Core Scientific (NASDAQ:CORZ) Trading Down 8.4% – Time to Sell?

Shares of Core Scientific, Inc. (NASDAQ:CORZ) dropped 8.4% during trading on Wednesday . The company traded as low as $23.51 and last traded at $23.4380. Approximately 3,060,439 shares changed hands during trading, a decline of 76% from the average session volume of 12,724,052 shares. The stock had previously closed at $25.59.

Analysts Set New Price Targets

A number of research analysts recently weighed in on CORZ shares. Cantor Fitzgerald raised their price target on shares of Core Scientific from $25.00 to $29.00 and gave the company an “overweight” rating in a research note on Thursday, April 9th. Sanford C. Bernstein reissued an “outperform” rating and set a $32.00 target price on shares of Core Scientific in a report on Wednesday, June 3rd. Loop Capital set a $40.00 target price on Core Scientific in a research report on Friday, June 12th. Lucid Cap Mkts raised Core Scientific to a “strong-buy” rating in a research note on Friday, June 12th. Finally, B. Riley Financial boosted their price target on Core Scientific from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Wednesday, May 27th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $29.78.

Core Scientific Stock Performance

The company has a market cap of $7.67 billion, a PE ratio of -21.08 and a beta of 5.49. The firm’s 50 day moving average is $25.17 and its 200-day moving average is $19.79.

Core Scientific (NASDAQ:CORZ) last released its earnings results on Wednesday, May 6th. The company reported ($1.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($1.04). The business had revenue of $115.24 million for the quarter, compared to analyst estimates of $117.04 million. Core Scientific’s quarterly revenue was up 44.9% on a year-over-year basis. During the same quarter last year, the business earned $1.25 earnings per share. On average, analysts predict that Core Scientific, Inc. will post 0.08 EPS for the current year.

Insider Buying and Selling

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the business’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $29.29, for a total transaction of $292,900.00. Following the transaction, the insider owned 2,048,895 shares of the company’s stock, valued at approximately $60,012,134.55. The trade was a 0.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold a total of 80,000 shares of company stock worth $1,886,700 in the last quarter. Company insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Core Scientific by 18.7% during the fourth quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock worth $494,462,000 after buying an additional 5,359,710 shares during the period. FNY Investment Advisers LLC purchased a new stake in shares of Core Scientific in the 4th quarter valued at $1,252,000. Kintayl Capital LP acquired a new position in Core Scientific during the 3rd quarter worth about $10,227,000. Nations Financial Group Inc. IA ADV purchased a new position in Core Scientific during the 4th quarter valued at about $2,980,000. Finally, Jennison Associates LLC purchased a new position in Core Scientific during the 4th quarter valued at about $14,075,000.

Core Scientific Company Profile

Core Scientific, Inc (NASDAQ: CORZ) is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific’s service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.