Core Scientific (NASDAQ:CORZ) Trading Down 4.8% – Should You Sell?

Core Scientific, Inc. (NASDAQ:CORZ) was down 4.8% during trading on Tuesday . The stock traded as low as $10.92 and last traded at $10.74. Approximately 6,052,778 shares changed hands during trading, a decline of 44% from the average daily volume of 10,790,981 shares. The stock had previously closed at $11.28.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CORZ. BTIG Research raised their price objective on shares of Core Scientific from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, December 16th. HC Wainwright boosted their price objective on shares of Core Scientific from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Compass Point raised their target price on Core Scientific from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods began coverage on Core Scientific in a report on Monday. They set an “outperform” rating and a $22.00 price target for the company. Finally, Roth Mkm started coverage on Core Scientific in a research note on Friday, November 15th. They issued a “buy” rating and a $25.50 price objective on the stock. Fifteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $19.07.

Core Scientific Price Performance

The firm has a fifty day moving average price of $15.56 and a two-hundred day moving average price of $13.01. The stock has a market capitalization of $3.16 billion and a PE ratio of -2.09.

Core Scientific (NASDAQ:CORZ) last issued its earnings results on Wednesday, November 6th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). The firm had revenue of $95.35 million for the quarter, compared to analysts’ expectations of $94.80 million. On average, research analysts expect that Core Scientific, Inc. will post 0.5 earnings per share for the current fiscal year.

Insider Activity at Core Scientific

In other Core Scientific news, Director Yadin Rozov sold 105,000 shares of Core Scientific stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $18.11, for a total value of $1,901,550.00. Following the transaction, the director now owns 345,239 shares in the company, valued at $6,252,278.29. The trade was a 23.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Adam Taylor Sullivan sold 88,380 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $14.24, for a total transaction of $1,258,531.20. Following the sale, the chief executive officer now directly owns 4,128,505 shares of the company’s stock, valued at approximately $58,789,911.20. The trade was a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 349,043 shares of company stock worth $5,449,345. Company insiders own 32.00% of the company’s stock.

Institutional Investors Weigh In On Core Scientific

Institutional investors have recently bought and sold shares of the company. ORG Wealth Partners LLC boosted its position in shares of Core Scientific by 0.3% in the 4th quarter. ORG Wealth Partners LLC now owns 8,986,651 shares of the company’s stock worth $126,262,000 after purchasing an additional 26,649 shares in the last quarter. Parsifal Capital Management LP raised its stake in Core Scientific by 3.9% in the third quarter. Parsifal Capital Management LP now owns 5,412,825 shares of the company’s stock valued at $64,196,000 after buying an additional 204,314 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Core Scientific by 26.7% in the third quarter. Geode Capital Management LLC now owns 5,276,573 shares of the company’s stock worth $62,594,000 after acquiring an additional 1,113,285 shares in the last quarter. State Street Corp grew its stake in shares of Core Scientific by 17.0% during the third quarter. State Street Corp now owns 4,006,922 shares of the company’s stock worth $47,522,000 after acquiring an additional 583,493 shares during the last quarter. Finally, Taconic Capital Advisors LP increased its holdings in shares of Core Scientific by 178.7% during the third quarter. Taconic Capital Advisors LP now owns 2,717,462 shares of the company’s stock valued at $32,229,000 after acquiring an additional 1,742,462 shares in 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.