Core Scientific (NASDAQ:CORZ) Trading Down 12.3% – What’s Next?

Shares of Core Scientific, Inc. (NASDAQ:CORZ) fell 12.3% during mid-day trading on Monday . The stock traded as low as $6.94 and last traded at $6.83. 13,864,481 shares changed hands during mid-day trading, an increase of 31% from the average session volume of 10,556,390 shares. The stock had previously closed at $7.78.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CORZ. Macquarie lifted their target price on Core Scientific from $16.00 to $19.00 and gave the stock an “outperform” rating in a report on Thursday, November 14th. Cantor Fitzgerald dropped their price objective on Core Scientific from $24.00 to $21.00 and set an “overweight” rating on the stock in a research report on Thursday, February 27th. Compass Point decreased their target price on Core Scientific from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, February 25th. Craig Hallum initiated coverage on shares of Core Scientific in a report on Tuesday, January 21st. They set a “buy” rating and a $24.00 price target on the stock. Finally, BTIG Research boosted their price objective on shares of Core Scientific from $19.00 to $20.00 and gave the company a “buy” rating in a report on Monday, December 16th. Fifteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $19.07.

Core Scientific Price Performance

The business has a 50-day simple moving average of $12.65 and a 200 day simple moving average of $13.30. The firm has a market cap of $2.36 billion, a PE ratio of -1.48 and a beta of 6.83.

Core Scientific (NASDAQ:CORZ) last released its earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.09. The firm had revenue of $94.93 million during the quarter, compared to analysts’ expectations of $97.07 million. On average, equities analysts forecast that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

Insider Activity at Core Scientific

In other Core Scientific news, Director Todd A. Becker sold 134,250 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $10.75, for a total value of $1,443,187.50. Following the completion of the transaction, the director now directly owns 195,687 shares in the company, valued at $2,103,635.25. This represents a 40.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Adam Taylor Sullivan sold 369,712 shares of the firm’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $16.24, for a total transaction of $6,004,122.88. Following the transaction, the chief executive officer now directly owns 3,758,793 shares of the company’s stock, valued at $61,042,798.32. The trade was a 8.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 748,282 shares of company stock worth $10,978,104. 32.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Core Scientific

Several large investors have recently made changes to their positions in CORZ. Wellington Shields & Co. LLC bought a new position in Core Scientific during the fourth quarter valued at $26,000. First Horizon Advisors Inc. bought a new position in Core Scientific during the 4th quarter valued at about $34,000. Newbridge Financial Services Group Inc. purchased a new stake in Core Scientific in the 4th quarter worth about $42,000. Vestcor Inc bought a new stake in Core Scientific in the fourth quarter worth about $66,000. Finally, US Bancorp DE purchased a new position in shares of Core Scientific during the fourth quarter valued at approximately $99,000.

Core Scientific Company Profile

Core Scientific, Inc provides digital asset mining services in North America. It operates through two segments, Mining and Hosting. The company offers blockchain infrastructure, software solutions, and services; and operates data center mining facilities. It also mines digital assets for its own account; and provides hosting services for other large bitcoin miners, which include deployment, monitoring, trouble shooting, optimization, and maintenance of its customers' digital asset mining equipment.