JPMorgan Chase & Co. Reiterates Neutral Rating for CoreWeave (NASDAQ:CRWV)

CoreWeave (NASDAQ:CRWV)‘s stock had its “neutral” rating reissued by equities researchers at JPMorgan Chase & Co. in a research report issued on Tuesday, Marketbeat Ratings reports. They presently have a $110.00 price objective on the stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 21.01% from the company’s previous close.

CRWV has been the subject of a number of other research reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $174.00 price target on shares of CoreWeave in a report on Wednesday, November 5th. Moffett Nathanson upped their target price on shares of CoreWeave from $56.00 to $65.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 19th. Arete Research raised shares of CoreWeave from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 21st. Citigroup raised CoreWeave from a “neutral” rating to a “buy” rating and set a $160.00 price target on the stock in a research note on Thursday, July 31st. Finally, Loop Capital started coverage on CoreWeave in a research note on Friday, September 19th. They issued a “buy” rating and a $165.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, twelve have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $131.79.

CoreWeave Price Performance

Shares of CoreWeave stock traded down $14.71 during trading on Tuesday, reaching $90.90. The company’s stock had a trading volume of 32,480,207 shares, compared to its average volume of 23,114,359. The business has a 50 day moving average price of $123.42 and a 200-day moving average price of $118.50. CoreWeave has a 12-month low of $33.51 and a 12-month high of $187.00. The company has a market capitalization of $44.41 billion and a P/E ratio of -79.74. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 2.79.

CoreWeave (NASDAQ:CRWV) last released its earnings results on Tuesday, August 12th. The company reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.07). The business had revenue of $1.21 million during the quarter. CoreWeave’s revenue for the quarter was up 206.7% compared to the same quarter last year.

Insider Buying and Selling

In related news, Director Jack D. Cogen sold 1,112,004 shares of CoreWeave stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $94.69, for a total transaction of $105,295,658.76. Following the completion of the transaction, the director directly owned 12,329,676 shares in the company, valued at $1,167,497,020.44. The trade was a 8.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Magnetar Financial Llc sold 1,451,063 shares of the company’s stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $125.60, for a total value of $182,253,512.80. Following the completion of the sale, the insider directly owned 363,631 shares in the company, valued at approximately $45,672,053.60. The trade was a 79.96% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 36,743,427 shares of company stock valued at $4,592,624,537.

Institutional Trading of CoreWeave

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRWV. Chelsea Counsel Co. purchased a new position in CoreWeave in the 2nd quarter valued at about $33,000. Family Legacy Financial Solutions LLC raised its position in shares of CoreWeave by 166.7% in the third quarter. Family Legacy Financial Solutions LLC now owns 200 shares of the company’s stock valued at $27,000 after buying an additional 125 shares during the last quarter. HighMark Wealth Management LLC acquired a new position in shares of CoreWeave in the third quarter valued at approximately $27,000. OLD Second National Bank of Aurora purchased a new position in shares of CoreWeave during the third quarter valued at approximately $27,000. Finally, Aspect Partners LLC acquired a new stake in CoreWeave during the third quarter worth approximately $28,000.

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.