Core Scientific (NASDAQ:CORZ) Stock Price Down 10.7% – Should You Sell?

Core Scientific, Inc. (NASDAQ:CORZ) was down 10.7% during trading on Monday . The stock traded as low as $9.63 and last traded at $9.64. Approximately 7,307,457 shares changed hands during mid-day trading, a decline of 31% from the average daily volume of 10,515,877 shares. The stock had previously closed at $10.80.

Analysts Set New Price Targets

Several equities research analysts have commented on CORZ shares. Macquarie boosted their target price on Core Scientific from $16.00 to $19.00 and gave the company an “outperform” rating in a research note on Thursday, November 14th. Craig Hallum initiated coverage on Core Scientific in a research note on Tuesday, January 21st. They set a “buy” rating and a $24.00 price objective on the stock. Roth Capital upgraded Core Scientific to a “strong-buy” rating in a research note on Thursday, November 14th. HC Wainwright upped their price objective on Core Scientific from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Compass Point dropped their price objective on Core Scientific from $26.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday. Fifteen research 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, the company presently has an average rating of “Buy” and a consensus target price of $19.07.

Core Scientific Trading Up 2.7 %

The business has a 50 day moving average of $13.43 and a two-hundred day moving average of $13.30. The firm has a market cap of $2.80 billion and a P/E ratio of -1.85.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.09. On average, sell-side analysts predict that Core Scientific, Inc. will post 0.52 EPS for the current year.

Insider Buying and Selling at Core Scientific

In other news, CEO Adam Taylor Sullivan sold 88,380 shares of the stock in a transaction on Thursday, January 2nd. The stock was 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. This represents a 2.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Todd M. Duchene sold 25,277 shares of the stock in a transaction on Friday, January 24th. The stock was sold at an average price of $16.24, for a total value of $410,498.48. Following the sale, the insider now directly owns 2,023,423 shares in the company, valued at approximately $32,860,389.52. This trade represents a 1.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 614,032 shares of company stock valued at $9,534,916 in the last ninety days. 32.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Core Scientific

Several large investors have recently modified their holdings of the stock. Xponance Inc. grew its holdings in shares of Core Scientific by 7.9% during the 4th quarter. Xponance Inc. now owns 12,800 shares of the company’s stock worth $180,000 after purchasing an additional 937 shares in the last quarter. Summit Investment Advisors Inc. grew its holdings in shares of Core Scientific by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 18,658 shares of the company’s stock worth $262,000 after purchasing an additional 1,185 shares in the last quarter. Wellington Shields & Co. LLC acquired a new stake in Core Scientific in the fourth quarter valued at about $26,000. First Horizon Advisors Inc. acquired a new stake in Core Scientific in the fourth quarter valued at about $34,000. Finally, Joel Isaacson & Co. LLC boosted its stake in Core Scientific by 4.5% in the fourth quarter. Joel Isaacson & Co. LLC now owns 58,011 shares of the company’s stock valued at $815,000 after buying an additional 2,500 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.