Core Scientific (NASDAQ:CORZ) Shares Down 6.4% - Should You Sell?

Shares of Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) were down 6.4% on Tuesday . The stock traded as low as $13.84 and last traded at $13.88. Approximately 34,818,960 shares were traded during mid-day 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

Several equities research analysts have recently weighed in on CORZ shares. Needham & Company LLC cut Core Scientific from a "moderate buy" rating to a "hold" rating and set a $18.00 price target for the company. in a research note on Thursday. Macquarie cut Core Scientific from a "strong-buy" rating to a "hold" rating and set a $15.00 price target for the company. in a research note on Thursday. Craig Hallum cut Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Monday. Citigroup began coverage on Core Scientific in a research note on Thursday, May 22nd. They issued an "outperform" rating for the company. Finally, 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, June 27th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $18.22.

Core Scientific Stock Performance

The business has a fifty day moving average of $12.14 and a 200-day moving average of $11.14. The company has a market capitalization of $3.73 billion, a P/E ratio of -2.49 and a beta of 6.71.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.10) earnings per share 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 the consensus estimate of $92.04 million. The firm's quarterly revenue was down 55.6% on a year-over-year basis. During the same period last year, the business posted $0.78 earnings per share. Sell-side analysts anticipate that Core Scientific, Inc. will post 0.52 EPS for the current year.

Insider Activity

In related news, Director Yadin Rozov acquired 110,000 shares of the stock in a transaction dated Wednesday, May 28th. The stock was purchased at an average cost of $10.87 per share, with a total value of $1,195,700.00. Following the completion of the purchase, the director directly owned 475,687 shares in the company, valued at $5,170,717.69. This trade represents a 30.08% increase in their position. The purchase 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 Core Scientific 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 transaction, the insider directly owned 2,100,102 shares in the company, valued at approximately $23,794,155.66. The trade was a 2.78% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 117,759 shares of company stock worth $1,391,434. 1.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Core Scientific

Several large investors have recently bought and sold shares of CORZ. FMR LLC lifted its stake in Core Scientific by 2,937.7% during the 4th quarter. FMR LLC now owns 7,436,229 shares of the company's stock valued at $104,479,000 after acquiring an additional 7,191,428 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Core Scientific by 54.3% in the 4th quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company's stock worth $272,270,000 after buying an additional 6,819,406 shares during the last quarter. Helix Partners Management LP purchased a new position in shares of Core Scientific in the 4th quarter worth approximately $86,498,000. Driehaus Capital Management LLC boosted its stake in shares of Core Scientific by 112.1% in the 4th quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company's stock worth $144,212,000 after buying an additional 5,424,901 shares during the last quarter. Finally, Situational Awareness LP purchased a new position in shares of Core Scientific in the 1st quarter worth approximately $32,736,000.

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.