CoreWeave Sees Unusually High Options Volume (NASDAQ:CRWV)

CoreWeave Inc. (NASDAQ:CRWV) saw some unusual options trading on Tuesday. Stock traders bought 256,658 call options on the stock. This is an increase of approximately 10% compared to the typical volume of 232,368 call options.

CoreWeave Stock Performance

CoreWeave stock traded up $13.69 during trading hours on Tuesday, hitting $103.05. The company had a trading volume of 35,298,264 shares, compared to its average volume of 28,160,369. The firm has a 50-day moving average of $85.20 and a 200 day moving average of $94.37. The company has a debt-to-equity ratio of 5.53, a current ratio of 0.46 and a quick ratio of 0.46. The firm has a market cap of $47.29 billion, a PE ratio of -28.26 and a beta of 7.45. CoreWeave has a one year low of $60.55 and a one year high of $153.20.

CoreWeave (NASDAQ:CRWV) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($1.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.52) by $0.38. CoreWeave had a negative return on equity of 47.95% and a negative net margin of 25.41%.The company had revenue of $2.58 billion during the quarter. During the same quarter in the prior year, the firm earned ($0.27) EPS. The company’s revenue was up 112.5% on a year-over-year basis. On average, sell-side analysts expect that CoreWeave will post -5.19 earnings per share for the current year.

Insider Buying and Selling at CoreWeave

In other CoreWeave news, CEO Michael Intrator sold 278,560 shares of the stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $97.43, for a total value of $27,140,100.80. Following the completion of the sale, the chief executive officer owned 3,138,612 shares in the company, valued at $305,794,967.16. This trade represents a 8.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, major shareholder Magnetar Financial Llc sold 307,131 shares of CoreWeave stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $108.75, for a total transaction of $33,400,496.25. Following the completion of the transaction, the insider directly owned 220,810 shares of the company’s stock, valued at approximately $24,013,087.50. This trade represents a 58.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 7,052,467 shares of company stock valued at $649,768,759 over the last three months. 24.20% of the stock is owned by company insiders.

Institutional Trading of CoreWeave

Institutional investors have recently added to or reduced their stakes in the company. California State Teachers Retirement System grew its stake in shares of CoreWeave by 12,886.8% in the second quarter. California State Teachers Retirement System now owns 41,559,344 shares of the company’s stock valued at $4,136,817,000 after acquiring an additional 41,239,333 shares in the last quarter. Proficio Capital Partners LLC raised its stake 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 worth $2,443,013,000 after purchasing an additional 17,847,760 shares in the last quarter. Alyeska Investment Group L.P. raised its stake in CoreWeave by 55.7% in the 2nd quarter. Alyeska Investment Group L.P. now owns 10,891,267 shares of the company’s stock worth $1,084,117,000 after purchasing an additional 3,897,741 shares in the last quarter. Deutsche Bank AG raised its stake in CoreWeave by 22,624.0% in the 4th quarter. Deutsche Bank AG now owns 3,812,856 shares of the company’s stock worth $273,039,000 after purchasing an additional 3,796,077 shares in the last quarter. Finally, Altimeter Capital Management LP bought a new stake in CoreWeave in the 4th quarter valued at about $230,099,000.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on CRWV shares. Wells Fargo & Company lifted their price target on CoreWeave from $155.00 to $160.00 and gave the stock an “overweight” rating in a report on Wednesday, August 12th. Cantor Fitzgerald set a $176.00 price objective on CoreWeave and gave the company an “overweight” rating in a research note on Wednesday, August 12th. Citigroup raised their price objective on CoreWeave from $142.00 to $159.00 and gave the company a “buy” rating in a research report on Friday, August 14th. Roth Capital set a $145.00 target price on CoreWeave in a research note on Thursday, August 13th. Finally, Robert W. Baird boosted their target price on CoreWeave from $100.00 to $130.00 and gave the stock an “outperform” rating in a report on Wednesday, August 12th. Twenty-one equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $141.90.

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.