Core Scientific (NASDAQ:CORZ) Stock Price Down 3.8% – Here’s What Happened

Core Scientific, Inc. (NASDAQ:CORZ) shares were down 3.8% on Tuesday . The company traded as low as $6.77 and last traded at $6.80. Approximately 1,933,830 shares were traded during trading, a decline of 84% from the average daily volume of 12,318,779 shares. The stock had previously closed at $7.06.

Analysts Set New Price Targets

A number of brokerages have issued reports on CORZ. Cantor Fitzgerald dropped their target price on Core Scientific from $24.00 to $21.00 and set an “overweight” rating on the stock in a report on Thursday, February 27th. Craig Hallum began coverage on Core Scientific in a research report on Tuesday, January 21st. They set a “buy” rating and a $24.00 price objective on the stock. Compass Point reduced their price target on shares of Core Scientific from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, February 25th. Canaccord Genuity Group restated a “buy” rating and set a $17.00 price objective on shares of Core Scientific in a research report on Wednesday, March 12th. Finally, Needham & Company LLC lowered their target price on Core Scientific from $18.00 to $17.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Fifteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Core Scientific presently has a consensus rating of “Buy” and an average price target of $19.07.

Core Scientific Stock Performance

The stock has a 50 day moving average of $9.04 and a 200-day moving average of $12.61. The company has a market cap of $1.96 billion, a PE ratio of -1.23 and a beta of 6.80.

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

Insider Activity

In related news, Director Jordan Levy purchased 62,500 shares of the firm’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 purchase, the director now owns 306,887 shares of the company’s stock, valued at $2,458,164.87. This represents a 25.57 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Todd A. Becker sold 134,250 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $10.75, for a total value of $1,443,187.50. Following the completion of the transaction, the director now owns 195,687 shares in the company, valued at approximately $2,103,635.25. This trade represents a 40.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 530,041 shares of company stock worth $7,870,352 in the last ninety days. Company insiders own 32.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC raised its position in Core Scientific by 25.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 98,077 shares of the company’s stock valued at $1,378,000 after purchasing an additional 20,000 shares during the period. JPMorgan Chase & Co. boosted its stake in Core Scientific by 48.0% during the third quarter. JPMorgan Chase & Co. now owns 437,812 shares of the company’s stock worth $5,192,000 after buying an additional 142,068 shares during the period. FNY Investment Advisers LLC increased its position in shares of Core Scientific by 35.8% during the fourth quarter. FNY Investment Advisers LLC now owns 190,747 shares of the company’s stock valued at $2,679,000 after acquiring an additional 50,275 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of Core Scientific in the 4th quarter valued at approximately $527,000. Finally, Stephens Inc. AR purchased a new position in shares of Core Scientific during the 4th quarter worth approximately $927,000.

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.