Core Scientific (NASDAQ:CORZ) Stock Price Down 5.2% – Time to Sell?

Shares of Core Scientific, Inc. (NASDAQ:CORZ) fell 5.2% during mid-day trading on Tuesday . The stock traded as low as $14.20 and last traded at $14.34. 2,380,444 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 7,360,831 shares. The stock had previously closed at $15.12.

Analyst Upgrades and Downgrades

CORZ has been the subject of a number of recent research reports. Jefferies Financial Group initiated coverage on shares of Core Scientific in a research note on Monday, October 28th. They set a “buy” rating and a $19.00 price objective for the company. Sanford C. Bernstein restated an “outperform” rating and issued a $17.00 price target on shares of Core Scientific in a research note on Tuesday, September 10th. Canaccord Genuity Group reiterated a “buy” rating and set a $17.00 price objective on shares of Core Scientific in a research note on Thursday, November 7th. Compass Point raised their target price on shares of Core Scientific from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Finally, Macquarie boosted their target price on shares of Core Scientific from $16.00 to $19.00 and gave the stock an “outperform” rating in a report on Thursday, November 14th. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $18.46.

Core Scientific Stock Performance

The company’s fifty day simple moving average is $15.62 and its two-hundred day simple moving average is $12.51. The stock has a market capitalization of $4.04 billion and a P/E ratio of -2.67.

Insider Transactions at Core Scientific

In other Core Scientific news, insider Todd M. Duchene sold 129,861 shares of Core Scientific 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 owns 2,051,649 shares in the company, valued at $29,215,481.76. The trade was a 5.95 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Adam Taylor Sullivan sold 88,380 shares of the 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 transaction, the chief executive officer now owns 4,128,505 shares in the company, valued at approximately $58,789,911.20. The trade was a 2.10 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 348,241 shares of company stock worth $5,436,802. Company insiders own 32.00% of the company’s stock.

Institutional Investors Weigh In On Core Scientific

A number of large investors have recently added to or reduced their stakes in the stock. Sunbelt Securities Inc. bought a new stake in shares of Core Scientific during the 2nd quarter valued at $33,000. Divisadero Street Capital Management LP bought a new stake in shares of Core Scientific during the second quarter worth $93,000. Rise Advisors LLC grew its position in Core Scientific by 14.3% during the 3rd quarter. Rise Advisors LLC now owns 8,000 shares of the company’s stock worth $95,000 after acquiring an additional 1,000 shares during the last quarter. Xponance Inc. acquired a new position in shares of Core Scientific in the second quarter valued at approximately $104,000. Finally, Amalgamated Bank bought a new position in shares of Core Scientific during the second quarter valued at $115,000.

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.