CoreWeave (NASDAQ:CRWV) Stock Price Up 2% – Still a Buy?

CoreWeave Inc. (NASDAQ:CRWV) shares rose 2% during trading on Monday . The company traded as high as $104.30 and last traded at $102.37. Approximately 23,166,110 shares changed hands during mid-day trading, a decline of 18% from the average daily volume of 28,279,270 shares. The stock had previously closed at $100.39.

Wall Street Analysts Forecast Growth

CRWV has been the subject of a number of recent analyst reports. Citigroup upped their price objective on shares of CoreWeave from $155.00 to $158.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. Wells Fargo & Company upped their price objective on shares of CoreWeave from $135.00 to $155.00 and gave the company an “overweight” rating in a research report on Friday, May 8th. Oppenheimer upped their price objective on shares of CoreWeave from $140.00 to $150.00 and gave the company an “outperform” rating in a research report on Wednesday, April 29th. Citizens Jmp restated a “market outperform” rating and issued a $180.00 price objective on shares of CoreWeave in a research report on Friday, February 27th. Finally, BNP Paribas Exane started coverage on shares of CoreWeave in a research report on Tuesday, June 2nd. They issued an “outperform” rating and a $192.00 price objective for the company. Twenty research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, CoreWeave currently has a consensus rating of “Moderate Buy” and an average target price of $131.52.

CoreWeave Stock Performance

The stock has a fifty day simple moving average of $105.60 and a 200-day simple moving average of $91.64. The stock has a market cap of $45.82 billion, a P/E ratio of -32.92 and a beta of 7.14. The company has a debt-to-equity ratio of 3.68, a quick ratio of 0.31 and a current ratio of 0.31.

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

Insiders Place Their Bets

In other CoreWeave news, Director Jack D. Cogen sold 986,540 shares of the stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $107.80, for a total transaction of $106,349,012.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Brian M. Venturo sold 1,125,000 shares of the stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $80.86, for a total value of $90,967,500.00. Following the transaction, the insider owned 285,327 shares of the company’s stock, valued at approximately $23,071,541.22. This trade represents a 79.77% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 27,306,629 shares of company stock worth $3,081,590,041.

Hedge Funds Weigh In On CoreWeave

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in CoreWeave by 275.6% in the 4th quarter. Vanguard Group Inc. now owns 27,920,979 shares of the company’s stock valued at $1,999,421,000 after purchasing an additional 20,487,478 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in CoreWeave by 6,022.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 112,768 shares of the company’s stock worth $8,075,000 after acquiring an additional 110,926 shares during the last quarter. Legal & General Group Plc lifted its position in CoreWeave by 8,455.6% during the fourth quarter. Legal & General Group Plc now owns 611,301 shares of the company’s stock worth $43,775,000 after acquiring an additional 604,156 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in CoreWeave by 67.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 66,947 shares of the company’s stock worth $4,794,000 after acquiring an additional 26,907 shares during the last quarter. Finally, Hidden Lake Asset Management LP acquired a new stake in CoreWeave during the third quarter worth approximately $14,814,000.

About CoreWeave

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.