Core Scientific (NASDAQ:CORZ) Stock Price Down 4.8% on Insider Selling

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) shares dropped 4.8% during mid-day trading on Tuesday after an insider sold shares in the company. The company traded as low as $10.92 and last traded at $10.74. Approximately 6,052,778 shares changed hands during mid-day trading, a decline of 44% from the average daily volume of 10,790,981 shares. The stock had previously closed at $11.28.

Specifically, insider Todd M. Duchene sold 25,277 shares of Core Scientific stock in a transaction on Friday, January 24th. The shares were sold at an average price of $16.24, for a total transaction of $410,498.48. Following the completion of the sale, the insider now owns 2,023,423 shares of the company's stock, valued at approximately $32,860,389.52. The trade was a 1.23 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Adam Taylor Sullivan sold 369,712 shares of the business's 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 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 ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CORZ. Compass Point lifted their price objective on shares of Core Scientific from $18.00 to $20.00 and gave the stock a "buy" rating in a research note on Wednesday, October 23rd. Roth Mkm assumed coverage on shares of Core Scientific in a report on Friday, November 15th. They issued a "buy" rating and a $25.50 price target for the company. Keefe, Bruyette & Woods assumed coverage on shares of Core Scientific in a report on Monday. They set an "outperform" rating and a $22.00 price objective on the stock. Roth Capital upgraded Core Scientific to a "strong-buy" rating in a report on Thursday, November 14th. Finally, BTIG Research boosted their price objective 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. Fifteen research 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, Core Scientific presently has an average rating of "Buy" and an average target price of $19.07.

Core Scientific Price Performance

The company has a market cap of $3.46 billion and a P/E ratio of -2.29. The stock's 50-day moving average price is $15.25 and its 200-day moving average price is $13.02.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.13) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.02). The company had revenue of $95.35 million during the quarter, compared to analyst estimates of $94.80 million. As a group, analysts expect that Core Scientific, Inc. will post 0.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Core Scientific

Institutional investors have recently modified their holdings of the business. Sunbelt Securities Inc. bought a new position in Core Scientific in the 2nd quarter valued at approximately $33,000. Newbridge Financial Services Group Inc. bought a new position in shares of Core Scientific during the fourth quarter valued at $42,000. Rise Advisors LLC increased its stake in shares of Core Scientific by 14.3% in the third quarter. Rise Advisors LLC now owns 8,000 shares of the company's stock valued at $95,000 after buying an additional 1,000 shares during the period. Xponance Inc. bought a new stake in Core Scientific in the second quarter valued at approximately $104,000. Finally, KBC Group NV bought a new position in Core Scientific during the 4th quarter worth approximately $114,000.

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.