Core Scientific (NASDAQ:CORZ) Trading Down 12.3% – Should You Sell?

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price dropped 12.3% on Monday . The stock traded as low as $6.94 and last traded at $6.83. Approximately 13,864,481 shares traded hands during trading, an increase of 31% from the average daily volume of 10,556,390 shares. The stock had previously closed at $7.78.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on CORZ shares. 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 price target on the stock. Cantor Fitzgerald cut their target price on Core Scientific from $24.00 to $21.00 and set an “overweight” rating on the stock in a research note on Thursday, February 27th. Roth Capital raised Core Scientific to a “strong-buy” rating in a research report on Thursday, November 14th. Canaccord Genuity Group reiterated a “buy” rating and set a $17.00 price target on shares of Core Scientific in a report on Thursday, February 27th. Finally, BTIG Research upped their price objective on Core Scientific from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, December 16th. Fifteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $19.07.

Core Scientific Price Performance

The stock has a fifty day simple moving average of $12.43 and a 200-day simple moving average of $13.27. The company has a market capitalization of $2.63 billion, a price-to-earnings ratio of -1.65 and a beta of 6.83.

Core Scientific (NASDAQ:CORZ) last released 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 business had revenue of $94.93 million during the quarter, compared to analyst estimates of $97.07 million. As a group, equities analysts expect that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Insider Buying and Selling

In other Core Scientific news, CEO Adam Taylor Sullivan sold 369,712 shares of the firm’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $16.24, for a total transaction of $6,004,122.88. Following the completion of the sale, the chief executive officer now owns 3,758,793 shares of the company’s stock, valued at $61,042,798.32. This trade represents a 8.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Todd M. Duchene sold 129,861 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $14.24, for a total value of $1,849,220.64. Following the completion of the transaction, the insider now directly owns 2,051,649 shares in the company, valued at approximately $29,215,481.76. This trade represents a 5.95 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 748,282 shares of company stock worth $10,978,104. Insiders own 32.00% of the company’s stock.

Institutional Investors Weigh In On Core Scientific

A number of institutional investors and hedge funds have recently made changes to their positions in CORZ. Wellington Shields & Co. LLC purchased a new position in shares of Core Scientific during the 4th quarter worth approximately $26,000. First Horizon Advisors Inc. acquired a new position in Core Scientific during the fourth quarter worth $34,000. Newbridge Financial Services Group Inc. purchased a new position in shares of Core Scientific during the fourth quarter worth $42,000. Vestcor Inc acquired a new position in Core Scientific in the 4th quarter valued at about $66,000. Finally, US Bancorp DE purchased a new stake in shares of Core Scientific during the fourth 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.