Core Scientific (NASDAQ:CORZ) Stock Price Down 4.1%

Shares of Core Scientific, Inc. (NASDAQ:CORZ) fell 4.1% during trading on Wednesday . The company traded as low as $9.54 and last traded at $9.60. 1,657,621 shares were traded during trading, a decline of 80% from the average session volume of 8,213,247 shares. The stock had previously closed at $10.01.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CORZ. Cantor Fitzgerald restated an “overweight” rating and set a $20.00 target price on shares of Core Scientific in a research report on Tuesday, September 3rd. Needham & Company LLC assumed coverage on Core Scientific in a research note on Wednesday, September 4th. They issued a “buy” rating and a $16.00 price objective for the company. LADENBURG THALM/SH SH reaffirmed a “buy” rating and set a $14.50 price objective on shares of Core Scientific in a report on Tuesday, July 2nd. BTIG Research upped their target price on Core Scientific from $10.00 to $15.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. Finally, HC Wainwright lifted their price target on Core Scientific from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Core Scientific currently has a consensus rating of “Buy” and an average price target of $14.88.

Core Scientific Trading Up 4.2 %

The company’s fifty day moving average price is $9.99 and its two-hundred day moving average price is $6.70.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($4.51) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($4.47). The business had revenue of $141.10 million for the quarter, compared to the consensus estimate of $128.58 million. The company’s revenue for the quarter was up 11.2% on a year-over-year basis. As a group, research analysts anticipate that Core Scientific, Inc. will post 0.01 earnings per share for the current year.

Insiders Place Their Bets

In other Core Scientific news, insider Todd M. Duchene sold 11,582 shares of the stock in a transaction on Friday, August 16th. The shares were sold at an average price of $9.41, for a total transaction of $108,986.62. Following the transaction, the insider now directly owns 1,686,474 shares in the company, valued at approximately $15,869,720.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Todd M. Duchene sold 7,321 shares of Core Scientific stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $9.39, for a total value of $68,744.19. Following the completion of the transaction, the insider now owns 359,877 shares in the company, valued at approximately $3,379,245.03. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Todd M. Duchene sold 11,582 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $9.41, for a total value of $108,986.62. Following the sale, the insider now directly owns 1,686,474 shares in the company, valued at $15,869,720.34. The disclosure for this sale can be found here. In the last three months, insiders have acquired 10,521 shares of company stock worth $102,328 and have sold 27,655 shares worth $260,087. 32.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Core Scientific

Hedge funds have recently added to or reduced their stakes in the business. Banque Cantonale Vaudoise bought a new position in shares of Core Scientific in the 2nd quarter worth about $28,000. Aspect Partners LLC bought a new stake in shares of Core Scientific during the 1st quarter valued at about $29,000. Sunbelt Securities Inc. acquired a new stake in Core Scientific during the second quarter worth about $33,000. Hexagon Capital Partners LLC bought a new position in Core Scientific in the first quarter worth about $34,000. Finally, Lindbrook Capital LLC acquired a new position in Core Scientific in the first quarter valued at approximately $65,000.

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.