CoreWeave (NASDAQ:CRWV) stock is bearing the brunt of the AI-driven selloff today, with Mizuho trimming its price target to $88 from $115 on mounting debt and funding concerns. Rising interest rate expectations and hotter-than-expected producer price index data are also weighing on tech stocks today.
CoreWeave stock is heading for a fourth-straight loss, and is poised to test its 52-week low of $60.56 from July 29. The shares are down 51% heading into today, sending their 14-Day Relative Strength Index (RSI) down to 27.6.
With 24 of the 37 brokerages maintaining "buy" or better ratings and the consensus 12-month price target of $142.25 a 123% premium from last night's closing perch, more bear notes could add pressure to the equity.
At least puts are more popular than usual. The stock's 10-day put/call volume ratio of 0.75 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), sits in the 94th percentile of its annual range. While calls are still outflanking puts on an absolute basis, the high percentile hints at a healthier-than-usual appetite for bearish bets of late.
