Magnetar Financial LLC sold 209,157 CoreWeave shares on Friday, May 1, in a move that cut its direct stake in the cloud infrastructure company by 21.91%. The shares fetched an average of $119.91 apiece, bringing in $25,080,015.87 and leaving Magnetar with 745,638 shares valued at about $89,409,452.58.
The latest sale was only part of a broader stretch of trading by the firm. Magnetar also sold 1,284,876 shares on the same day, adding to a string of dispositions that included 6,564 shares on Thursday, April 30; 2,770 shares on Friday, April 24; 296,160 shares on Thursday, April 23; and three separate sales on Wednesday, April 22 totaling more than 2.4 million shares. Earlier in the month, it sold 2,604,094 shares on April 15, 319,835 shares on April 20 and 323,452 shares on April 21.
CoreWeave opened at $119.01 on Monday, near the level Magnetar received for its latest sales. The stock has ranged from $45.80 to $187.00 over the past year and carried a market capitalization of $52.72 billion, with a beta of 7.84. For investors tracking crwv stock, that backdrop underscores how sharply the shares have moved even as a major holder has continued to reduce exposure.
The filings matter because Magnetar Financial LLC is a major shareholder, and holders with at least 10% of a company’s stock must disclose transactions with the Securities and Exchange Commission. CoreWeave’s most recent quarterly report, released on Thursday, February 26, showed a loss of $0.89 per share, wider than the consensus estimate of a $0.61 loss, on revenue of $1.57 billion. Revenue rose 110.4% from a year earlier, but the stock’s recent trading and Magnetar’s repeated sales show that strong growth has not been enough to keep all investors on board.
The question now is whether more selling follows after this run of disposals, or whether Magnetar’s latest cut marks a pause after reducing a position that still remains worth close to $90 million.