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

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

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Canaccord Genuity Group restated a "buy" rating and set a $17.00 price objective on shares of Core Scientific in a report on Wednesday, March 12th. HC Wainwright reaffirmed a "buy" rating and issued a $17.00 price objective on shares of Core Scientific in a research note on Tuesday, March 11th. Needham & Company LLC cut 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 report on Thursday, February 27th. Compass Point dropped their price objective on shares of Core Scientific from $26.00 to $20.00 and set a "buy" rating on the stock in a research note on Tuesday, February 25th. Finally, Keefe, Bruyette & Woods started coverage on shares of 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 issued a strong buy rating to the company. Based on data from MarketBeat, Core Scientific presently has an average rating of "Buy" and an average price target of $19.07.

Core Scientific Price Performance

The firm has a market capitalization of $1.96 billion, a price-to-earnings ratio of -1.23 and a beta of 6.80. The business's 50 day moving average price is $8.81 and its 200-day moving average price is $12.54.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its quarterly earnings results on Wednesday, February 26th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate 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. As a group, analysts expect 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 Core Scientific stock in a transaction on Friday, January 24th. The stock was sold at an average price of $16.24, for a total transaction of $6,004,122.88. Following the completion of the transaction, the chief executive officer now owns 3,758,793 shares of the company's stock, valued at $61,042,798.32. The trade was a 8.96 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Jordan Levy acquired 62,500 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was acquired at an average cost of $8.01 per share, for a total transaction of $500,625.00. Following the completion of the purchase, the director now owns 306,887 shares in the company, valued at $2,458,164.87. The trade was a 25.57 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 530,041 shares of company stock valued at $7,870,352 in the last ninety days. 1.40% of the stock is currently owned by company insiders.

Institutional Trading of Core Scientific

Several large investors have recently modified their holdings of the business. Wellington Shields & Co. LLC purchased a new stake in Core Scientific in the 4th quarter valued at approximately $26,000. First Horizon Advisors Inc. purchased a new stake in shares of Core Scientific in the fourth quarter valued at $34,000. Newbridge Financial Services Group Inc. purchased a new stake in Core Scientific during the 4th quarter worth about $42,000. Vestcor Inc purchased a new stake in Core Scientific during the 4th quarter worth about $66,000. Finally, US Bancorp DE acquired a new stake in shares of Core Scientific during the 4th quarter worth 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.