Core Scientific (NASDAQ:CORZ) Shares Down 12.3% - Time to Sell?

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

Analyst Upgrades and Downgrades

CORZ has been the topic of a number of research analyst reports. Cantor Fitzgerald decreased their price target on Core Scientific from $24.00 to $21.00 and set an "overweight" rating on the stock in a research report on Thursday, February 27th. BTIG Research increased their price target on Core Scientific from $19.00 to $20.00 and gave the stock a "buy" rating in a research report on Monday, December 16th. Roth Mkm initiated coverage on Core Scientific in a research report on Friday, November 15th. They set a "buy" rating and a $25.50 price target on the stock. Macquarie increased their price target on Core Scientific from $16.00 to $19.00 and gave the stock an "outperform" rating in a research report on Thursday, November 14th. Finally, Keefe, Bruyette & Woods started coverage on Core Scientific in a research report on Monday, January 27th. They issued an "outperform" rating and a $22.00 price objective on the stock. Fifteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $19.07.

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Core Scientific Trading Up 1.5 %

The firm has a market cap of $2.58 billion, a price-to-earnings ratio of -1.62 and a beta of 6.83. The company has a 50 day moving average of $12.21 and a 200 day moving average of $13.21.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its quarterly earnings data on Wednesday, February 26th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.09. The business had revenue of $94.93 million for the quarter, compared to analyst estimates of $97.07 million. Equities analysts forecast that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Insider Buying and Selling at Core Scientific

In other Core Scientific news, CEO Adam Taylor Sullivan sold 369,712 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 $6,004,122.88. Following 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 position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Todd M. Duchene sold 129,861 shares of Core Scientific stock in a transaction dated 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 sale, the insider now directly owns 2,051,649 shares in the company, valued at $29,215,481.76. This represents a 5.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 748,282 shares of company stock valued at $10,978,104 in the last 90 days. 32.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Core Scientific

Several hedge funds have recently modified their holdings of CORZ. Wellington Shields & Co. LLC bought a new position in shares of Core Scientific in the 4th quarter valued at about $26,000. First Horizon Advisors Inc. bought a new position in shares of Core Scientific in the 4th quarter valued at about $34,000. Newbridge Financial Services Group Inc. bought a new position in shares of Core Scientific in the 4th quarter valued at about $42,000. Vestcor Inc bought a new position in shares of Core Scientific in the 4th quarter valued at about $66,000. Finally, US Bancorp DE bought a new position in shares of Core Scientific in the 4th quarter valued at about $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.