CoreWeave extends decline as IPO lock-up expiration looms

Shares of CoreWeave CRWV.O falling another 13% to $102.22 on Thurs as the IPO lock-up period is due to cease after the bell

Early investors and co insiders will be able to sell their shares for the first time since cloud computing co's Mar IPO beginning on Fri, Aug 15. About 84% of CRWV's Class A shares outstanding, or roughly 300 mln shares, will become eligible for sale, per the offering prospectus

On Wed, CRWV shares shed ~21% after the Nvidia-backed NVDA.O co posted a bigger-than-expected loss, raising doubts about its ability to keep costs under check amid robust AI demand

Sometimes, a stock can be volatile and come under pressure as the lock-up expiration nears, especially given a limited public float of shares

Even with the latest decline, CRWV shares are well above their $40 IPO price. The shares hit intraday peak of $187 on Jun 20

Of 24 analysts covering CRWV, recommendation breakdown is 5 "strong buy" or "buy", 16 "hold" and 3 "sell" ratings, according to LSEG data

Median PT of $120 is up from $72.22 a month ago