Core Scientific (NASDAQ:CORZ) Shares Down 3.1% - Here's Why

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report)'s stock price traded down 3.1% during mid-day trading on Friday . The company traded as low as $14.00 and last traded at $14.03. 8,413,175 shares were traded during mid-day trading, a decline of 8% from the average session volume of 9,124,201 shares. The stock had previously closed at $14.48.

Analyst Ratings Changes

Several equities analysts have recently issued reports on CORZ shares. Compass Point lifted their price objective on Core Scientific from $18.00 to $20.00 and gave the company a "buy" rating in a research note on Wednesday, October 23rd. Cantor Fitzgerald reiterated an "overweight" rating and issued a $20.00 price target on shares of Core Scientific in a research note on Thursday, October 3rd. Needham & Company LLC increased their price objective on shares of Core Scientific from $17.00 to $18.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. HC Wainwright lifted their price objective on shares of Core Scientific from $15.00 to $17.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Finally, Roth Capital upgraded shares of Core Scientific to a "strong-buy" rating in a research note on Thursday, November 14th. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Core Scientific has a consensus rating of "Buy" and a consensus price target of $18.46.

Core Scientific Stock Performance

The stock has a market capitalization of $3.95 billion and a price-to-earnings ratio of -2.61. The business has a 50-day moving average of $15.36 and a 200-day moving average of $12.01.

Insider Transactions at Core Scientific

In other Core Scientific news, Director Yadin Rozov sold 105,000 shares of Core Scientific stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $18.11, for a total value of $1,901,550.00. Following the transaction, the director now directly owns 345,239 shares in the company, valued at approximately $6,252,278.29. This trade represents a 23.32 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Todd M. Duchene sold 25,000 shares of the company's stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $17.10, for a total value of $427,500.00. Following the sale, the insider now owns 1,661,474 shares of the company's stock, valued at $28,411,205.40. This trade represents a 1.48 % decrease in their position. The disclosure for this sale can be found here. Insiders own 32.00% of the company's stock.

Hedge Funds Weigh In On Core Scientific

A number of hedge funds and other institutional investors have recently bought and sold shares of CORZ. Banque Cantonale Vaudoise purchased a new stake in shares of Core Scientific during the 2nd quarter worth $28,000. Sunbelt Securities Inc. acquired a new position in Core Scientific during the second quarter worth about $33,000. Divisadero Street Capital Management LP purchased a new position in Core Scientific in the second quarter valued at about $93,000. Rise Advisors LLC lifted its position in shares of Core Scientific by 14.3% during the 3rd quarter. Rise Advisors LLC now owns 8,000 shares of the company's stock valued at $95,000 after acquiring an additional 1,000 shares during the period. Finally, Xponance Inc. acquired a new stake in shares of Core Scientific in the 2nd quarter worth approximately $104,000.

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.