TLDR
- CoreWeave (CRWV) fell 11.4% on Friday, hitting an intraday low of $71.67, down from a prior close of $81.10
- Both Jefferies and Citigroup downgraded the stock from Buy to Hold on Wednesday
- Q1 revenue grew 111.6% year over year to $2.08 billion, but EPS of -$1.40 missed estimates by $0.23
- Insiders have sold over 17 million shares worth nearly $2 billion in the last 90 days
- The stock still holds a Moderate Buy consensus with an average analyst price target of $136.25
CoreWeave (CRWV) dropped 11.4% on Friday, trading as low as $71.67 before closing around $71.88. The previous close was $81.10. Volume came in at roughly 25.2 million shares, slightly below the daily average of 28.2 million.
CoreWeave, Inc. Class A Common Stock, CRWV
The selloff followed a pair of analyst downgrades. Both Jefferies and Citigroup cut their ratings on CRWV from Buy to Hold on Wednesday. That shift in tone from two major banks added pressure to a stock that had already been pulling back from its 52-week high of $153.20.
Not everyone turned cautious. Roth Capital kept its Buy rating with a $150 price target. Rosenblatt held its Buy and maintained a $250 target. Robert W. Baird initiated coverage with an Outperform rating and a $100 target. Oppenheimer also raised its target from $140 to $150 with an Outperform.
The overall analyst picture is still mostly positive. Out of 37 analysts tracked by MarketBeat, one rates it Strong Buy, 21 have Buy, 14 have Hold, and one has Sell. The average price target sits at $136.25, well above where the stock is trading.
Earnings Miss Adds to the Pressure
CoreWeave last reported earnings on May 7th. Revenue for Q1 came in at $2.08 billion, up 111.6% from the same period last year. That’s an eye-catching growth number, but the bottom line told a different story.
EPS came in at -$1.40, missing the consensus estimate of -$1.17 by $0.23. Net margin was -25.57% and return on equity was -43.07%. Analysts currently expect full-year EPS of -$4.57.
The stock’s debt-to-equity ratio is 3.68. The quick ratio and current ratio both sit at 0.31, suggesting limited short-term liquidity. The 50-day moving average is $97.75 and the 200-day is $95.47, both well above current levels.
Insider Sales Draw Attention
Insider selling has been a recurring headline. CEO Michael Intrator sold 61,797 shares on July 8th at an average price of $86.94, a transaction worth around $5.37 million. That sale was executed under a pre-arranged Rule 10b5-1 plan.
Insider Brian Venturo sold 76,912 shares on July 1st at $86.99, totalling $6.69 million. That represented a 21.31% reduction in his position.
Over the last 90 days, insiders have sold a combined 17,070,099 shares valued at approximately $1.98 billion. Insiders still own about 24.2% of the company.
On the institutional side, Capula Management increased its CoreWeave position by 62% in Q1, picking up 18,679 additional shares for a total of 48,804 shares worth around $3.78 million. Several smaller funds also added new or expanded positions during the same period.
CRWV’s 52-week low is $63.80. With the stock now trading in the low $70s, it is closer to that floor than to the average analyst target of $136.25.
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