Core Scientific (NASDAQ:CORZ) Stock Price Down 4.2% – What’s Next?

Core Scientific, Inc. (NASDAQ:CORZ)’s share price traded down 4.2% during mid-day trading on Tuesday . The stock traded as low as $8.88 and last traded at $8.92. 3,668,244 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 11,087,260 shares. The stock had previously closed at $9.31.

Analyst Ratings Changes

Several equities research analysts recently commented on CORZ shares. HC Wainwright reiterated a “buy” rating and set a $17.00 price target on shares of Core Scientific in a research note on Tuesday, March 11th. Cantor Fitzgerald cut their target price 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 reduced their target price on Core Scientific from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, February 25th. Craig Hallum started coverage on Core Scientific in a research note on Tuesday, January 21st. They set a “buy” rating and a $24.00 price target on the stock. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $17.00 price objective on shares of Core Scientific in a research note on Wednesday, March 12th. Fifteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $19.07.

Core Scientific Price Performance

The stock’s 50-day moving average is $11.17 and its 200 day moving average is $13.13. The stock has a market cap of $2.32 billion, a price-to-earnings ratio of -1.46 and a beta of 6.83.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings results on Wednesday, February 26th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.09. The business 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 EPS for the current year.

Insider Transactions at Core Scientific

In other news, CEO Adam Taylor Sullivan sold 369,712 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $16.24, for a total transaction of $6,004,122.88. Following the sale, the chief executive officer now 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jordan Levy acquired 62,500 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The stock was purchased at an average cost of $8.01 per share, with a total value of $500,625.00. Following the completion of the purchase, the director now directly owns 306,887 shares in the company, valued at $2,458,164.87. This represents a 25.57 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 748,282 shares of company stock valued at $10,978,104 in the last ninety days. 32.00% of the stock is currently owned by company insiders.

Institutional Trading of Core Scientific

Institutional investors have recently bought and sold shares of the company. Victory Capital Management Inc. boosted its position in shares of Core Scientific by 41.5% in the 3rd quarter. Victory Capital Management Inc. now owns 26,633 shares of the company’s stock worth $316,000 after buying an additional 7,814 shares in the last quarter. Natixis Advisors LLC purchased a new stake in shares of Core Scientific in the third quarter valued at about $252,000. Intech Investment Management LLC acquired a new stake in shares of Core Scientific in the third quarter valued at approximately $315,000. Charles Schwab Investment Management Inc. raised its position in shares of Core Scientific by 44.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,932,462 shares of the company’s stock worth $22,919,000 after purchasing an additional 590,946 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd grew its holdings in Core Scientific by 48.8% during the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 34,786 shares of the company’s stock valued at $413,000 after buying an additional 11,412 shares during the last quarter.

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.