CoreWeave (NASDAQ:CRWV) Shares Down 2.1% Following Insider Selling

CoreWeave Inc. (NASDAQ:CRWV) fell 2.1% during trading on Thursday after an insider sold shares in the company. The company traded as low as $98.42 and last traded at $98.76. Approximately 21,554,092 shares changed hands during trading, a decline of 24% from the average daily volume of 28,452,693 shares. The stock had previously closed at $100.88.

Specifically, insider Brannin Mcbee sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $111.28, for a total transaction of $2,782,000.00. Following the completion of the sale, the insider directly owned 402,852 shares of the company’s stock, valued at approximately $44,829,370.56. This trade represents a 5.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Brannin Mcbee sold 144,000 shares of the business’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $111.28, for a total value of $16,024,320.00. Following the transaction, the insider owned 258,852 shares of the company’s stock, valued at approximately $28,805,050.56. The trade was a 35.75% 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 other news, insider Brannin Mcbee sold 28,000 shares of the company’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $111.28, for a total value of $3,115,840.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analyst Upgrades and Downgrades

CRWV has been the topic of several research reports. Jefferies Financial Group raised their price objective on CoreWeave from $120.00 to $160.00 and gave the stock a “buy” rating in a report on Monday, May 4th. Citizens Jmp reaffirmed a “market outperform” rating and issued a $180.00 price objective on shares of CoreWeave in a research report on Friday, February 27th. Truist Financial upped their target price on CoreWeave from $85.00 to $131.00 and gave the company a “hold” rating in a research report on Friday, May 8th. HC Wainwright reaffirmed a “buy” rating and issued a $180.00 price target on shares of CoreWeave in a report on Monday, March 2nd. Finally, Bank of America upgraded CoreWeave from a “neutral” rating to a “buy” rating and set a $100.00 price objective for the company in a research note on Tuesday, March 24th. Twenty-one equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, CoreWeave currently has an average rating of “Moderate Buy” and an average price target of $135.00.

Key Headlines Impacting CoreWeave

Here are the key news stories impacting CoreWeave this week:

• Positive Sentiment: Rosenblatt Securities initiated coverage with a Buy rating and a $250 price target, implying substantial upside and helping boost sentiment around CoreWeave’s valuation. Benzinga article
• Positive Sentiment: CoreWeave announced a new AI cloud capacity expansion in Sweden through a co-location partnership with Conapto, adding two Stockholm campuses and highlighting continued international expansion and demand for its AI cloud platform. Business Wire article
• Positive Sentiment: Media coverage and commentary around CoreWeave’s inclusion in bullish tech-stock lists and Nasdaq 100-related chatter are adding momentum to the stock’s AI-growth narrative. Insider Monkey article

CoreWeave Trading Down 2.1%

The firm has a market capitalization of $44.20 billion, a PE ratio of -31.76 and a beta of 7.14. The company’s fifty day simple moving average is $111.23 and its 200-day simple moving average is $94.53. The company has a debt-to-equity ratio of 3.68, a current ratio of 0.31 and a quick ratio of 0.31.

CoreWeave (NASDAQ:CRWV) last released its earnings results on Thursday, May 7th. The company reported ($1.40) earnings per share for the quarter, missing the consensus estimate of ($1.17) by ($0.23). The firm had revenue of $2.08 billion during the quarter. CoreWeave had a negative net margin of 25.57% and a negative return on equity of 43.07%. CoreWeave’s quarterly revenue was up 111.6% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.60) EPS. As a group, sell-side analysts expect that CoreWeave Inc. will post -4.57 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CoreWeave

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of CoreWeave by 275.6% during the 4th quarter. Vanguard Group Inc. now owns 27,920,979 shares of the company’s stock valued at $1,999,421,000 after acquiring an additional 20,487,478 shares during the last quarter. Proficio Capital Partners LLC increased its holdings 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 purchasing an additional 17,847,760 shares during the last quarter. Bank of America Corp DE raised its holdings 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 buying an additional 653,398 shares during the period. Clear Street Group Inc. lifted its position in shares of CoreWeave by 57.2% during the fourth quarter. Clear Street Group Inc. now owns 4,653,815 shares of the company’s stock worth $333,260,000 after purchasing an additional 1,692,916 shares in the last quarter. Finally, Alyeska Investment Group L.P. lifted its holdings in CoreWeave by 300.0% during the 4th quarter. Alyeska Investment Group L.P. now owns 4,000,000 shares of the company’s stock worth $286,440,000 after buying an additional 3,000,000 shares in the last quarter.

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.