Core Scientific (NASDAQ:CORZ) Stock Price Down 6.4% - Here's What Happened

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report)'s share price was down 6.4% during mid-day trading on Tuesday . The company traded as low as $13.84 and last traded at $13.88. Approximately 34,818,960 shares changed hands during trading, an increase of 116% from the average daily volume of 16,151,603 shares. The stock had previously closed at $14.83.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on CORZ shares. HC Wainwright reiterated a "neutral" rating on shares of Core Scientific in a research report on Tuesday. Citigroup started coverage on shares of Core Scientific in a research report on Thursday, May 22nd. They set an "outperform" rating for the company. JMP Securities started coverage on shares of Core Scientific in a research report on Thursday, May 22nd. They set a "market outperform" rating and a $15.00 target price for the company. Barclays cut shares of Core Scientific to an "underweight" rating in a research report on Tuesday. Finally, Roth Mkm reissued a "buy" rating and set a $20.00 price objective on shares of Core Scientific in a report on Thursday, June 26th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $18.44.

Core Scientific Stock Performance

The stock has a market capitalization of $4.18 billion, a price-to-earnings ratio of -2.79 and a beta of 6.71. The firm's fifty day simple moving average is $11.83 and its 200 day simple moving average is $11.11.

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, beating analysts' consensus estimates of ($0.12) by $0.02. The business had revenue of $79.53 million during the quarter, compared to analyst estimates of $92.04 million. During the same quarter last year, the business earned $0.78 earnings per share. Core Scientific's revenue for the quarter was down 55.6% on a year-over-year basis. Analysts forecast that Core Scientific, Inc. will post 0.52 earnings per share for the current year.

Insider Buying and Selling

In other Core Scientific news, Director Yadin Rozov acquired 110,000 shares of the stock in a transaction dated Wednesday, May 28th. The shares were bought at an average cost of $10.87 per share, for a total transaction of $1,195,700.00. Following the completion of the acquisition, the director directly owned 475,687 shares of the company's stock, valued at approximately $5,170,717.69. This trade represents a 30.08% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Todd M. Duchene sold 7,759 shares of the firm's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $12.39, for a total transaction of $96,134.01. Following the completion of the transaction, the insider directly owned 2,049,689 shares of the company's stock, valued at $25,395,646.71. This represents a 0.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 117,759 shares of company stock worth $1,391,434 over the last quarter. 1.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Core Scientific

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Red Spruce Capital LLC boosted its position in shares of Core Scientific by 161.3% in the second quarter. Red Spruce Capital LLC now owns 33,221 shares of the company's stock valued at $567,000 after acquiring an additional 20,508 shares during the period. Rhumbline Advisers boosted its position in shares of Core Scientific by 1.6% in the first quarter. Rhumbline Advisers now owns 257,142 shares of the company's stock valued at $1,862,000 after acquiring an additional 4,171 shares during the period. Anson Funds Management LP bought a new stake in shares of Core Scientific in the first quarter valued at about $689,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Core Scientific by 180.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,109,387 shares of the company's stock valued at $8,032,000 after acquiring an additional 714,388 shares during the period. Finally, Arete Wealth Advisors LLC boosted its position in shares of Core Scientific by 39.1% in the first quarter. Arete Wealth Advisors LLC now owns 22,942 shares of the company's stock valued at $166,000 after acquiring an additional 6,453 shares during the period.

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.

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