Core Scientific (NASDAQ:CORZ) Stock Price Down 4.2% – Should You Sell?

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price traded down 4.2% on Tuesday . The stock traded as low as $8.88 and last traded at $8.92. 3,668,244 shares were traded during mid-day trading, a decline of 67% from the average session volume of 11,087,260 shares. The stock had previously closed at $9.31.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on CORZ shares. Cantor Fitzgerald cut their price target on shares of Core Scientific from $24.00 to $21.00 and set an “overweight” rating for the company in a report on Thursday, February 27th. Canaccord Genuity Group reiterated a “buy” rating and set a $17.00 target price on shares of Core Scientific in a research report on Wednesday, March 12th. Compass Point reduced their price target on Core Scientific from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, February 25th. Needham & Company LLC dropped their price objective on Core Scientific from $18.00 to $17.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Finally, Keefe, Bruyette & Woods initiated coverage on shares of Core Scientific in a research report on Monday, January 27th. They set an “outperform” rating and a $22.00 target price on the stock. Fifteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $19.07.

Core Scientific Stock Performance

The business has a fifty day simple moving average of $11.41 and a 200 day simple moving average of $13.18. The stock has a market cap of $2.57 billion, a price-to-earnings ratio of -1.61 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) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.09. The company had revenue of $94.93 million for the quarter, compared to analyst estimates of $97.07 million. On average, equities research analysts anticipate that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Insider Transactions at Core Scientific

In other news, CEO Adam Taylor Sullivan sold 88,380 shares of the firm’s stock in a transaction 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 sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Jordan Levy bought 62,500 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The stock was acquired at an average price of $8.01 per share, with a total value of $500,625.00. Following the completion of the purchase, 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 disclosure for this purchase can be found here. Insiders sold a total of 748,282 shares of company stock worth $10,978,104 over the last ninety days. 32.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

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