Core Scientific (NASDAQ:CORZ) Shares Down 7.4% – What’s Next?

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price fell 7.4% during trading on Wednesday. The company traded as low as $14.46 and last traded at $14.2860. 2,120,247 shares changed hands during trading, a decline of 83% from the average daily volume of 12,457,098 shares. The stock had previously closed at $15.43.

Analyst Ratings Changes

CORZ has been the topic of a number of recent analyst reports. BTIG Research restated a “buy” rating and issued a $38.00 price target on shares of Core Scientific in a research report on Tuesday, July 28th. Rothschild & Co Redburn assumed coverage on Core Scientific in a report on Monday, September 21st. They set a “neutral” rating and a $16.00 price target for the company. Canaccord Genuity Group boosted their target price on Core Scientific from $30.00 to $36.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Freedom Capital raised shares of Core Scientific from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 30th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Core Scientific in a research note on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $31.36.

Core Scientific Trading Down 10.1%

The stock’s fifty day moving average is $17.75 and its two-hundred day moving average is $21.07. The company has a market capitalization of $4.46 billion, a PE ratio of -3.14 and a beta of 5.49.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings results 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 analysts’ expectations of $144.83 million. As a group, analysts anticipate that Core Scientific, Inc. will post -1.36 EPS for the current fiscal year.

Insider Buying and Selling

In other Core Scientific news, Director Eric Weiss bought 6,000 shares of Core Scientific stock in a transaction that occurred on Tuesday, September 15th. The stock was acquired at an average cost of $16.33 per share, for a total transaction of $97,980.00. Following the completion of the transaction, the director directly owned 265,262 shares in the company, valued at $4,331,728.46. This represents a 2.31% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Todd DuChene sold 10,000 shares of the firm’s stock in a transaction on Monday, October 5th. The shares were sold at an average price of $16.31, for a total transaction of $163,100.00. Following the sale, the insider owned 1,169,668 shares in the company, valued at approximately $19,077,285.08. This trade represents a 0.85% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have acquired 19,000 shares of company stock worth $342,290 and have sold 90,000 shares worth $1,730,100. 1.70% of the stock is currently owned by company insiders.

Institutional Trading of Core Scientific

Several large investors have recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Core Scientific in the 2nd quarter worth approximately $719,649,000. Jericho Capital Asset Management L.P. boosted its holdings in shares of Core Scientific by 11.4% during the 4th quarter. Jericho Capital Asset Management L.P. now owns 13,038,619 shares of the company’s stock valued at $189,842,000 after acquiring an additional 1,338,796 shares during the last quarter. Apollo Management Holdings L.P. purchased a new stake in Core Scientific during the 2nd quarter valued at $115,671,000. Avala Global LP purchased a new position in shares of Core Scientific in the 2nd quarter worth $101,729,000. Finally, Bank of America Corp DE bought a new stake in shares of Core Scientific in the second quarter worth $93,668,000.

About Core Scientific

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.