CoreWeave Inc. Chief Financial Officer Nitin Agrawal has sold 3,640 shares of the company’s stock in a transaction dated November 25, 2023. The shares were sold at an average price of $70.27, resulting in a total value of $255,782.80. Following this sale, Agrawal holds 147,519 shares, valued at approximately $10,366,160.13. This sale represents a 2.41% decrease in his total ownership of CoreWeave stock.
This transaction was disclosed in a filing with the Securities and Exchange Commission, which can be accessed publicly.
CoreWeave Stock Performance
On the day following the sale, shares of CoreWeave stock experienced a decline of $1.17, bringing the price down to $73.12 during midday trading. The volume of shares exchanged was 14,114,876, notably lower than the company’s average volume of 24,184,105. Over the past 50 days, CoreWeave has maintained a simple moving average of $115.67, with a 200-day average at $120.05.
CoreWeave’s stock has seen fluctuations within the past year, with a low of $33.51 and a high of $187.00. The company’s current market capitalization stands at $28.25 billion, while its price-to-earnings (P/E) ratio is reported at -50.43. Additionally, the firm has a debt-to-equity ratio of 2.66, and both current and quick ratios of 0.49.
Analyst Views on CoreWeave
Recent reports from various equity analysts indicate differing perspectives on CoreWeave’s stock. On November 12, 2023, Barclays lowered its price target from $140.00 to $120.00, maintaining an “equal weight” rating. Meanwhile, JPMorgan Chase & Co. reaffirmed a “neutral” rating, assigning a target price of $110.00.
Additionally, DA Davidson issued an “underperform” rating, setting a price objective of $36.00, while Moffett Nathanson increased its target price from $56.00 to $65.00, maintaining a “neutral” rating. In contrast, HC Wainwright restated a “buy” rating with a target price of $180.00 for the stock.
Overall, CoreWeave has received varying ratings, with two analysts giving a “Strong Buy,” sixteen offering a “Buy,” twelve assigning a “Hold,” and three recommending a “Sell.” According to MarketBeat, the stock currently holds an average rating of “Moderate Buy” with an average price target of $130.14.
Institutional Investment Activity
Institutional investors have also made significant adjustments to their positions in CoreWeave. In the first quarter, Gamco Investors Inc. acquired a new stake valued at $318,000. Goldman Sachs Group Inc. followed suit, investing approximately $963,000 in CoreWeave during the same period.
Other notable acquisitions include a new stake from Howard Financial Services Ltd. valued at approximately $489,000, and McAlister Sweet & Associates Inc., which acquired shares worth about $277,000 in the second quarter. Thurston Springer Miller Herd & Titak Inc. also entered with a new position worth approximately $117,000.
About CoreWeave
Founded on September 21, 2017, by Michael Intrator, Brian Venturo, and Brannin McBee, CoreWeave, Inc. focuses on delivering advanced computing solutions that facilitate sophisticated artificial intelligence operations. The company’s services cater to a diverse range of organizations, from large enterprises to emerging start-ups, establishing its role as a key player in the AI computing landscape. CoreWeave is headquartered in Livingston, New Jersey.
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