Core Scientific (NASDAQ:CORZ) Stock Price Down 4.8%

Shares of Core Scientific, Inc. (NASDAQ:CORZ) dropped 4.8% on Thursday . The company traded as low as $9.38 and last traded at $9.62. Approximately 4,108,808 shares changed hands during trading, a decline of 44% from the average daily volume of 7,341,633 shares. The stock had previously closed at $10.11.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on CORZ shares. B. Riley raised Core Scientific from a “neutral” rating to a “buy” rating and boosted their target price for the company from $0.50 to $13.00 in a report on Wednesday, July 17th. Cantor Fitzgerald assumed coverage on shares of Core Scientific in a research report on Wednesday, July 17th. They set an “overweight” rating and a $20.00 target price on the stock. Sanford C. Bernstein began coverage on Core Scientific in a research note on Wednesday, July 10th. They issued an “outperform” rating and a $17.00 price objective for the company. 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. Seven analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $14.71.

Core Scientific Stock Down 4.7 %

The stock’s fifty day simple moving average is $8.27 and its 200-day simple moving average is $4.94.

Core Scientific (NASDAQ:CORZ) last released its earnings results on Wednesday, May 8th. The company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.05 by $0.14. The firm had revenue of $179.29 million during the quarter, compared to analysts’ expectations of $139.60 million. As a group, equities research analysts predict that Core Scientific, Inc. will post 0.51 earnings per share for the current year.

Insider Activity

In related news, insider Todd M. Duchene sold 7,321 shares of Core Scientific stock in a transaction 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 transaction, the insider now owns 359,877 shares in the company, valued at $3,379,245.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Todd M. Duchene sold 3,770 shares of the stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $9.99, for a total transaction of $37,662.30. Following the transaction, the insider now owns 393,428 shares of the company’s stock, valued at $3,930,345.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Todd M. Duchene sold 7,321 shares of the business’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $9.39, for a total value of $68,744.19. Following the completion of the sale, the insider now owns 359,877 shares of the company’s stock, valued at $3,379,245.03. The disclosure for this sale can be found here. Corporate insiders own 32.00% of the company’s stock.

Institutional Trading of Core Scientific

Institutional investors have recently added to or reduced their stakes in the business. Silverleafe Capital Partners LLC acquired a new position in shares of Core Scientific in the 2nd quarter valued at about $158,000. Red Door Wealth Management LLC acquired a new position in Core Scientific during the 2nd quarter valued at approximately $218,000. ORG Partners LLC bought a new position in Core Scientific during the 2nd quarter worth $872,000. SG Americas Securities LLC acquired a new stake in Core Scientific in the second quarter worth $1,792,000. Finally, Rise Advisors LLC bought a new stake in Core Scientific in the second quarter valued at $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.