Core Scientific (NASDAQ:CORZ) Trading Down 12.3% – Should You Sell?

Core Scientific, Inc. (NASDAQ:CORZ)’s share price traded down 12.3% on Monday . The stock traded as low as $6.94 and last traded at $6.83. 13,864,481 shares changed hands during 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 Analyst Weigh In

CORZ has been the subject of several research reports. BTIG Research upped their target price on Core Scientific from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Compass Point lowered their target price on shares of Core Scientific from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, February 25th. HC Wainwright reiterated a “buy” rating and set a $17.00 price objective on shares of Core Scientific in a report on Thursday, February 27th. Roth Mkm began coverage on Core Scientific in a research report on Friday, November 15th. They set a “buy” rating and a $25.50 target price on the stock. Finally, Needham & Company LLC decreased their price target on Core Scientific from $18.00 to $17.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. Fifteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Core Scientific presently has an average rating of “Buy” and a consensus target price of $19.07.

Core Scientific Stock Up 3.0 %

The stock has a market cap of $2.36 billion, a price-to-earnings ratio of -1.48 and a beta of 6.83. The stock’s 50 day moving average price is $12.65 and its two-hundred day moving average price is $13.30.

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

Insider Buying and Selling

In other news, Director Todd A. Becker sold 134,250 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $10.75, for a total transaction of $1,443,187.50. Following the sale, the director now directly owns 195,687 shares of the company’s stock, valued at $2,103,635.25. This represents a 40.69 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Jordan Levy bought 62,500 shares of the company’s stock in a transaction dated Thursday, March 6th. The shares were acquired at an average price 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. This trade 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 over the last ninety days. Company insiders own 32.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in CORZ. CWA Asset Management Group LLC purchased a new stake in shares of Core Scientific during the third quarter worth approximately $890,000. Victory Capital Management Inc. increased its position in Core Scientific by 41.5% during the third quarter. Victory Capital Management Inc. now owns 26,633 shares of the company’s stock worth $316,000 after purchasing an additional 7,814 shares during the last quarter. Regal Partners Ltd boosted its holdings in Core Scientific by 71.5% in the 3rd quarter. Regal Partners Ltd now owns 996,551 shares of the company’s stock valued at $11,819,000 after purchasing an additional 415,363 shares during the last quarter. Natixis Advisors LLC purchased a new stake in shares of Core Scientific during the 3rd quarter valued at approximately $252,000. Finally, Intech Investment Management LLC acquired a new position in Core Scientific in the third quarter valued at approximately $315,000.

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.