CoreWeave (NASDAQ:CRWV) Trading Down 5.5% on Analyst Downgrade

CoreWeave Inc. (NASDAQ:CRWV) traded down 5.5% during mid-day trading on Thursday after Mizuho lowered their price target on the stock from $110.00 to $100.00. Mizuho currently has a neutral rating on the stock. CoreWeave traded as low as $72.08 and last traded at $72.91. 24,731,427 shares traded hands during trading, a decline of 13% from the average daily volume of 28,335,240 shares. The stock had previously closed at $77.12.

Other research analysts have also issued reports about the company. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $135.00 price objective on shares of CoreWeave in a research report on Friday, May 8th. Jefferies Financial Group lifted their target price on CoreWeave from $120.00 to $160.00 and gave the company a “buy” rating in a research report on Monday, May 4th. JPMorgan Chase & Co. upped their price target on CoreWeave from $90.00 to $105.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. Weiss Ratings upgraded CoreWeave from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, June 24th. Finally, Oppenheimer raised their price objective on CoreWeave from $140.00 to $150.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 29th. Twenty equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $138.87.

Insider Activity at CoreWeave

In other CoreWeave news, CEO Michael N. Intrator sold 61,797 shares of the company’s stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $86.94, for a total transaction of $5,372,631.18. Following the transaction, the chief executive officer directly owned 2,876,815 shares in the company, valued at $250,110,296.10. This represents a 2.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Brannin Mcbee sold 53,000 shares of the firm’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $86.13, for a total value of $4,564,890.00. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 22,294,471 shares of company stock worth $2,607,466,396. Insiders own 24.20% of the company’s stock.

Institutional Trading of CoreWeave

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Haven Capital Group Inc. acquired a new stake in shares of CoreWeave during the second quarter worth about $242,000. Dagco Inc. acquired a new position in shares of CoreWeave in the second quarter valued at approximately $258,000. Fiduciary Financial Group LLC acquired a new position in shares of CoreWeave in the second quarter valued at approximately $7,298,000. E. Ohman J or Asset Management AB increased its stake in CoreWeave by 48.5% during the 2nd quarter. E. Ohman J or Asset Management AB now owns 7,040 shares of the company’s stock worth $701,000 after buying an additional 2,300 shares during the period. Finally, Bay Rivers Group purchased a new stake in CoreWeave during the 2nd quarter worth approximately $255,000.

CoreWeave Stock Performance

The stock has a market capitalization of $32.77 billion, a PE ratio of -23.54 and a beta of 7.17. The company has a debt-to-equity ratio of 3.68, a quick ratio of 0.31 and a current ratio of 0.31. The firm’s 50 day moving average is $100.38 and its two-hundred day moving average is $95.19.

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

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.