Core Scientific (NASDAQ:CORZ) Stock Price Down 6% – Time to Sell?

Core Scientific, Inc. (NASDAQ:CORZ) fell 6% during mid-day trading on Monday . The stock traded as low as $11.21 and last traded at $11.15. 3,735,318 shares were traded during mid-day trading, a decline of 71% from the average session volume of 12,762,637 shares. The stock had previously closed at $11.86.

Analysts Set New Price Targets

A number of research firms have recently commented on CORZ. Citizens Jmp raised Core Scientific to a “strong-buy” rating and set a $15.00 target price on the stock in a research note on Thursday, May 22nd. HC Wainwright reiterated a “buy” rating and issued a $17.00 target price on shares of Core Scientific in a research note on Tuesday, March 11th. JMP Securities initiated coverage on Core Scientific in a research report on Thursday, May 22nd. They set a “market outperform” rating and a $15.00 target price for the company. Oppenheimer initiated coverage on shares of Core Scientific in a report on Wednesday, May 14th. They issued an “outperform” rating and a $15.00 price target on the stock. Finally, Needham & Company LLC raised their price target on shares of Core Scientific from $16.00 to $18.00 and gave the stock a “buy” rating in a research note on Tuesday, June 10th. Eighteen equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $18.44.

Core Scientific Stock Down 4.7%

The business’s 50 day moving average is $9.96 and its 200 day moving average is $11.11. The company has a market cap of $3.36 billion, a P/E ratio of -2.25 and a beta of 6.30.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.02. The company had revenue of $79.53 million during the quarter, compared to the consensus estimate of $92.04 million. The company’s revenue was down 55.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.78 earnings per share. As a group, equities research analysts forecast that Core Scientific, Inc. will post 0.52 EPS for the current year.

Insiders Place Their Bets

In other Core Scientific news, Director Yadin Rozov bought 110,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 28th. The shares were purchased at an average cost of $10.87 per share, for a total transaction of $1,195,700.00. Following the purchase, the director now directly owns 475,687 shares in the company, valued at $5,170,717.69. This represents a 30.08% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Todd M. Duchene sold 50,000 shares of the stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $12.31, for a total value of $615,500.00. Following the completion of the sale, the insider now owns 2,050,102 shares of the company’s stock, valued at approximately $25,236,755.62. This trade represents a 2.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Core Scientific

A number of institutional investors have recently bought and sold shares of the stock. Wellington Shields & Co. LLC acquired a new position in Core Scientific during the 4th quarter valued at approximately $26,000. First Horizon Advisors Inc. purchased a new stake in shares of Core Scientific during the fourth quarter valued at $34,000. State of Wyoming acquired a new position in shares of Core Scientific in the 1st quarter valued at $34,000. Emerald Mutual Fund Advisers Trust purchased a new position in Core Scientific in the 1st quarter worth $38,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in Core Scientific in the 1st quarter worth $50,000.

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.