 30th. The stock was sold at an average price of $87.69, for a total value of $5,753,867.04. Following the completion of the sale, the insider owned 302,526 shares of the company’s stock, valued at approximately $26,528,504.94. The trade was a 17.82% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. BTIG Research began coverage on CoreWeave in a research report on Wednesday, July 22nd. They set a “buy” rating on the stock. Needham & Company LLC reissued a “hold” rating on shares of CoreWeave in a research note on Thursday, August 13th. Barclays raised their target price on shares of CoreWeave from $90.00 to $105.00 and gave the stock an “equal weight” rating in a report on Thursday, August 13th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $250.00 target price on shares of CoreWeave in a research note on Thursday. Finally, The Goldman Sachs Group upped their price target on shares of CoreWeave from $121.00 to $139.00 and gave the company a “neutral” rating in a report on Friday, August 21st. Twenty-three research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $138.78.

Check Out Our Latest Stock Analysis on CRWV

CoreWeave Trading Down 2.5%

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 firm’s fifty day moving average is $87.05 and its two-hundred day moving average is $94.72. The firm has a market cap of $40.10 billion, a P/E ratio of -23.94 and a beta of 7.36.

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. CoreWeave had a negative net margin of 25.41% and a negative return on equity of 47.95%. The business had revenue of $2.58 billion during the quarter. During the same quarter last year, the company posted ($0.27) earnings per share. The firm’s revenue for the quarter was up 112.5% compared to the same quarter last year. Analysts predict that CoreWeave Inc. will post -5.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CoreWeave

A number of institutional investors have recently bought and sold shares of CRWV. Alyeska Investment Group L.P. boosted its position in CoreWeave by 55.7% during the 2nd quarter. Alyeska Investment Group L.P. now owns 10,891,267 shares of the company’s stock valued at $1,084,117,000 after acquiring an additional 3,897,741 shares in the last quarter. State Street Corp raised its position in shares of CoreWeave by 139.7% in the 2nd quarter. State Street Corp now owns 7,058,846 shares of the company’s stock worth $702,638,000 after acquiring an additional 4,113,873 shares in the last quarter. Bank of America Corp DE lifted its stake in shares of CoreWeave by 13.1% in the 1st quarter. Bank of America Corp DE now owns 5,652,129 shares of the company’s stock valued at $437,870,000 after purchasing an additional 653,398 shares during the period. Clear Street Group Inc. lifted its stake in shares of CoreWeave by 57.2% in the 4th quarter. Clear Street Group Inc. now owns 4,653,815 shares of the company’s stock valued at $333,260,000 after purchasing an additional 1,692,916 shares during the period. Finally, Deutsche Bank AG boosted its position in shares of CoreWeave by 22,624.0% during the fourth quarter. Deutsche Bank AG now owns 3,812,856 shares of the company’s stock valued at $273,039,000 after purchasing an additional 3,796,077 shares in the last quarter.

About CoreWeave

(Get Free Report)

CoreWeave, Inc is a specialized cloud computing provider focused on infrastructure for artificial intelligence, machine learning and other data-intensive workloads. The company offers access to accelerated computing resources, including graphics processing units (GPUs), alongside central processing units, high-performance storage, networking and data center capacity.

Its platform supports AI model training, fine-tuning and inference, as well as visual effects, rendering, scientific computing and other demanding applications.

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