CoreWeave Inc. (NASDAQ:CRWV – Get Free Report)’s share price traded down 3.1% during trading on Tuesday. The stock traded as low as $76.11 and last traded at $77.81. Approximately 33,980,836 shares were traded during mid-day trading, an increase of 20% from the average daily volume of 28,374,602 shares. The stock had previously closed at $80.26.
More CoreWeave News
Here are the key news stories impacting CoreWeave this week:
- Positive Sentiment: CoreWeave’s revenue backlog reached approximately $104 billion, with more than $25 billion in additional customer commitments reportedly added early in the third quarter. The backlog substantially exceeds near-term revenue guidance and indicates strong demand for AI data-center capacity. CoreWeave $104 billion backlog article
- Positive Sentiment: A recent $4.2 billion convertible-bond offering could reduce interest costs and improve CoreWeave’s path toward profitability. Analysts argue that growth is constrained more by data-center construction speed than customer demand. CoreWeave bond paperwork article
- Positive Sentiment: Several bullish analyses see substantial upside, including one prediction that the shares could potentially triple over the coming year. The company’s large backlog and expanding AI infrastructure opportunity are the primary reasons for the optimistic outlook. CoreWeave upside prediction article
- Neutral Sentiment: CoreWeave’s India data-center campus and other expansion plans could increase capacity, but investors are questioning whether new infrastructure will sufficiently offset customer concentration and execution risks. CoreWeave India campus article
- Negative Sentiment: Bearish concerns center on CoreWeave’s highly leveraged balance sheet, heavy capital spending and continuing losses. One comparison cited approximately $5.5 billion of cash against $51.6 billion of debt, materially weaker than rival Nebius Group’s financial position. Nebius versus CoreWeave article
- Negative Sentiment: The stock’s recent decline reflects investor concern that backlog growth may not translate quickly into profits. Rising losses, significant dilution risk from convertible debt and the need to finance construction are weighing on valuation despite the company’s strong revenue growth. CoreWeave shares slide article
Wall Street Analysts Forecast Growth
A number of analysts have recently commented on CRWV shares. TD Cowen raised CoreWeave to a “buy” rating in a research note on Wednesday, July 22nd. Rothschild & Co Redburn assumed coverage on CoreWeave in a research note on Monday, September 21st. They issued a “sell” rating and a $54.00 price objective for the company. Northland Securities set a $200.00 price objective on shares of CoreWeave in a report on Wednesday, October 7th. Jefferies Financial Group downgraded shares of CoreWeave from a “buy” rating to a “hold” rating in a research report on Wednesday, July 22nd. Finally, Barclays lifted their target price on shares of CoreWeave from $90.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 13th. Twenty-three analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $140.64.
CoreWeave Price Performance
The stock has a market cap of $35.70 billion, a P/E ratio of -21.32 and a beta of 7.36. The business has a 50-day simple moving average of $88.67 and a 200 day simple moving average of $94.86. The company has a current ratio of 0.46, a quick ratio of 0.46 and a debt-to-equity ratio of 5.53.
CoreWeave (NASDAQ:CRWV – Get Free Report) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($1.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.52) by $0.38. The company had revenue of $2.58 billion during the quarter. CoreWeave had a negative return on equity of 47.95% and a negative net margin of 25.41%. CoreWeave’s revenue was up 112.5% compared to the same quarter last year. During the same quarter last year, the business earned ($0.27) earnings per share. On average, analysts forecast that CoreWeave Inc. will post -5.19 earnings per share for the current year.
Insider Activity
In other news, CEO Michael Intrator sold 78,552 shares of the business’s stock in a transaction that occurred on Wednesday, September 30th. The shares were sold at an average price of $87.69, for a total value of $6,888,224.88. Following the transaction, the chief executive officer owned 548,935 shares in the company, valued at approximately $48,136,110.15. The trade was a 12.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Nitin Agrawal sold 55,764 shares of the company’s stock in a transaction on Tuesday, September 22nd. The shares were sold at an average price of $86.83, for a total transaction of $4,841,988.12. Following the completion of the sale, the chief financial officer directly owned 132,596 shares in the company, valued at approximately $11,513,310.68. This represents a 29.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 5,850,311 shares of company stock worth $509,880,890. 24.20% of the stock is owned by company insiders.
Hedge Funds Weigh In On CoreWeave
Several hedge funds and other institutional investors have recently bought and sold shares of CRWV. Alyeska Investment Group L.P. grew its holdings in CoreWeave by 55.7% during the 2nd quarter. Alyeska Investment Group L.P. now owns 10,891,267 shares of the company’s stock worth $1,084,117,000 after acquiring an additional 3,897,741 shares during the period. State Street Corp lifted its stake in shares of CoreWeave by 139.7% in the 2nd quarter. State Street Corp now owns 7,058,846 shares of the company’s stock valued at $702,638,000 after purchasing an additional 4,113,873 shares during the period. Bank of America Corp DE lifted its stake in shares of CoreWeave by 13.1% in the 1st quarter. Bank of America Corp DE now owns 5,652,129 shares of the company’s stock valued at $437,870,000 after purchasing an additional 653,398 shares during the period. Amundi lifted its stake in shares of CoreWeave by 266.2% in the 1st quarter. Amundi now owns 3,284,121 shares of the company’s stock valued at $254,421,000 after purchasing an additional 2,387,337 shares during the period. Finally, Altimeter Capital Management LP bought a new stake in shares of CoreWeave during the 4th quarter valued at about $230,099,000.
CoreWeave Company Profile
CoreWeave, Inc is a specialized cloud computing provider focused on infrastructure for artificial intelligence, machine learning and other data-intensive workloads. The company offers access to accelerated computing resources, including graphics processing units (GPUs), alongside central processing units, high-performance storage, networking and data center capacity.
Its platform supports AI model training, fine-tuning and inference, as well as visual effects, rendering, scientific computing and other demanding applications.
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