CoreWeave Inc. (NASDAQ:CRWV – Get Free Report)’s stock price dropped 16% during trading on Wednesday following a dissappointing earnings announcement. The stock traded as low as $124.00 and last traded at $124.95. Approximately 16,124,874 shares traded hands during mid-day trading, a decline of 14% from the average daily volume of 18,773,045 shares. The stock had previously closed at $148.75.
The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($0.07). The business had revenue of $1.21 million during the quarter. The company’s revenue for the quarter was up 206.7% compared to the same quarter last year.
Wall Street Analysts Forecast Growth
Several equities research analysts have issued reports on the company. Macquarie raised their price target on CoreWeave from $65.00 to $115.00 and gave the company a “neutral” rating in a report on Wednesday. Citigroup raised CoreWeave from a “neutral” rating to a “buy” rating and set a $160.00 price target for the company in a report on Thursday, July 31st. Arete assumed coverage on CoreWeave in a report on Thursday, June 5th. They set a “neutral” rating and a $130.00 price target for the company. Needham & Company LLC reaffirmed a “hold” rating on shares of CoreWeave in a report on Wednesday. Finally, HSBC assumed coverage on CoreWeave in a report on Wednesday, July 16th. They set a “reduce” rating and a $32.00 price target for the company. Three analysts have rated the stock with a sell rating, eighteen have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $99.80.
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of CRWV. Chelsea Counsel Co. bought a new position in shares of CoreWeave in the second quarter worth $33,000. Archer Investment Corp bought a new position in shares of CoreWeave in the second quarter worth $34,000. Chilton Capital Management LLC bought a new position in CoreWeave in the second quarter valued at about $39,000. TD Waterhouse Canada Inc. bought a new position in CoreWeave in the second quarter valued at about $47,000. Finally, Montag A & Associates Inc. bought a new position in CoreWeave in the second quarter valued at about $49,000.
CoreWeave Price Performance
The company has a debt-to-equity ratio of 2.60, a current ratio of 0.44 and a quick ratio of 0.44. The stock’s 50-day moving average price is $140.45.
About CoreWeave
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.
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