CoreWeave (NASDAQ:CRWV) Shares Gap Down – What’s Next?

Shares of CoreWeave Inc. (NASDAQ:CRWV) gapped down prior to trading on Wednesday . The stock had previously closed at $99.54, but opened at $88.87. CoreWeave shares last traded at $88.9890, with a volume of 12,381,119 shares changing hands.

Analyst Ratings Changes

CRWV has been the topic of a number of analyst reports. Bank of America upgraded CoreWeave from a “neutral” rating to a “buy” rating and set a $100.00 price objective on the stock in a research report on Tuesday, March 24th. BNP Paribas Exane assumed coverage on CoreWeave in a report on Tuesday, June 2nd. They issued an “outperform” rating and a $192.00 target price for the company. Jefferies Financial Group raised their target price on CoreWeave from $120.00 to $160.00 and gave the stock a “buy” rating in a research note on Monday, May 4th. Weiss Ratings raised CoreWeave from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, June 24th. Finally, Roth Mkm reiterated a “buy” rating and set a $150.00 price target on shares of CoreWeave in a report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, CoreWeave presently has an average rating of “Moderate Buy” and a consensus price target of $135.00.

CoreWeave Stock Performance

The firm has a 50 day simple moving average of $109.59 and a 200-day simple moving average of $94.79. The company has a debt-to-equity ratio of 3.68, a current ratio of 0.31 and a quick ratio of 0.31. The company has a market cap of $39.09 billion, a price-to-earnings ratio of -28.15 and a beta of 7.14.

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

Insider Buying and Selling

In other CoreWeave news, insider Brannin Mcbee sold 500 shares of the company’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $111.27, for a total value of $55,635.00. Following the transaction, the insider owned 52,500 shares of the company’s stock, valued at $5,841,675. This represents a 0.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael N. Intrator sold 200,000 shares of the company’s stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $106.81, for a total transaction of $21,362,000.00. Following the completion of the transaction, the chief executive officer directly owned 3,276,815 shares in the company, valued at $349,996,610.15. The trade was a 5.75% 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 the last ninety days, insiders sold 26,758,311 shares of company stock valued at $3,093,227,010.

Hedge Funds Weigh In On CoreWeave

Large investors have recently made changes to their positions in the stock. KERR FINANCIAL PLANNING Corp acquired a new stake in CoreWeave in the 3rd quarter valued at approximately $27,000. Pin Oak Investment Advisors Inc. purchased a new stake in shares of CoreWeave during the third quarter worth $34,000. Cornerstone Planning Group LLC increased its holdings in CoreWeave by 272.8% during the 4th quarter. Cornerstone Planning Group LLC now owns 343 shares of the company’s stock worth $25,000 after purchasing an additional 251 shares during the period. Cullen Frost Bankers Inc. raised its position in CoreWeave by 45.8% in the 4th quarter. Cullen Frost Bankers Inc. now owns 385 shares of the company’s stock valued at $28,000 after purchasing an additional 121 shares in the last quarter. Finally, Greenline Wealth Management LLC purchased a new position in shares of CoreWeave in the 4th quarter valued at about $28,000.

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.