CoreWeave (NASDAQ:CRWV) Trading Up 5.1% – Here’s What Happened

CoreWeave Inc. (NASDAQ:CRWV)’s share price shot up 5.1% during mid-day trading on Tuesday . The company traded as high as $91.22 and last traded at $90.66. 33,984,475 shares changed hands during mid-day trading, an increase of 40% from the average session volume of 24,325,773 shares. The stock had previously closed at $86.24.

Analyst Ratings Changes

CRWV has been the subject of a number of research reports. Macquarie lowered their target price on CoreWeave from $140.00 to $115.00 and set a “neutral” rating for the company in a report on Tuesday, November 11th. Raymond James Financial initiated coverage on CoreWeave in a report on Monday, September 15th. They issued an “outperform” rating and a $130.00 price objective for the company. HC Wainwright restated a “buy” rating and set a $180.00 price target on shares of CoreWeave in a research report on Wednesday, November 12th. Stifel Nicolaus set a $120.00 target price on CoreWeave in a research note on Tuesday, November 11th. Finally, Argus restated a “buy” rating and issued a $200.00 price target on shares of CoreWeave in a research report on Thursday, August 14th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, twelve have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, CoreWeave currently has an average rating of “Hold” and an average price target of $129.47.

CoreWeave Trading Up 5.1%

The company’s 50 day moving average is $109.15 and its 200 day moving average is $120.66. The company has a debt-to-equity ratio of 2.66, a quick ratio of 0.49 and a current ratio of 0.49. The stock has a market capitalization of $35.03 billion and a price-to-earnings ratio of -62.52.

CoreWeave (NASDAQ:CRWV) last announced its quarterly earnings results on Monday, November 10th. The company reported ($0.22) EPS for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.14. The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.28 billion. The firm’s revenue for the quarter was up 133.7% on a year-over-year basis. During the same quarter in the prior year, the business earned ($1.82) EPS.

Insider Activity

In other news, major shareholder Magnetar Financial Llc sold 1,451,063 shares of the company’s stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $125.60, for a total transaction of $182,253,512.80. Following the transaction, the insider directly owned 363,631 shares in the company, valued at approximately $45,672,053.60. This represents a 79.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 29,060,818 shares of company stock valued at $3,826,902,880 over the last three months.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Chelsea Counsel Co. acquired a new position in CoreWeave during the second quarter worth $33,000. Family Legacy Financial Solutions LLC increased its holdings in shares of CoreWeave by 166.7% in the third quarter. Family Legacy Financial Solutions LLC now owns 200 shares of the company’s stock valued at $27,000 after purchasing an additional 125 shares during the last quarter. HighMark Wealth Management LLC bought a new position in shares of CoreWeave in the third quarter valued at about $27,000. OLD Second National Bank of Aurora acquired a new stake in shares of CoreWeave during the 3rd quarter worth about $27,000. Finally, KERR FINANCIAL PLANNING Corp acquired a new position in shares of CoreWeave in the third quarter valued at approximately $27,000.

About CoreWeave

CoreWeave, Inc engages in the powers of the creation and delivery of the intelligence that drives innovation. It offers a solution used by organizations of all sizes that require sophisticated AI computing, from the largest of enterprises to small, well-funded start-ups. The company was founded by Michael Intrator, Brian Venturo, and Brannin McBee on September 21, 2017 and is headquartered in Livingston, NJ.