Rockefeller Capital Management L.P. has made a significant investment in CoreWeave Inc., acquiring a total of 49,239 shares during the second quarter of 2023. The transaction, disclosed to the Securities and Exchange Commission, is valued at approximately $8,029,000. This move highlights growing interest in CoreWeave, a company that provides advanced AI computing solutions.
Several other institutional investors have also taken positions in CoreWeave recently. Chelsea Counsel Co. purchased shares worth around $33,000, while Chilton Capital Management LLC invested $39,000. Montag A & Associates Inc. acquired a stake valued at $49,000, and SOA Wealth Advisors LLC significantly increased its holdings by 275.0%, now owning 375 shares worth $61,000. Additionally, Atlantic Union Bankshares Corp. entered the market with a new stake valued at $61,000.
CoreWeave’s Stock Performance and Recent Sales
On November 11, 2023, CoreWeave’s stock opened at $69.21, following a decline of 7.6%. The company has a market capitalization of $26.74 billion, with a price-to-earnings ratio of -47.73. CoreWeave’s share price has fluctuated significantly, with a fifty-two week low of $33.51 and a high of $187.00. The firm’s current ratios indicate a quick ratio and current ratio of 0.49, alongside a debt-to-equity ratio of 2.66.
In addition to institutional investments, there have been notable insider transactions. Senior Vice President Chen Goldberg sold 13,740 shares on November 11, with the transaction valued at approximately $1,247,454.60. Following this sale, Goldberg retains 23,344 shares in CoreWeave, valued at about $2,119,401.76. Another significant sale involved insider Brian M. Venturo, who divested 281,250 shares at an average price of $87.57, totalling $24,629,062.50. In total, insiders have sold 33,595,006 shares valued at over $4.28 billion in the last 90 days.
Analysts’ Perspectives on CoreWeave
Market analysts are taking a closer look at CoreWeave’s performance and future potential. Recently, Barclays adjusted its target price from $140.00 to $120.00, maintaining an “equal weight” rating. Jefferies Financial Group also revised its target from $180.00 to $155.00 while continuing to recommend a “buy” rating. In contrast, DA Davidson issued a “underperform” rating with a target price of $36.00.
Mizuho has cut its price target from $150.00 to $120.00, setting a “neutral” rating. Evercore ISI also decreased its target from $175.00 to $160.00, while maintaining an “outperform” rating. As it stands, two analysts have rated CoreWeave as a Strong Buy, while sixteen analysts suggest a Buy rating, and twelve recommend holding the stock. Three analysts have issued a Sell rating, resulting in an average rating of “Moderate Buy” and a consensus target price of $130.14.
Founded in September 2017 by Michael Intrator, Brian Venturo, and Brannin McBee, CoreWeave is headquartered in Livingston, New Jersey. The company specializes in creating and delivering AI computing solutions, catering to a diverse range of clients from large enterprises to emerging startups. As interest in AI technology continues to grow, CoreWeave remains a prominent player in this rapidly evolving sector.
