Core Scientific (NASDAQ:CORZ) Stock Price Down 8.4% – Here’s What Happened

Core Scientific, Inc. (NASDAQ:CORZ) was down 8.4% during trading on Wednesday . The company traded as low as $23.51 and last traded at $23.4380. Approximately 3,060,439 shares were traded during mid-day trading, a decline of 76% from the average session volume of 12,724,052 shares. The stock had previously closed at $25.59.

Analyst Ratings Changes

Several brokerages have commented on CORZ. Freedom Capital upgraded shares of Core Scientific to a “hold” rating in a research note on Monday, June 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Core Scientific in a research note on Monday, April 20th. HC Wainwright reissued a “buy” rating and set a $25.00 target price on shares of Core Scientific in a report on Tuesday, March 3rd. Needham & Company LLC boosted their target price on shares of Core Scientific from $23.00 to $29.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Finally, Canaccord Genuity Group set a $30.00 price target on shares of Core Scientific in a report on Friday, May 8th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $29.78.

Core Scientific Stock Performance

The firm has a market cap of $7.67 billion, a price-to-earnings ratio of -21.08 and a beta of 5.49. The business’s 50 day moving average price is $25.17 and its 200 day moving average price is $19.79.

Core Scientific (NASDAQ:CORZ) last posted its earnings results on Wednesday, May 6th. The company reported ($1.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($1.04). The company had revenue of $115.24 million for the quarter, compared to analysts’ expectations of $117.04 million. Core Scientific’s revenue for the quarter was up 44.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.25 EPS. Sell-side analysts anticipate that Core Scientific, Inc. will post 0.08 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $29.29, for a total transaction of $292,900.00. Following the sale, the insider directly owned 2,048,895 shares of the company’s stock, valued at $60,012,134.55. This represents a 0.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Over the last 90 days, insiders have sold 80,000 shares of company stock worth $1,886,700. Corporate insiders own 1.70% of the company’s stock.

Institutional Trading of Core Scientific

Institutional investors have recently bought and sold shares of the business. Allworth Financial LP lifted its position in shares of Core Scientific by 206.5% during the 3rd quarter. Allworth Financial LP now owns 1,410 shares of the company’s stock valued at $25,000 after buying an additional 950 shares in the last quarter. Larson Financial Group LLC increased its holdings in Core Scientific by 936.7% in the 4th quarter. Larson Financial Group LLC now owns 1,866 shares of the company’s stock worth $27,000 after acquiring an additional 1,686 shares in the last quarter. Osaic Holdings Inc. raised its position in Core Scientific by 112.1% during the second quarter. Osaic Holdings Inc. now owns 2,017 shares of the company’s stock worth $34,000 after acquiring an additional 1,066 shares during the period. Danske Bank A S purchased a new position in Core Scientific during the fourth quarter valued at $36,000. Finally, PNC Financial Services Group Inc. lifted its holdings in Core Scientific by 41.3% during the first quarter. PNC Financial Services Group Inc. now owns 4,396 shares of the company’s stock valued at $66,000 after purchasing an additional 1,285 shares in the last quarter.

About Core Scientific

Core Scientific, Inc (NASDAQ: CORZ) is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific’s service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.