CoreWeave (NASDAQ:CRWV) Trading Down 2.8% Following Insider Selling

CoreWeave Inc. (NASDAQ:CRWV) traded down 2.8% during trading on Wednesday following insider selling activity. The company traded as low as $85.35 and last traded at $88.16. 25,787,773 shares changed hands during mid-day trading, an increase of 6% from the average session volume of 24,336,217 shares. The stock had previously closed at $90.66.

Specifically, insider Brannin Mcbee sold 102,835 shares of CoreWeave stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $83.80, for a total transaction of $8,617,573.00. Following the transaction, the insider directly owned 185,181 shares in the company, valued at approximately $15,518,167.80. The trade was a 35.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael N. Intrator sold 50,000 shares of the stock in a transaction on Wednesday, December 3rd. The shares were sold at an average price of $76.88, for a total value of $3,844,000.00. The SEC filing for this sale provides additional information. In other news, CEO Michael N. Intrator sold 32,455 shares of CoreWeave stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $76.88, for a total transaction of $2,495,140.40. Following the transaction, the chief executive officer owned 5,926,145 shares in the company, valued at approximately $455,602,027.60. The trade was a 0.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on CRWV shares. Loop Capital reduced their price objective on CoreWeave from $165.00 to $120.00 and set a “buy” rating for the company in a research note on Wednesday, November 12th. Evercore ISI reduced their price target on shares of CoreWeave from $175.00 to $160.00 and set an “outperform” rating for the company in a research report on Tuesday, November 11th. DA Davidson reissued an “underperform” rating and issued a $36.00 price target on shares of CoreWeave in a research report on Tuesday, November 11th. Citizens Jmp upgraded shares of CoreWeave from a “market perform” rating to an “outperform” rating and set a $180.00 price target for the company in a report on Tuesday, September 16th. Finally, JMP Securities raised shares of CoreWeave from a “market perform” rating to a “market outperform” rating and set a $180.00 price objective on the stock in a research report on Tuesday, September 16th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, twelve have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $129.47.

CoreWeave Stock Performance

The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 2.66. The stock has a market cap of $33.76 billion and a P/E ratio of -60.26. The firm’s 50-day moving average is $106.23 and its two-hundred day moving average is $120.12.

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

Hedge Funds Weigh In On CoreWeave

Several institutional investors have recently bought and sold shares of the stock. Family Legacy Financial Solutions LLC boosted its stake in shares of CoreWeave by 166.7% during the 3rd quarter. Family Legacy Financial Solutions LLC now owns 200 shares of the company’s stock worth $27,000 after acquiring an additional 125 shares in the last quarter. HighMark Wealth Management LLC acquired a new stake in CoreWeave in the 3rd quarter worth approximately $27,000. OLD Second National Bank of Aurora acquired a new stake in CoreWeave in the 3rd quarter worth approximately $27,000. KERR FINANCIAL PLANNING Corp bought a new stake in CoreWeave during the third quarter worth approximately $27,000. Finally, Princeton Global Asset Management LLC acquired a new position in CoreWeave during the third quarter valued at approximately $28,000.

CoreWeave Company Profile

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.