Magnetar Financial LLC, a 10% owner of CoreWeave, sold approximately $247.2 million of Class A Common Stock.
The firm sold $213.8 million worth of shares on August 13. It offloaded an additional $33.4 million in stock on August 14. Transactions occurred at prices ranging from $107.75 to $115.61 per share.
These sales follow a 16% surge in CoreWeave’s stock price over the past week. The rally was driven by an August 11 earnings report revealing a record $104 billion revenue backlog. Several investment firms raised their price targets for the company following the announcement.