Core Scientific (NASDAQ:CORZ) Trading Down 5.2% – Here’s Why

by · The Markets Daily

Core Scientific, Inc. (NASDAQ:CORZ – Get Free Report) was down 5.2% during trading on Tuesday . The stock traded as low as $14.20 and last traded at $14.34. Approximately 2,380,444 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 7,360,831 shares. The stock had previously closed at $15.12.

Analysts Set New Price Targets

Several research firms have recently weighed in on CORZ. Canaccord Genuity Group assumed coverage on Core Scientific in a research report on Monday, September 23rd. They issued a “buy” rating and a $16.00 price objective for the company. HC Wainwright boosted their price target on Core Scientific from $15.00 to $17.00 and gave the company a “buy” rating in a research note 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 research report on Wednesday, October 23rd. Cantor Fitzgerald reissued an “overweight” rating and issued a $20.00 price target on shares of Core Scientific in a research report on Thursday, October 3rd. Finally, Canaccord Genuity Group restated a “buy” rating and set a $17.00 target price on shares of Core Scientific in a research report on Thursday, November 7th. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $18.46.

Get Our Latest Stock Report on Core Scientific

Core Scientific Stock Performance

The stock has a market cap of $3.92 billion and a P/E ratio of -2.60. The firm’s 50-day moving average is $15.62 and its two-hundred day moving average is $12.56.

Insider Activity at Core Scientific

In other news, insider Todd M. Duchene sold 25,000 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $17.10, for a total value of $427,500.00. Following the completion of the sale, the insider now directly owns 1,661,474 shares of the company’s stock, valued at $28,411,205.40. This represents a 1.48 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Adam Taylor Sullivan sold 88,380 shares of Core Scientific stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 4,128,505 shares in the company, valued at $58,789,911.20. The trade was a 2.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 348,241 shares of company stock worth $5,436,802 over the last 90 days. Insiders own 32.00% of the company’s stock.

Institutional Investors Weigh In On Core Scientific

Several hedge funds have recently bought and sold shares of CORZ. Sunbelt Securities Inc. acquired a new position in shares of Core Scientific in the 2nd quarter valued at approximately $33,000. Divisadero Street Capital Management LP acquired a new position in shares of Core Scientific in the second quarter valued at approximately $93,000. Rise Advisors LLC increased its position in shares of Core Scientific by 14.3% during the third quarter. Rise Advisors LLC now owns 8,000 shares of the company’s stock worth $95,000 after acquiring an additional 1,000 shares in the last quarter. Xponance Inc. acquired a new stake in shares of Core Scientific during the second quarter worth $104,000. Finally, Amalgamated Bank acquired a new position in Core Scientific in the 2nd quarter worth $115,000.

Core Scientific Company Profile

(Get Free Report)

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.

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