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

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

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Canaccord Genuity Group restated a “buy” rating and issued a $17.00 price objective on shares of Core Scientific in a report on Thursday, February 27th. BTIG Research increased their price objective on Core Scientific from $19.00 to $20.00 and gave the company a “buy” rating in a report on Monday, December 16th. B. Riley increased their price objective on Core Scientific from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Roth Mkm started coverage on shares of Core Scientific in a research note on Friday, November 15th. They issued a “buy” rating and a $25.50 price target on the stock. Finally, Compass Point reduced their price objective on shares of Core Scientific from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, February 25th. Fifteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Core Scientific currently has a consensus rating of “Buy” and a consensus price target of $19.07.

Core Scientific Trading Down 5.7 %

The stock has a market cap of $2.67 billion and a PE ratio of -1.77. The company has a fifty day moving average of $13.12 and a 200-day moving average of $13.34.

Core Scientific (NASDAQ:CORZ) last issued its earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.09. The company had revenue of $94.93 million during the quarter, compared to analyst estimates of $97.07 million. As a group, research analysts anticipate that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

Insider Buying and Selling at Core Scientific

In other news, CEO Adam Taylor Sullivan sold 369,712 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $16.24, for a total transaction of $6,004,122.88. Following the sale, the chief executive officer now owns 3,758,793 shares in the company, valued at $61,042,798.32. The trade was a 8.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Todd M. Duchene sold 129,861 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 $1,849,220.64. Following the completion of the sale, the insider now directly owns 2,051,649 shares of the company’s stock, valued at $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. Over the last 90 days, insiders sold 614,032 shares of company stock valued at $9,534,916. Company insiders own 32.00% of the company’s stock.

Institutional Trading of Core Scientific

Several large investors have recently modified their holdings of the company. Wellington Shields & Co. LLC acquired a new stake in shares of Core Scientific during the 4th quarter worth about $26,000. First Horizon Advisors Inc. bought a new position in Core Scientific in the fourth quarter valued at approximately $34,000. Newbridge Financial Services Group Inc. bought a new position in Core Scientific during the fourth quarter worth about $42,000. Vestcor Inc acquired a new position in Core Scientific during the fourth quarter valued at approximately $66,000. Finally, US Bancorp DE bought a new stake in shares of Core Scientific in the 4th quarter valued at $99,000.

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.