Core Scientific (NASDAQ:CORZ) Shares Down 6% – Here’s Why

Core Scientific, Inc. (NASDAQ:CORZ)’s share price traded down 6% on Tuesday . The stock traded as low as $8.27 and last traded at $8.24. 4,285,714 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 10,834,599 shares. The stock had previously closed at $8.76.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CORZ. Cantor Fitzgerald decreased their price objective on shares of Core Scientific from $24.00 to $21.00 and set an “overweight” rating on the stock in a report on Thursday, February 27th. Craig Hallum began coverage on shares of Core Scientific in a report on Tuesday, January 21st. They issued a “buy” rating and a $24.00 price objective on the stock. Keefe, Bruyette & Woods began coverage on shares of Core Scientific in a report on Monday, January 27th. They issued an “outperform” rating and a $22.00 price objective on the stock. Compass Point decreased their price objective on shares of Core Scientific from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, February 25th. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $17.00 price objective on shares of Core Scientific in a report on Wednesday, March 12th. Fifteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $19.07.

Core Scientific Trading Up 8.2 %

The stock’s fifty day moving average price is $11.72 and its two-hundred day moving average price is $13.18. The firm has a market capitalization of $2.55 billion, a price-to-earnings ratio of -1.60 and a beta of 6.83.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings data on Wednesday, February 26th. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.09. The firm had revenue of $94.93 million during the quarter, compared to analyst estimates of $97.07 million. Analysts anticipate that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

Insider Activity at Core Scientific

In related news, CEO Adam Taylor Sullivan sold 369,712 shares of the stock in a transaction on Friday, January 24th. The shares were sold at an average price of $16.24, for a total value 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. This trade represents a 8.96 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Jordan Levy bought 62,500 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The stock was bought at an average cost of $8.01 per share, for a total transaction of $500,625.00. Following the completion of the transaction, the director now directly owns 306,887 shares in the company, valued at approximately $2,458,164.87. The trade was a 25.57 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 748,282 shares of company stock valued at $10,978,104 in the last ninety days. Insiders own 32.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of Core Scientific by 54.3% in the 4th quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company’s stock valued at $272,270,000 after buying an additional 6,819,406 shares during the last quarter. Beryl Capital Management LLC grew its position in Core Scientific by 24.3% during the 4th quarter. Beryl Capital Management LLC now owns 18,179,586 shares of the company’s stock worth $255,423,000 after purchasing an additional 3,548,396 shares during the last quarter. Driehaus Capital Management LLC grew its position in Core Scientific by 112.1% during the 4th quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company’s stock worth $144,212,000 after purchasing an additional 5,424,901 shares during the last quarter. ORG Wealth Partners LLC grew its position in Core Scientific by 0.3% during the 4th quarter. ORG Wealth Partners LLC now owns 8,986,651 shares of the company’s stock worth $126,262,000 after purchasing an additional 26,649 shares during the last quarter. Finally, FMR LLC grew its position in Core Scientific by 2,937.7% during the 4th quarter. FMR LLC now owns 7,436,229 shares of the company’s stock worth $104,479,000 after purchasing an additional 7,191,428 shares during the last quarter.

About Core Scientific

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.