Core Scientific (NASDAQ:CORZ) Stock Price Down 11.6% – Here’s What Happened

Core Scientific, Inc. (NASDAQ:CORZ) shares traded down 11.6% during mid-day trading on Tuesday . The company traded as low as $9.07 and last traded at $8.96. 6,737,532 shares traded hands during mid-day trading, a decline of 42% from the average session volume of 11,563,348 shares. The stock had previously closed at $10.14.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CORZ. Craig Hallum assumed coverage on Core Scientific in a report on Tuesday, January 21st. They set a “buy” rating and a $24.00 price objective for the company. BTIG Research increased their price objective on shares of Core Scientific from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, December 16th. Keefe, Bruyette & Woods assumed coverage on Core Scientific in a report on Monday, January 27th. They set an “outperform” rating and a $22.00 price target on the stock. Macquarie upped their price target on Core Scientific from $16.00 to $19.00 and gave the company an “outperform” rating in a research report on Thursday, November 14th. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $17.00 target price on shares of Core Scientific in a research note on Thursday, February 27th. Fifteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $19.07.

Core Scientific Price Performance

The firm has a market cap of $2.67 billion and a P/E ratio of -1.77. The stock’s 50-day simple moving average is $13.12 and its two-hundred day simple moving average is $13.34.

Core Scientific (NASDAQ:CORZ) last posted 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 during the quarter, compared to analysts’ expectations of $97.07 million. As a group, sell-side analysts expect that Core Scientific, Inc. will post 0.52 earnings per share for the current year.

Insider Buying and Selling

In other Core Scientific news, CEO Adam Taylor Sullivan sold 369,712 shares of the company’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 completion of the transaction, the chief executive officer now owns 3,758,793 shares in the company, valued at $61,042,798.32. This represents a 8.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Todd M. Duchene sold 129,861 shares of Core Scientific stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $14.24, for a total transaction of $1,849,220.64. Following the completion of the transaction, the insider now owns 2,051,649 shares in the company, valued at approximately $29,215,481.76. This trade represents a 5.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 614,032 shares of company stock worth $9,534,916. Insiders own 32.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in CORZ. FMR LLC boosted its stake in shares of Core Scientific by 2,937.7% during the 4th quarter. FMR LLC now owns 7,436,229 shares of the company’s stock valued at $104,479,000 after buying an additional 7,191,428 shares during the last quarter. Vanguard Group Inc. grew its holdings in Core Scientific by 54.3% in the 4th quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company’s stock worth $272,270,000 after buying an additional 6,819,406 shares in the last quarter. Helix Partners Management LP bought a new stake in shares of Core Scientific during the fourth quarter valued at about $86,498,000. Driehaus Capital Management LLC lifted its position in Core Scientific by 112.1% in the fourth quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company’s stock worth $144,212,000 after purchasing an additional 5,424,901 shares during the period. Finally, Fred Alger Management LLC bought a new stake in Core Scientific in the fourth quarter worth about $62,011,000.

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.