Core Scientific (NASDAQ:CORZ) Trading Down 6% – Should You Sell?

Shares of Core Scientific, Inc. (NASDAQ:CORZ) traded down 6% on Tuesday . The company traded as low as $8.27 and last traded at $8.24. 4,285,714 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 10,834,599 shares. The stock had previously closed at $8.76.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on CORZ shares. Keefe, Bruyette & Woods assumed coverage on shares of Core Scientific in a research report on Monday, January 27th. They issued an “outperform” rating and a $22.00 price objective on the stock. Canaccord Genuity Group reiterated a “buy” rating and issued a $17.00 price target on shares of Core Scientific in a research report on Wednesday, March 12th. Compass Point reduced their target price on Core Scientific from $26.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, February 25th. Needham & Company LLC cut their price target on Core Scientific from $18.00 to $17.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Finally, Craig Hallum started coverage on shares of Core Scientific in a research note on Tuesday, January 21st. They set a “buy” rating and a $24.00 price target on the stock. Fifteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Core Scientific has an average rating of “Buy” and a consensus target price of $19.07.

Core Scientific Stock Performance

The firm has a fifty day moving average of $11.95 and a 200 day moving average of $13.23. The firm has a market capitalization of $2.42 billion, a PE ratio of -1.52 and a beta of 6.83.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings data on Wednesday, February 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.09. The firm had revenue of $94.93 million for the quarter, compared to analysts’ expectations of $97.07 million. Research analysts forecast that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Jordan Levy purchased 62,500 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The shares were purchased at an average cost of $8.01 per share, with a total value of $500,625.00. Following the completion of the acquisition, the director now directly owns 306,887 shares of the company’s stock, valued at approximately $2,458,164.87. The trade was a 25.57 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Adam Taylor Sullivan sold 88,380 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $14.24, for a total transaction of $1,258,531.20. Following the transaction, the chief executive officer now owns 4,128,505 shares in the company, valued at $58,789,911.20. This trade represents a 2.10 % 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 worth $10,978,104. 32.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Core Scientific

Several institutional investors and hedge funds have recently made changes to their positions in the company. Xponance Inc. raised its holdings in shares of Core Scientific by 7.9% during the fourth quarter. Xponance Inc. now owns 12,800 shares of the company’s stock worth $180,000 after purchasing an additional 937 shares during the period. Summit Investment Advisors Inc. raised its stake in Core Scientific by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 18,658 shares of the company’s stock worth $262,000 after acquiring an additional 1,185 shares during the period. Wellington Shields & Co. LLC acquired a new position in Core Scientific in the fourth quarter valued at approximately $26,000. First Horizon Advisors Inc. bought a new position in shares of Core Scientific during the fourth quarter valued at approximately $34,000. Finally, Joel Isaacson & Co. LLC raised its position in shares of Core Scientific by 4.5% during the 4th quarter. Joel Isaacson & Co. LLC now owns 58,011 shares of the company’s stock worth $815,000 after purchasing an additional 2,500 shares during the period.

About Core Scientific

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.