Core Scientific (NASDAQ:CORZ) Stock Price Down 10% - Time to Sell?

Key Points

• Core Scientific's stock price fell by 10%, trading at $17.31, amidst a significant drop in trading volume.
• Analysts have mixed ratings on the stock, with a consensus target price of $20.06 and several brokerages offering differing outlooks.
• The company reported a revenue decline of 44.3% year-over-year, with Q2 revenue of $78.63 million falling short of expectations.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report)'s share price traded down 10% during mid-day trading on Wednesday . The company traded as low as $17.52 and last traded at $17.31. 7,359,670 shares traded hands during mid-day trading, a decline of 54% from the average session volume of 16,141,844 shares. The stock had previously closed at $19.23.

Analyst Ratings Changes

Several brokerages have issued reports on CORZ. Jefferies Financial Group upped their target price on Core Scientific from $16.00 to $22.00 and gave the stock a "buy" rating in a research note on Monday, August 18th. Macquarie raised their price target on Core Scientific from $15.00 to $18.00 and gave the company a "neutral" rating in a report on Monday, September 29th. Roth Mkm reaffirmed a "buy" rating and set a $20.00 price objective on shares of Core Scientific in a research report on Thursday, June 26th. Needham & Company LLC cut Core Scientific from a "moderate buy" rating to a "hold" rating and set a $18.00 target price on the stock. in a research report on Thursday, July 10th. Finally, Oppenheimer reiterated a "market perform" rating on shares of Core Scientific in a report on Monday, July 7th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, Core Scientific currently has an average rating of "Hold" and a consensus target price of $20.06.

Core Scientific Stock Down 8.6%

The firm has a market cap of $5.40 billion, a PE ratio of -31.55 and a beta of 6.58. The firm has a 50-day moving average price of $16.16 and a two-hundred day moving average price of $13.07.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its quarterly earnings data on Friday, August 8th. The company reported ($0.04) EPS for the quarter, topping analysts' consensus estimates of ($0.07) by $0.03. The company had revenue of $78.63 million for the quarter, compared to analysts' expectations of $82.09 million. The company's revenue for the quarter was down 44.3% compared to the same quarter last year. Research analysts forecast that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Core Scientific

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Situational Awareness LP acquired a new position in shares of Core Scientific during the 1st quarter worth about $32,736,000. Clearline Capital LP boosted its position in shares of Core Scientific by 157.8% during the 1st quarter. Clearline Capital LP now owns 5,403,963 shares of the company's stock worth $39,125,000 after acquiring an additional 3,308,100 shares in the last quarter. Marshall Wace LLP boosted its position in shares of Core Scientific by 416.0% during the 2nd quarter. Marshall Wace LLP now owns 3,098,737 shares of the company's stock worth $52,895,000 after acquiring an additional 2,498,186 shares in the last quarter. 59 North Capital Management LP acquired a new position in shares of Core Scientific during the 2nd quarter worth about $35,990,000. Finally, Fred Alger Management LLC boosted its position in shares of Core Scientific by 46.7% during the 1st quarter. Fred Alger Management LLC now owns 6,473,552 shares of the company's stock worth $46,869,000 after acquiring an additional 2,059,985 shares in the last quarter.

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.

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