Core Scientific (NASDAQ:CORZ) Trading Down 4.2% – Here’s Why

Core Scientific, Inc. (NASDAQ:CORZ) fell 4.2% during trading on Tuesday . The company traded as low as $8.88 and last traded at $8.92. 3,668,244 shares were traded during 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 analysts recently issued reports on CORZ shares. Cantor Fitzgerald reduced their price objective on shares of Core Scientific from $24.00 to $21.00 and set an “overweight” rating on the stock in a research note on Thursday, February 27th. Keefe, Bruyette & Woods initiated coverage on shares of Core Scientific in a research report on Monday, January 27th. They issued an “outperform” rating and a $22.00 target price on the stock. BTIG Research boosted their price objective on shares of Core Scientific from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, December 16th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $17.00 target price on shares of Core Scientific in a research report on Wednesday, March 12th. Finally, Craig Hallum initiated coverage on Core Scientific in a research report on Tuesday, January 21st. They set a “buy” rating and a $24.00 price target for the company. Fifteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $19.07.

Core Scientific Price Performance

The business has a fifty day moving average of $11.17 and a 200 day moving average of $13.13. The stock has a market cap of $2.32 billion, a PE ratio of -1.46 and a beta of 6.83.

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

Insider Activity at Core Scientific

In other Core Scientific news, insider Todd M. Duchene sold 25,277 shares of the firm’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $16.24, for a total value of $410,498.48. Following the transaction, the insider now owns 2,023,423 shares of the company’s stock, valued at $32,860,389.52. This trade represents a 1.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Adam Taylor Sullivan sold 369,712 shares of the business’s stock in a transaction that occurred 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 owns 3,758,793 shares of the company’s stock, valued at $61,042,798.32. This represents a 8.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 748,282 shares of company stock valued at $10,978,104 over the last three months. 32.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Wellington Shields & Co. LLC acquired a new position in shares of Core Scientific during the fourth quarter valued at $26,000. First Horizon Advisors Inc. bought a new stake in shares of Core Scientific during the 4th quarter worth about $34,000. Newbridge Financial Services Group Inc. acquired a new stake in shares of Core Scientific in the 4th quarter worth approximately $42,000. Vestcor Inc bought a new position in shares of Core Scientific in the fourth quarter valued at approximately $66,000. Finally, US Bancorp DE acquired a new position in shares of Core Scientific during the fourth quarter valued at approximately $99,000.

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.