Core Scientific (NASDAQ:CORZ) Stock Price Down 10.7% – Should You Sell?

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price was down 10.7% on Monday . The stock traded as low as $9.63 and last traded at $9.64. Approximately 7,307,457 shares traded hands during mid-day trading, a decline of 31% from the average daily volume of 10,515,877 shares. The stock had previously closed at $10.80.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on CORZ shares. Roth Capital raised Core Scientific to a “strong-buy” rating in a research note on Thursday, November 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Core Scientific in a research note on Friday, January 17th. Keefe, Bruyette & Woods initiated coverage on Core Scientific in a research note on Monday, January 27th. They issued an “outperform” rating and a $22.00 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 research report on Thursday, November 7th. Finally, HC Wainwright increased their target price on Core Scientific from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Fifteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Core Scientific currently has an average rating of “Buy” and a consensus price target of $19.07.

Core Scientific Price Performance

The company has a market capitalization of $2.80 billion and a P/E ratio of -1.85. The stock has a 50-day moving average price of $13.43 and a 200-day moving average price of $13.30.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings data 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. Sell-side analysts anticipate that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Adam Taylor Sullivan sold 88,380 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total transaction of $1,258,531.20. Following the completion of the sale, the chief executive officer now owns 4,128,505 shares of the company’s stock, valued at $58,789,911.20. This trade represents a 2.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Todd M. Duchene sold 25,277 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $16.24, for a total value of $410,498.48. Following the sale, the insider now directly owns 2,023,423 shares of the company’s stock, valued at $32,860,389.52. This represents a 1.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 614,032 shares of company stock valued at $9,534,916 over the last 90 days. Company insiders own 32.00% of the company’s stock.

Institutional Investors Weigh In On Core Scientific

Several large investors have recently added to or reduced their stakes in CORZ. Vanguard Group Inc. increased its holdings in shares of Core Scientific by 54.3% during the fourth quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company’s stock valued at $272,270,000 after acquiring an additional 6,819,406 shares in the last quarter. Beryl Capital Management LLC grew its position in Core Scientific by 24.3% in the 4th quarter. Beryl Capital Management LLC now owns 18,179,586 shares of the company’s stock valued at $255,423,000 after purchasing an additional 3,548,396 shares during the period. Driehaus Capital Management LLC increased its stake in Core Scientific by 112.1% during the 4th quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company’s stock valued at $144,212,000 after purchasing an additional 5,424,901 shares in the last quarter. ORG Wealth Partners LLC raised its holdings in Core Scientific by 0.3% during the fourth quarter. ORG Wealth Partners LLC now owns 8,986,651 shares of the company’s stock worth $126,262,000 after buying an additional 26,649 shares during the last quarter. Finally, FMR LLC raised its holdings in Core Scientific by 2,937.7% during the fourth quarter. FMR LLC now owns 7,436,229 shares of the company’s stock worth $104,479,000 after buying an additional 7,191,428 shares during the last quarter.

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.