Core Scientific (NASDAQ:CORZ) Trading Down 12.3% – What’s Next?

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 mid-day trading, an increase of 31% from the average session volume of 10,556,390 shares. The stock had previously closed at $7.78.

Analysts Set New Price Targets

Several research firms have recently commented on CORZ. HC Wainwright restated a “buy” rating and set a $17.00 price target on shares of Core Scientific in a report on Tuesday. Needham & Company LLC dropped their target price on Core Scientific from $18.00 to $17.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Cantor Fitzgerald cut their price target on Core Scientific from $24.00 to $21.00 and set an “overweight” rating for the company in a research note on Thursday, February 27th. Craig Hallum began coverage on Core Scientific in a research note on Tuesday, January 21st. They issued a “buy” rating and a $24.00 price target for the company. Finally, Roth Capital raised shares of Core Scientific to a “strong-buy” rating in a research report on Thursday, November 14th. Fifteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $19.07.

Core Scientific Trading Up 3.7 %

The stock has a market cap of $2.63 billion, a P/E ratio of -1.65 and a beta of 6.83. The firm has a 50-day simple moving average of $12.43 and a two-hundred day simple moving average of $13.27.

Core Scientific (NASDAQ:CORZ) last announced its 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 business had revenue of $94.93 million for the quarter, compared to analyst estimates of $97.07 million. Sell-side analysts predict that Core Scientific, Inc. will post 0.52 earnings per share for the current year.

Insider Activity

In related news, CEO Adam Taylor Sullivan sold 369,712 shares of the business’s stock in a transaction 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 sale, the chief executive officer now owns 3,758,793 shares of the company’s stock, valued at $61,042,798.32. The trade was a 8.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Todd M. Duchene sold 129,861 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $14.24, for a total value of $1,849,220.64. Following the completion of the sale, the insider now directly owns 2,051,649 shares of the company’s stock, valued at approximately $29,215,481.76. The trade was a 5.95 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 748,282 shares of company stock worth $10,978,104. Insiders own 32.00% of the company’s stock.

Institutional Inflows and Outflows

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