CoreWeave (NASDAQ:CRWV) Shares Up 4.3% – Here’s Why
by Mitch Edgeman · The Markets DailyCoreWeave Inc. (NASDAQ:CRWV – Get Free Report)’s stock price rose 4.3% during trading on Wednesday . The stock traded as high as $93.90 and last traded at $88.90. Approximately 19,362,427 shares changed hands during mid-day trading, a decline of 24% from the average daily volume of 25,563,508 shares. The stock had previously closed at $85.24.
Analyst Ratings Changes
CRWV has been the topic of several analyst reports. Citigroup dropped their price target on shares of CoreWeave from $135.00 to $126.00 and set a “buy” rating on the stock in a research note on Wednesday, March 4th. Mizuho dropped their price target on shares of CoreWeave from $100.00 to $95.00 and set a “neutral” rating on the stock in a research note on Friday, February 27th. Weiss Ratings restated a “sell (d-)” rating on shares of CoreWeave in a research note on Monday, December 29th. Roth Mkm reiterated a “buy” rating on shares of CoreWeave in a report on Monday, February 23rd. Finally, Macquarie Infrastructure reiterated a “neutral” rating and issued a $115.00 price objective on shares of CoreWeave in a report on Tuesday, January 27th. Nineteen investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, CoreWeave has an average rating of “Moderate Buy” and a consensus price target of $121.06.
Read Our Latest Analysis on CoreWeave
CoreWeave Stock Up 4.3%
The stock has a market capitalization of $37.25 billion and a P/E ratio of -27.78. The company has a debt-to-equity ratio of 4.46, a current ratio of 0.46 and a quick ratio of 0.46. The stock’s fifty day moving average is $85.71 and its two-hundred day moving average is $95.20.
CoreWeave (NASDAQ:CRWV – Get Free Report) last issued its quarterly earnings results on Thursday, February 26th. The company reported ($0.89) EPS for the quarter, missing the consensus estimate of ($0.61) by ($0.28). The firm had revenue of $1.57 billion during the quarter. CoreWeave had a negative net margin of 22.75% and a negative return on equity of 33.82%. CoreWeave’s quarterly revenue was up 110.4% on a year-over-year basis.
Insider Activity at CoreWeave
In related news, insider Brian M. Venturo sold 489,802 shares of the company’s stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $80.50, for a total value of $39,429,061.00. Following the completion of the sale, the insider owned 285,327 shares in the company, valued at approximately $22,968,823.50. This represents a 63.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael N. Intrator sold 200,000 shares of the stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $78.77, for a total transaction of $15,754,000.00. Following the completion of the sale, the chief executive officer owned 5,528,900 shares of the company’s stock, valued at approximately $435,511,453. The trade was a 3.49% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 6,056,729 shares of company stock worth $508,548,027.
Institutional Investors Weigh In On CoreWeave
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRWV. Sivia Capital Partners LLC purchased a new stake in CoreWeave in the 2nd quarter worth approximately $39,824,000. Northwestern Mutual Wealth Management Co. purchased a new stake in CoreWeave in the 2nd quarter worth approximately $306,000. Quantbot Technologies LP purchased a new stake in CoreWeave in the 2nd quarter worth approximately $311,000. CW Advisors LLC purchased a new stake in CoreWeave in the 2nd quarter worth approximately $864,000. Finally, Invesco Ltd. purchased a new stake in CoreWeave in the 2nd quarter worth approximately $882,000.
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.