Core Scientific (NASDAQ:CORZ) Shares Down 6% - What's Next?

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) shares traded down 6% on Monday . The stock traded as low as $11.21 and last traded at $11.15. 3,735,318 shares were traded during mid-day trading, a decline of 71% from the average session volume of 12,762,637 shares. The stock had previously closed at $11.86.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Cantor Fitzgerald reduced their price objective on Core Scientific from $24.00 to $21.00 and set an "overweight" rating for the company in a research report on Thursday, February 27th. Canaccord Genuity Group reissued a "buy" rating and issued a $17.00 price objective on shares of Core Scientific in a research report on Friday, May 9th. Citigroup assumed coverage on Core Scientific in a research report on Thursday, May 22nd. They issued an "outperform" rating for the company. Needham & Company LLC upped their target price on Core Scientific from $16.00 to $18.00 and gave the company a "buy" rating in a research note on Tuesday, June 10th. Finally, Roth Mkm restated a "buy" rating and issued a $20.00 target price on shares of Core Scientific in a research note on Thursday. Eighteen investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $18.14.

Core Scientific Stock Up 33.0%

The firm has a market capitalization of $4.87 billion, a P/E ratio of -3.25 and a beta of 6.30. The stock has a fifty day moving average of $10.27 and a 200-day moving average of $11.08.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.12) by $0.02. The firm had revenue of $79.53 million for the quarter, compared to the consensus estimate of $92.04 million. The firm's quarterly revenue was down 55.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.78 earnings per share. Sell-side analysts predict that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Yadin Rozov purchased 110,000 shares of the firm's stock in a transaction on Wednesday, May 28th. The stock was purchased at an average cost of $10.87 per share, for a total transaction of $1,195,700.00. Following the completion of the purchase, the director now directly owns 475,687 shares in the company, valued at $5,170,717.69. This trade represents a 30.08% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Todd M. Duchene sold 60,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $11.33, for a total value of $679,800.00. Following the completion of the transaction, the insider now owns 2,100,102 shares of the company's stock, valued at approximately $23,794,155.66. This represents a 2.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. KLP Kapitalforvaltning AS bought a new position in Core Scientific in the fourth quarter valued at approximately $527,000. Deutsche Bank AG grew its stake in Core Scientific by 53.8% in the fourth quarter. Deutsche Bank AG now owns 165,032 shares of the company's stock valued at $2,319,000 after purchasing an additional 57,742 shares in the last quarter. New York State Common Retirement Fund grew its stake in Core Scientific by 30.7% in the fourth quarter. New York State Common Retirement Fund now owns 187,181 shares of the company's stock valued at $2,630,000 after purchasing an additional 43,915 shares in the last quarter. Millennium Management LLC bought a new position in Core Scientific in the fourth quarter valued at approximately $1,335,000. Finally, LPL Financial LLC boosted its stake in shares of Core Scientific by 42.9% during the 4th quarter. LPL Financial LLC now owns 421,213 shares of the company's stock worth $5,918,000 after acquiring an additional 126,454 shares during the period.

Core Scientific Company Profile

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.