Core Scientific (NASDAQ:CORZ) Stock Falls 7.4% – Time to Sell?

Core Scientific, Inc. (NASDAQ:CORZ) shares were down 7.4% during mid-day trading on Wednesday. The company traded as low as $14.46 and last traded at $14.2860. Approximately 2,120,247 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 12,457,098 shares. The stock had previously closed at $15.43.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CORZ. Wells Fargo & Company initiated coverage on Core Scientific in a research note on Thursday, September 17th. They set an “overweight” rating and a $28.00 price objective on the stock. B. Riley Financial raised their price target on Core Scientific from $33.00 to $42.00 and gave the stock a “buy” rating in a report on Monday, August 3rd. BTIG Research reiterated a “buy” rating and issued a $38.00 target price on shares of Core Scientific in a research note on Tuesday, July 28th. Rothschild & Co Redburn initiated coverage on shares of Core Scientific in a report on Monday, September 21st. They issued a “neutral” rating and a $16.00 price objective on the stock. Finally, Capital One Financial set a $33.00 target price on shares of Core Scientific in a research report on Thursday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Core Scientific presently has an average rating of “Moderate Buy” and an average target price of $31.36.

Core Scientific Stock Down 10.1%

The firm has a market capitalization of $4.46 billion, a price-to-earnings ratio of -3.14 and a beta of 5.49. The firm’s 50 day moving average is $17.75 and its 200 day moving average is $21.07.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings data on Tuesday, July 28th. The company reported ($3.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($3.26). The firm had revenue of $164.20 million during the quarter, compared to the consensus estimate of $144.83 million. On average, sell-side analysts predict that Core Scientific, Inc. will post -1.36 earnings per share for the current year.

Insider Transactions at Core Scientific

In related news, Director Eric Weiss bought 7,000 shares of Core Scientific stock in a transaction that occurred on Tuesday, August 18th. The stock was purchased at an average cost of $19.19 per share, for a total transaction of $134,330.00. Following the acquisition, the director owned 259,262 shares in the company, valued at $4,975,237.78. This trade represents a 2.77% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Todd M. Duchene sold 10,000 shares of Core Scientific stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $19.97, for a total value of $199,700.00. Following the completion of the transaction, the insider owned 1,969,101 shares in the company, valued at $39,322,946.97. The trade was a 0.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders bought 19,000 shares of company stock worth $342,290 and sold 90,000 shares worth $1,730,100. 1.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. BlackRock Inc. bought a new position in shares of Core Scientific in the 2nd quarter valued at about $719,649,000. Apollo Management Holdings L.P. bought a new position in shares of Core Scientific during the 2nd quarter worth approximately $115,671,000. Fifth Third Bancorp acquired a new position in shares of Core Scientific during the 1st quarter worth approximately $59,802,000. Avala Global LP acquired a new position in shares of Core Scientific in the second quarter valued at $101,729,000. Finally, Bank of America Corp DE grew its stake in Core Scientific by 412.5% in the 1st quarter. Bank of America Corp DE now owns 4,806,363 shares of the company’s stock valued at $71,903,000 after buying an additional 3,868,535 shares during the last quarter.

Core Scientific Company Profile

Core Scientific, Inc is a digital infrastructure company that develops and operates data centers in the United States. Its business has historically centered on cryptocurrency mining, particularly the processing of transactions on the Bitcoin network, while also providing hosting and infrastructure services to other mining and technology customers.

The company is expanding its data center capabilities to support high-performance computing and artificial intelligence workloads. Its services include data center operations, power and equipment management, hosting, and related infrastructure support for customers that require substantial computing capacity.

Core Scientific was founded in 2017 and became a publicly traded company through a business combination in 2022.