Shares of Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) fell 6% during mid-day trading on Tuesday . The stock traded as low as $8.27 and last traded at $8.24. 4,285,714 shares changed hands during trading, a decline of 60% from the average session volume of 10,834,599 shares. The stock had previously closed at $8.76.
Wall Street Analyst Weigh In
A number of equities research analysts have recently weighed in on CORZ shares. Needham & Company LLC dropped their price objective on Core Scientific from $18.00 to $17.00 and set a "buy" rating for the company in a research note on Thursday, February 27th. Cantor Fitzgerald dropped their price objective on Core Scientific from $24.00 to $21.00 and set an "overweight" rating for the company in a research note on Thursday, February 27th. BTIG Research lifted 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. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $17.00 price objective on shares of Core Scientific in a research note on Wednesday, March 12th. Finally, Keefe, Bruyette & Woods started coverage on Core Scientific in a research note on Monday, January 27th. They issued an "outperform" rating and a $22.00 price objective for the company. Fifteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $19.07.
Read Our Latest Stock Report on Core Scientific
Core Scientific Trading Down 0.9 %
The company has a market capitalization of $2.50 billion, a PE ratio of -1.57 and a beta of 6.83. The stock has a fifty day simple moving average of $11.50 and a 200-day simple moving average of $13.13.
Core Scientific (NASDAQ:CORZ - Get Free Report) last announced 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. As a group, equities research analysts predict that Core Scientific, Inc. will post 0.52 EPS for the current year.
Insider Activity
In other news, Director Jordan Levy bought 62,500 shares of Core Scientific stock in a transaction dated Thursday, March 6th. The stock was acquired at an average cost of $8.01 per share, with a total value of $500,625.00. Following the acquisition, the director now owns 306,887 shares of the company's stock, valued at approximately $2,458,164.87. This trade represents a 25.57 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Todd M. Duchene sold 25,277 shares of the business's stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $16.24, for a total value of $410,498.48. Following the completion of the sale, the insider now directly owns 2,023,423 shares of the company's stock, valued at $32,860,389.52. The trade was a 1.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 748,282 shares of company stock valued at $10,978,104. Insiders own 32.00% of the company's stock.
Hedge Funds Weigh In On Core Scientific
Institutional investors have recently added to or reduced their stakes in the stock. Wellington Shields & Co. LLC acquired a new position in Core Scientific in the 4th quarter valued at about $26,000. First Horizon Advisors Inc. acquired a new position in Core Scientific in the 4th quarter valued at about $34,000. Newbridge Financial Services Group Inc. acquired a new position in Core Scientific in the 4th quarter valued at about $42,000. Vestcor Inc acquired a new position in Core Scientific in the 4th quarter valued at about $66,000. Finally, US Bancorp DE acquired a new position in Core Scientific in the 4th quarter valued at about $99,000.
About Core Scientific
(
Get Free Report)
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.
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