Core Scientific (NASDAQ:CORZ) Stock Price Down 5.2% - Here's Why

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report)'s stock price dropped 5.2% during trading on Wednesday . The stock traded as low as $10.65 and last traded at $10.69. Approximately 3,290,953 shares changed hands during trading, a decline of 75% from the average daily volume of 13,268,480 shares. The stock had previously closed at $11.28.

Analyst Ratings Changes

Several research firms have issued reports on CORZ. Canaccord Genuity Group restated a "buy" rating and issued a $17.00 price target on shares of Core Scientific in a research report on Friday, May 9th. Compass Point reduced their target price on shares of Core Scientific from $26.00 to $20.00 and set a "buy" rating for the company in a research note on Tuesday, February 25th. Cantor Fitzgerald decreased their target price on Core Scientific from $24.00 to $21.00 and set an "overweight" rating on the stock in a research report on Thursday, February 27th. Citigroup initiated coverage on Core Scientific in a research note on Thursday, May 22nd. They set an "outperform" rating on the stock. Finally, HC Wainwright restated a "buy" rating and set a $17.00 price target on shares of Core Scientific in a research note on Tuesday, March 11th. Eighteen equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Buy" and an average price target of $18.33.

Core Scientific Stock Performance

The company has a market cap of $3.20 billion, a price-to-earnings ratio of -1.99 and a beta of 6.66. The business's 50 day moving average price is $8.50 and its 200-day moving average price is $11.74.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced 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. The company's quarterly revenue was down 55.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.78 EPS. On average, equities research analysts expect that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Yadin Rozov bought 110,000 shares of the company's stock in a transaction that occurred on Wednesday, May 28th. The stock was acquired at an average price of $10.87 per share, for a total transaction of $1,195,700.00. Following the transaction, the director now directly owns 475,687 shares of the company's stock, valued at $5,170,717.69. This trade represents a 30.08% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Todd A. Becker sold 134,250 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $10.75, for a total transaction of $1,443,187.50. Following the completion of the sale, the director now owns 195,687 shares of the company's stock, valued at $2,103,635.25. The trade was a 40.69% decrease in their position. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Core Scientific

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wellington Shields & Co. LLC acquired a new stake in Core Scientific in the 4th quarter valued at about $26,000. First Horizon Advisors Inc. acquired a new stake in Core Scientific in the 4th quarter valued at about $34,000. Newbridge Financial Services Group Inc. acquired a new stake in Core Scientific in the 4th quarter valued at about $42,000. Vestcor Inc acquired a new stake in Core Scientific in the 4th quarter valued at about $66,000. Finally, State of Wyoming acquired a new stake in Core Scientific in the 1st quarter valued at about $34,000.

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.