CoreWeave Inc. (NASDAQ:CRWV – Get Free Report) rose 7.2% on Tuesday. The stock traded as high as $53.93 and last traded at $53.74. Approximately 36,122,555 shares were traded during mid-day trading, an increase of 14% from the average daily volume of 31,581,643 shares. The stock had previously closed at $50.15.
Key CoreWeave News
Here are the key news stories impacting CoreWeave this week:
- Positive Sentiment: CoreWeave expanded its AI integration partnership with CrowdStrike, adding a commercial opportunity as demand for AI computing grows. CrowdStrike and CoreWeave expand partnership for AI integration
- Positive Sentiment: One market report said CRWV climbed alongside a broader rebound in AI-related shares, offering a near-term counterpoint to the recent selloff. Oracle rallies as funding overhang clears; CoreWeave climbs
- Neutral Sentiment: Zacks flagged CRWV as a potential Q3 earnings-estimate beater ahead of its report; this is an expectation, not a reported result. CoreWeave expected to beat earnings estimates
- Negative Sentiment: Debt and funding concerns remain the main overhang: reports cite roughly $35 billion in debt, deep unprofitability and a 15% bond yield, raising questions about borrowing costs and the ability to finance continued expansion. CoreWeave’s 15% bond yield is a warning for AI debt CoreWeave has a $35 billion debt problem
- Negative Sentiment: Investor worries about financing the wider AI data-center buildout contributed to CRWV’s recent steep decline, including a break below its prior 52-week low. Stock market movers on November 2
Analysts Set New Price Targets
A number of research firms have commented on CRWV. BNP Paribas Exane reaffirmed an “outperform” rating and set a $117.00 target price on shares of CoreWeave in a report on Monday, October 19th. Piper Sandler cut their price target on CoreWeave from $153.00 to $124.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 21st. HSBC restated a “reduce” rating and issued a $39.00 price target on shares of CoreWeave in a research report on Tuesday, October 20th. Rothschild & Co Redburn assumed coverage on CoreWeave in a report on Monday, September 21st. They issued a “sell” rating and a $54.00 price objective for the company. Finally, Btg Pactual set a $125.00 price objective on CoreWeave in a report on Monday, September 21st. Twenty-seven investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, CoreWeave has an average rating of “Moderate Buy” and a consensus price target of $130.24.
View Our Latest Stock Analysis on CoreWeave
CoreWeave Trading Up 7.2%
The company’s fifty day simple moving average is $78.70 and its two-hundred day simple moving average is $90.83. The company has a quick ratio of 0.46, a current ratio of 0.46 and a debt-to-equity ratio of 5.53. The company has a market capitalization of $24.66 billion, a price-to-earnings ratio of -14.72 and a beta of 7.36.
CoreWeave (NASDAQ:CRWV – Get Free Report) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($1.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.52) by $0.38. The company had revenue of $2.58 billion during the quarter. CoreWeave had a negative net margin of 25.41% and a negative return on equity of 47.95%. CoreWeave’s quarterly revenue was up 112.5% on a year-over-year basis. During the same period last year, the firm earned ($0.27) EPS. Research analysts forecast that CoreWeave Inc. will post -4.97 earnings per share for the current fiscal year.
Insider Buying and Selling at CoreWeave
In other news, CEO Michael Intrator sold 200,000 shares of CoreWeave stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $89.18, for a total transaction of $17,836,000.00. Following the transaction, the chief executive officer owned 1,876,815 shares in the company, valued at $167,374,361.70. The trade was a 9.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Magnetar Financial Llc sold 307,131 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $108.75, for a total value of $33,400,496.25. Following the completion of the transaction, the insider owned 220,810 shares of the company’s stock, valued at $24,013,087.50. This represents a 58.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 4,231,012 shares of company stock valued at $384,083,394. Company insiders own 24.20% of the company’s stock.
Institutional Inflows and Outflows
Institutional investors have recently bought and sold shares of the stock. Parallel Advisors LLC increased its stake in shares of CoreWeave by 12.5% during the third quarter. Parallel Advisors LLC now owns 7,634 shares of the company’s stock worth $665,000 after purchasing an additional 846 shares during the period. Alps Advisors Inc. grew its holdings in CoreWeave by 178.8% in the 3rd quarter. Alps Advisors Inc. now owns 14,460 shares of the company’s stock valued at $1,260,000 after buying an additional 9,273 shares in the last quarter. Canvas Wealth Advisors LLC bought a new position in CoreWeave during the 3rd quarter worth $1,616,000. International Assets Investment Management LLC increased its position in CoreWeave by 14.6% during the 3rd quarter. International Assets Investment Management LLC now owns 55,789 shares of the company’s stock worth $4,941,000 after buying an additional 7,121 shares during the period. Finally, Allegiance Financial Group Advisory Services LLC bought a new position in CoreWeave during the 3rd quarter worth $232,000.
CoreWeave Company Profile
CoreWeave, Inc is a specialized cloud computing company that provides infrastructure designed for artificial intelligence (AI), machine learning, and other high-performance computing workloads. Its platform gives customers access to accelerated computing resources, including graphics processing units (GPUs), along with the networking, storage, and software tools needed to develop, train, and deploy demanding applications.
The company offers cloud services for AI model training and inference, visual effects and rendering, scientific computing, and other data-intensive workloads.
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