Core Scientific (NASDAQ:CORZ) Shares Down 6% – Here’s Why

Core Scientific, Inc. (NASDAQ:CORZ)’s share price dropped 6% on Tuesday . The company traded as low as $8.27 and last traded at $8.24. Approximately 4,285,714 shares were traded during trading, a decline of 60% from the average daily volume of 10,834,599 shares. The stock had previously closed at $8.76.

Analysts Set New Price Targets

CORZ has been the subject of a number of recent research reports. Compass Point decreased their target price on Core Scientific from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, February 25th. Keefe, Bruyette & Woods initiated coverage on Core Scientific in a research report on Monday, January 27th. They set an “outperform” rating and a $22.00 price objective for the company. Needham & Company LLC reduced their target price on shares of Core Scientific from $18.00 to $17.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. HC Wainwright reiterated a “buy” rating and set a $17.00 price target on shares of Core Scientific in a report on Tuesday, March 11th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $17.00 target price on shares of Core Scientific in a report on Wednesday, March 12th. Fifteen research 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, the stock currently has an average rating of “Buy” and a consensus price target of $19.07.

Core Scientific Stock Performance

The company has a market capitalization of $2.42 billion, a PE ratio of -1.52 and a beta of 6.83. The company’s 50-day simple moving average is $11.95 and its 200-day simple moving average is $13.23.

Core Scientific (NASDAQ:CORZ) last released 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 for the quarter, compared to analysts’ expectations of $97.07 million. Analysts expect that Core Scientific, Inc. will post 0.52 EPS for the current year.

Insider Activity

In other Core Scientific news, insider Todd M. Duchene sold 25,277 shares of Core Scientific 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 owns 2,023,423 shares of the company’s stock, valued at approximately $32,860,389.52. The trade was a 1.23 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Adam Taylor Sullivan sold 369,712 shares of the 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 $6,004,122.88. Following the transaction, the chief executive officer now directly owns 3,758,793 shares of the company’s stock, valued at approximately $61,042,798.32. This trade represents a 8.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 748,282 shares of company stock valued at $10,978,104. Company insiders own 32.00% of the company’s stock.

Institutional Investors Weigh In On Core Scientific

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