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

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price traded down 4.2% during mid-day 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 brokerages recently issued reports on CORZ. Compass Point reduced their price objective on shares of Core Scientific from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, February 25th. Cantor Fitzgerald reduced their price target 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. Craig Hallum initiated coverage on shares of Core Scientific in a report on Tuesday, January 21st. They issued a “buy” rating and a $24.00 price objective on the stock. Canaccord Genuity Group reiterated a “buy” rating and issued a $17.00 target price on shares of Core Scientific in a report on Wednesday, March 12th. Finally, Keefe, Bruyette & Woods started coverage on Core Scientific in a research note on Monday, January 27th. They set an “outperform” rating and a $22.00 price target on the stock. Fifteen equities 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 company presently has a consensus rating of “Buy” and an average price target of $19.07.

Core Scientific Price Performance

The business’s 50 day moving average is $11.41 and its 200-day moving average is $13.18. The company has a market cap of $2.57 billion, a PE ratio of -1.61 and a beta of 6.83.

Core Scientific (NASDAQ:CORZ) last issued its earnings results on Wednesday, February 26th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.09. The firm had revenue of $94.93 million for the quarter, compared to analyst estimates of $97.07 million. As a group, sell-side analysts predict that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Insider Activity

In related news, Director Jordan Levy bought 62,500 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The shares were purchased at an average cost of $8.01 per share, with a total value of $500,625.00. Following the transaction, the director now directly owns 306,887 shares of the company’s stock, valued at approximately $2,458,164.87. This represents a 25.57 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Todd M. Duchene sold 129,861 shares of Core Scientific stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total transaction of $1,849,220.64. Following the sale, the insider now owns 2,051,649 shares in the company, valued at $29,215,481.76. This represents a 5.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 748,282 shares of company stock worth $10,978,104. 32.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Core Scientific

Several hedge funds have recently made changes to their positions in the company. Wellington Shields & Co. LLC acquired a new stake in shares of Core Scientific in the 4th quarter valued at about $26,000. First Horizon Advisors Inc. acquired a new stake in shares of Core Scientific in the fourth quarter valued at approximately $34,000. Newbridge Financial Services Group Inc. purchased a new position in shares of Core Scientific during the fourth quarter worth approximately $42,000. Vestcor Inc acquired a new position in shares of Core Scientific in the 4th quarter valued at $66,000. Finally, US Bancorp DE purchased a new stake in Core Scientific in the 4th quarter valued at $99,000.

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.