The stock of artificial intelligence (AI) data center operator CoreWeave (CRWV) is down 6% on March 30 after it was disclosed that CEO Michael Intrator has sold millions of dollars’ worth of company stock.
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New trading tool for CRWV bullsA filing with the U.S. Securities and Exchange Commission (SEC) shows that Intrator sold 42,693 shares of CRWV stock on March 25 for proceeds of $7.2 million. The sales occurred at prices ranging from $85.59 to $88.25 per share, according to the SEC report.
The latest stock sales were undertaken using a pre-arranged Rule 10b5-1 trading plan that is used to prevent the appearance of company insiders benefitting from insider information at companies where they work.
Intrator’s CRWV Stock Holdings
Following the latest stock sales, Intrator continues to own 5,666,501 shares of CRWV stock that’s currently valued at nearly $400 million. The latest sale by Intrator comes amid volatility for CoreWeave’s stock, which has dropped nearly 50% over the past six months.
Still, CRWV stock remains up 90% over the last 12 months following a bull run last summer. The company carries a market capitalization of $36 billion and its share price has both benefitted from hype surrounding the AI buildout and hurt by fears that the money being spent on the technology is too much.
Is CRWV Stock a Buy?
CoreWeave’s stock has a consensus Moderate Buy rating among 23 Wall Street analysts. That rating is based on 13 Buy, nine Hold, and one Sell recommendations issued in the last three months. The average CRWV price target of $112.81 implies 62% upside from current levels.
