CoreWeave (NASDAQ:CRWV) Trading Down 2.3% Following Insider Selling

CoreWeave Inc. (NASDAQ:CRWV)’s stock price dropped 2.3% on Monday after an insider sold shares in the company. The stock traded as low as $80.14 and last traded at $86.24. Approximately 38,870,714 shares traded hands during trading, an increase of 60% from the average daily volume of 24,264,807 shares. The stock had previously closed at $88.30.

Specifically, CEO Michael N. Intrator sold 50,000 shares of the firm’s stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $76.88, for a total value of $3,844,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael N. Intrator sold 32,455 shares of CoreWeave stock in a transaction dated Wednesday, December 3rd. The stock was sold at an average price of $76.88, for a total value of $2,495,140.40. Following the sale, the chief executive officer directly owned 5,926,145 shares of the company’s stock, valued at approximately $455,602,027.60. This represents a 0.54% decrease in their position. The SEC filing for this sale provides additional information. In other news, insider Kristen J. Mcveety sold 2,116 shares of the stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $74.53, for a total value of $157,705.48. Following the transaction, the insider directly owned 79 shares of the company’s stock, valued at approximately $5,887.87. This represents a 96.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CRWV. Melius upgraded CoreWeave from a “hold” rating to a “buy” rating and set a $165.00 target price on the stock in a research report on Tuesday, September 23rd. Macquarie decreased their price objective on shares of CoreWeave from $140.00 to $115.00 and set a “neutral” rating for the company in a research note on Tuesday, November 11th. DA Davidson reiterated an “underperform” rating and issued a $36.00 price objective on shares of CoreWeave in a research note on Tuesday, November 11th. Evercore ISI reduced their target price on shares of CoreWeave from $175.00 to $160.00 and set an “outperform” rating for the company in a report on Tuesday, November 11th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $174.00 price target on shares of CoreWeave in a report on Wednesday, November 5th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, twelve have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $129.47.

CoreWeave Stock Performance

The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 2.66. The firm’s fifty day moving average price is $108.22 and its two-hundred day moving average price is $120.57. The stock has a market capitalization of $35.03 billion and a PE ratio of -62.52.

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

Institutional Investors Weigh In On CoreWeave

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