Core Scientific (NASDAQ:CORZ) Stock Price Down 4.2% - Here's What Happened

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

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CORZ. BTIG Research boosted their target price on shares of Core Scientific from $19.00 to $20.00 and gave the stock a "buy" rating in a research report on Monday, December 16th. Needham & Company LLC lowered their target price on shares of Core Scientific from $18.00 to $17.00 and set a "buy" rating on the stock in a research note on Thursday, February 27th. HC Wainwright reissued a "buy" rating and issued a $17.00 price target on shares of Core Scientific in a report on Tuesday, March 11th. Keefe, Bruyette & Woods began coverage on shares of Core Scientific in a research note on Monday, January 27th. They set an "outperform" rating and a $22.00 price objective for the company. Finally, Canaccord Genuity Group reiterated a "buy" rating and issued a $17.00 price objective on shares of Core Scientific in a research report on Wednesday, March 12th. Fifteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $19.07.

Core Scientific Price Performance

The firm's fifty day simple moving average is $10.89 and its 200 day simple moving average is $13.08. The company has a market capitalization of $2.20 billion, a price-to-earnings ratio of -1.38 and a beta of 6.83.

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Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share (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. Equities research analysts forecast that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

Insider Transactions at Core Scientific

In other 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 value of $6,004,122.88. Following the transaction, the chief executive officer now directly owns 3,758,793 shares in the company, valued at $61,042,798.32. This trade represents a 8.96 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Todd M. Duchene sold 25,277 shares of Core Scientific stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $16.24, for a total value of $410,498.48. Following the transaction, the insider now owns 2,023,423 shares in the company, valued at approximately $32,860,389.52. This represents a 1.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 748,282 shares of company stock worth $10,978,104. 32.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Core Scientific

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Core Scientific by 54.3% during the 4th quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company's stock worth $272,270,000 after buying an additional 6,819,406 shares during the period. Beryl Capital Management LLC boosted its stake in Core Scientific by 24.3% in the fourth quarter. Beryl Capital Management LLC now owns 18,179,586 shares of the company's stock valued at $255,423,000 after buying an additional 3,548,396 shares in the last quarter. Driehaus Capital Management LLC lifted its stake in shares of Core Scientific by 112.1% in the 4th quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company's stock valued at $144,212,000 after acquiring an additional 5,424,901 shares during the last quarter. ORG Wealth Partners LLC grew its holdings in Core Scientific by 0.3% during the 4th quarter. ORG Wealth Partners LLC now owns 8,986,651 shares of the company's stock worth $126,262,000 after acquiring an additional 26,649 shares during the last quarter. Finally, FMR LLC raised its position in shares of Core Scientific by 2,937.7% during the fourth quarter. FMR LLC now owns 7,436,229 shares of the company's stock worth $104,479,000 after acquiring an additional 7,191,428 shares during the last quarter.

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.