CoreWeave (NASDAQ:CRWV) Stock Price Down 10.1% After Insider Selling

CoreWeave Inc. (NASDAQ:CRWV)’s stock price dropped 10.1% during mid-day trading on Friday after an insider sold shares in the company. The company traded as low as $77.66 and last traded at $78.59. Approximately 34,919,118 shares traded hands during mid-day trading, an increase of 43% from the average daily volume of 24,400,410 shares. The stock had previously closed at $87.38.

Specifically, CFO Nitin Agrawal sold 66,467 shares of CoreWeave stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $82.58, for a total transaction of $5,488,844.86. Following the transaction, the chief financial officer owned 203,392 shares in the company, valued at $16,796,111.36. The trade was a 24.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Brian M. Venturo sold 281,250 shares of the business’s stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $87.75, for a total value of $24,679,687.50. Additional details regarding this sale are available in the official SEC disclosure. In other CoreWeave news, insider Brannin Mcbee sold 63,835 shares of the firm’s 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 $5,349,373.00. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Loop Capital reduced their price target on shares of CoreWeave from $165.00 to $120.00 and set a “buy” rating for the company in a report on Wednesday, November 12th. Arete Research upgraded CoreWeave from a “neutral” rating to a “buy” rating and set a $180.00 target price for the company in a report on Thursday, August 21st. Cantor Fitzgerald reissued an “overweight” rating and issued a $174.00 price target on shares of CoreWeave in a research note on Wednesday, November 5th. Macquarie reduced their price objective on CoreWeave from $140.00 to $115.00 and set a “neutral” rating for the company in a research report on Tuesday, November 11th. Finally, Compass Point initiated coverage on CoreWeave in a report on Thursday, November 13th. They set a “buy” rating and a $150.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, twelve have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, CoreWeave has a consensus rating of “Hold” and an average target price of $129.47.

CoreWeave Stock Down 10.1%

The company has a debt-to-equity ratio of 2.66, a current ratio of 0.49 and a quick ratio of 0.49. The firm’s 50 day moving average is $105.11 and its two-hundred day moving average is $119.92. The firm has a market capitalization of $30.37 billion and a P/E ratio of -54.20.

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

Hedge Funds Weigh In On CoreWeave

A number of institutional investors have recently bought and sold shares of the business. Proficio Capital Partners LLC boosted its stake in shares of CoreWeave by 446,194.0% during the 3rd quarter. Proficio Capital Partners LLC now owns 17,851,760 shares of the company’s stock worth $2,443,013,000 after acquiring an additional 17,847,760 shares during the period. Vanguard Group Inc. raised its stake in CoreWeave by 109.7% in the 3rd quarter. Vanguard Group Inc. now owns 7,433,501 shares of the company’s stock valued at $1,017,275,000 after acquiring an additional 3,888,164 shares during the period. Invesco Ltd. lifted its holdings in CoreWeave by 55,329.7% during the 3rd quarter. Invesco Ltd. now owns 2,999,300 shares of the company’s stock valued at $410,454,000 after purchasing an additional 2,993,889 shares during the last quarter. Clear Street Group Inc. bought a new position in CoreWeave during the third quarter worth $405,199,000. Finally, Lavaca Capital LLC bought a new position in CoreWeave during the third quarter worth $273,700,000.

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.