Core Scientific (NASDAQ:CORZ) Stock Price Down 5.2% – Here’s What Happened

Core Scientific, Inc. (NASDAQ:CORZ)’s share price was down 5.2% on Tuesday . The stock traded as low as $14.20 and last traded at $14.34. Approximately 2,380,444 shares traded hands during trading, a decline of 68% from the average daily volume of 7,360,831 shares. The stock had previously closed at $15.12.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CORZ. Needham & Company LLC lifted their target price on shares of Core Scientific from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Roth Mkm initiated 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. Jefferies Financial Group initiated coverage on Core Scientific in a research note on Monday, October 28th. They issued a “buy” rating and a $19.00 target price for the company. BTIG Research upped their price target on shares of Core Scientific from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, December 16th. Finally, Macquarie raised their price objective on shares of Core Scientific from $16.00 to $19.00 and gave the company an “outperform” rating in a research report on Thursday, November 14th. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $18.46.

Core Scientific Trading Down 4.4 %

The stock has a 50 day moving average price of $15.62 and a two-hundred day moving average price of $12.51. The company has a market cap of $4.04 billion and a price-to-earnings ratio of -2.67.

Insider Buying and Selling at Core Scientific

In related news, Director Yadin Rozov sold 105,000 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $18.11, for a total value of $1,901,550.00. Following the completion of the sale, the director now owns 345,239 shares in the company, valued at $6,252,278.29. This represents a 23.32 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Adam Taylor Sullivan sold 88,380 shares of Core Scientific stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total value of $1,258,531.20. Following the transaction, the chief executive officer now owns 4,128,505 shares in the company, valued at approximately $58,789,911.20. This represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 348,241 shares of company stock valued at $5,436,802. 32.00% of the stock is currently owned by company insiders.

Institutional Trading of Core Scientific

Hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp increased its position in shares of Core Scientific by 3,236.0% during the second quarter. Bank of New York Mellon Corp now owns 674,043 shares of the company’s stock worth $6,269,000 after acquiring an additional 653,838 shares in the last quarter. Principal Financial Group Inc. bought a new position in Core Scientific during the 2nd quarter worth about $211,000. Rhumbline Advisers bought a new stake in shares of Core Scientific in the second quarter valued at about $2,233,000. Victory Capital Management Inc. bought a new stake in shares of Core Scientific in the second quarter valued at about $175,000. Finally, Nicholas Investment Partners LP acquired a new position in shares of Core Scientific during the second quarter worth about $2,589,000.

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.