Core Scientific (NASDAQ:CORZ) Stock Price Down 6.2% – Here’s What Happened

Shares of Core Scientific, Inc. (NASDAQ:CORZ) were down 6.2% during trading on Tuesday . The stock traded as low as $14.43 and last traded at $14.3350. Approximately 6,109,302 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 16,053,446 shares. The stock had previously closed at $15.28.

Analysts Set New Price Targets

CORZ has been the subject of a number of recent research reports. Compass Point started coverage on shares of Core Scientific in a research note on Monday, September 15th. They set a “buy” rating for the company. Craig Hallum set a $27.00 target price on shares of Core Scientific in a research note on Friday, October 31st. Weiss Ratings reissued a “sell (d-)” rating on shares of Core Scientific in a report on Wednesday, October 8th. HC Wainwright upgraded Core Scientific from a “neutral” rating to a “buy” rating and set a $25.00 price target on the stock in a research report on Tuesday, October 28th. Finally, Sanford C. Bernstein increased their price objective on Core Scientific from $17.00 to $24.00 and gave the stock an “outperform” rating in a research report on Monday, November 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Core Scientific presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.39.

Core Scientific Stock Down 6.4%

The business has a fifty day simple moving average of $17.91 and a 200 day simple moving average of $15.61. The company has a market cap of $4.43 billion, a price-to-earnings ratio of 95.31 and a beta of 6.77.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings results on Friday, October 24th. The company reported ($0.46) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.85) by $0.39. The firm had revenue of $81.10 million for the quarter, compared to analyst estimates of $107.18 million. Equities analysts anticipate that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Insider Transactions at Core Scientific

In related news, Director Eric Stanton Weiss bought 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 4th. The shares were acquired at an average cost of $21.50 per share, with a total value of $107,500.00. Following the completion of the transaction, the director owned 226,687 shares of the company’s stock, valued at approximately $4,873,770.50. The trade was a 2.26% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On Core Scientific

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in Core Scientific by 5.0% in the 3rd quarter. Vanguard Group Inc. now owns 28,600,610 shares of the company’s stock valued at $513,095,000 after purchasing an additional 1,351,395 shares in the last quarter. Jericho Capital Asset Management L.P. acquired a new stake in shares of Core Scientific in the third quarter valued at about $209,895,000. Situational Awareness LP raised its holdings in shares of Core Scientific by 76.8% during the 2nd quarter. Situational Awareness LP now owns 7,994,038 shares of the company’s stock valued at $136,458,000 after buying an additional 3,472,460 shares during the period. Geode Capital Management LLC raised its holdings in shares of Core Scientific by 26.2% during the 2nd quarter. Geode Capital Management LLC now owns 7,371,211 shares of the company’s stock valued at $125,842,000 after buying an additional 1,530,466 shares during the period. Finally, ORG Wealth Partners LLC lifted its position in Core Scientific by 1.8% during the 3rd quarter. ORG Wealth Partners LLC now owns 7,290,481 shares of the company’s stock worth $130,791,000 after acquiring an additional 128,284 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.