CRWV heads into its June 8 earnings call with options traders turning notably more optimistic — even as directors accelerate selling and short interest ticks back up after last week's retreat.
The sharpest signal this week is in options. Call activity has overtaken puts by a wide margin, pushing the put/call ratio to 0.72 — more than two standard deviations below its 20-day average of 0.81. That's the most bullish options skew CRWV has seen in weeks, and it arrives as the stock trades at $119.27 after a 4.4% pullback on Tuesday despite a 12.6% weekly gain. The 52-week low on the PCR is 0.56, so there's still room for sentiment to run further in that direction, but the current reading is already well into bullish territory relative to recent norms.
Short interest paints a more mixed picture. The previous note flagged a retreat from around 20% of the float in mid-May to 16.5% by June 1 — that covering trend has stalled. SI nudged up 2.4% in a single session to 13.6% of the free float as of June 2, edging back above the level cited yesterday. The borrow market tells a different story: cost to borrow has dropped sharply, falling 29% on the week to just 0.38% — barely above the rate floor — and availability has tightened from around 850% to 608%, a meaningful move but still well into loose territory. There is no squeeze dynamic here. Shorts who remain positioned are doing so cheaply, and the borrow pool is far from exhausted.
Analyst opinion is broadly constructive but divided on conviction. BNP Paribas just initiated with an Outperform and a $192 target — the most bullish call on the Street. Citi and Cantor have both nudged targets higher (to $158 and $167 respectively) while maintaining positive ratings. Against that, JP Morgan sits at Neutral with a $105 target — well below the current price — and DA Davidson downgraded to Neutral last month, cutting its target from $175 to $100. The mean target is $140, implying roughly 17% upside from current levels, though the range from $100 to $192 reflects genuine disagreement about the speed of CoreWeave's path to profitability. The bull case centres on AI infrastructure demand, sold-out capacity, and a growing backlog of contracted power. Bears point to rising input costs, margin pressure flagged in the Q2 guidance, and multi-year contracts that may not have priced in higher memory costs.
Insider activity is worth watching closely. Director Jack Cogen sold roughly $90 million worth of stock across multiple tranches on May 28–29 alone. Co-founder and Chief Strategy Officer Brian Venturo added a small sale on May 27. The net 90-day figure is nominally positive at around $116 million, but that reflects the timing and scale of earlier transactions — the recent direction is clearly one-way selling. CEO Michael Intrator and co-founders remain the largest individual holders, but Cogen's holdings have been trimmed materially, from around 15.3 million shares to 13.6 million as of his last reported date. Post-IPO lock-up dynamics likely explain some of this, but the size and clustering of the activity just before earnings is a data point worth noting.
The earnings history adds useful context. CRWV's only comparable post-IPO earnings event — the May 7 Q1 print — saw the stock fall 17.3% the day after results, and it held those losses over the following five days. That was a significant negative reaction, though the stock has since more than recovered. With options traders now leaning bullish and short sellers covering into the event, the setup going into June 8 is materially different from the cautious positioning that preceded May's print — what to watch is whether Q2 guidance on margins and contracted backlog is enough to hold the options-driven optimism in place.
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