CoreWeave Inc (NASDAQ:CRWV) shares are pushing higher Tuesday as traders position ahead of the AI cloud infrastructure company’s second-quarter results, due after the close.
- CoreWeave shares are showing limited movement. What’s next for CRWV stock?
CoreWeave Heads Into Q2 Earnings After Strong Bookings In Q1
Wall Street is projecting a loss of $1.22 per share on revenue of $2.56 billion when results arrive after the bell, according to Benzinga Pro.
If CoreWeave can meet or exceed analyst estimates, the results would represent continued momentum from the first quarter when revenue reached roughly $2.08 billion, more than doubling from $982 million in the same period a year earlier.
Adjusted EBITDA came in at approximately $1.16 billion last quarter, and the company reported a 56% margin. CoreWeave also posted a net loss of $740 million, or $1.40 per share.
The company’s backlog may have drawn the most attention from investors when CoreWeave turned in first-quarter results. CoreWeave reported a backlog of $99.4 billion as of March 31, a figure CEO Michael Intrator said was the strongest bookings quarter in the company’s history. The company also surpassed 1 gigawatt of active power during the period and expanded total contracted power by more than 400 megawatts to over 3.5 gigawatts.
Notable customer developments included a new $21 billion commitment from Meta signed in March, a multi-year agreement with Anthropic to support its Claude family of AI models and expanded relationships with Cohere, Jane Street and Mistral. Nvidia separately closed a $2 billion common stock investment in CoreWeave during the quarter.
Intrator said last quarter that CoreWeave was built specifically for the current moment in AI, arguing that as the market shifts from training to inference, the company’s position between the models and the silicon becomes increasingly valuable.
From a technical perspective, CoreWeave is trading about 13% above its 20-day SMA ($78.86), which keeps the near-term trend pointed up, but it remains about 2% below the 50-day SMA ($91.36) and about 4% below the 200-day SMA ($93.30).
Options traders are pricing in a share price move of about 13.75% for CoreWeave after the report is released. If the move after earnings is higher, it would be enough to get CoreWeave above key moving averages and could kickstart a momentum run. RSI currently sits at 54.02, suggesting the stock isn’t stretched and still has room to move either way without flashing an overbought/oversold signal.
CoreWeave stock carries a consensus Buy rating with an average price target of $140.25 among analysts, suggesting significant potential upside from current levels.
CRWV Shares Are Climbing Into The Print
CRWV Price Action: CoreWeave shares were up 1.03% at $89.10 at the time of publication on Tuesday, according to Benzinga Pro.
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