Core Scientific (NASDAQ:CORZ) Stock Price Down 5.2% - Should You Sell?

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

Analyst Ratings Changes

Several analysts recently issued reports on the company. Canaccord Genuity Group reiterated a "buy" rating and issued a $17.00 price target on shares of Core Scientific in a report on Friday, May 9th. Needham & Company LLC restated a "buy" rating and issued a $16.00 target price on shares of Core Scientific in a research note on Friday, May 16th. Citigroup initiated coverage on shares of Core Scientific in a research report on Thursday, May 22nd. They issued an "outperform" rating for the company. Oppenheimer began coverage on Core Scientific in a research report on Wednesday, May 14th. They set an "outperform" rating and a $15.00 target price on the stock. Finally, Compass Point reduced their price target on Core Scientific from $26.00 to $20.00 and set a "buy" rating for the company in a report on Tuesday, February 25th. Eighteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Core Scientific has a consensus rating of "Buy" and an average target price of $18.33.

Core Scientific Stock Performance

The firm has a market capitalization of $3.26 billion, a price-to-earnings ratio of -2.02 and a beta of 6.66. The company's fifty day moving average price is $8.55 and its 200 day moving average price is $11.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its earnings results 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 company had revenue of $79.53 million during the quarter, compared to the consensus estimate of $92.04 million. During the same quarter in the previous year, the business posted $0.78 earnings per share. The business's quarterly revenue was down 55.6% compared to the same quarter last year. As a group, sell-side analysts expect that Core Scientific, Inc. will post 0.52 earnings per share for the current year.

Insider Activity

In related news, Director Jordan Levy bought 62,500 shares of the firm's stock in a transaction that occurred on Thursday, March 6th. The stock was purchased at an average price of $8.01 per share, for a total transaction of $500,625.00. Following the transaction, the director now directly owns 306,887 shares of the company's stock, valued at approximately $2,458,164.87. This represents a 25.57% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Yadin Rozov purchased 110,000 shares of Core Scientific stock in a transaction dated Wednesday, May 28th. The stock was bought 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 now owns 475,687 shares in the company, valued at approximately $5,170,717.69. This trade represents a 30.08% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 1.40% of the company's stock.

Institutional Investors Weigh In On Core Scientific

Institutional investors have recently added to or reduced their stakes in the company. Wellington Shields & Co. LLC acquired a new stake in shares of Core Scientific in the fourth quarter valued at $26,000. First Horizon Advisors Inc. acquired a new stake in shares of Core Scientific during the 4th quarter valued at $34,000. Newbridge Financial Services Group Inc. bought a new stake in shares of Core Scientific during the 4th quarter worth $42,000. Vestcor Inc acquired a new position in shares of Core Scientific in the 4th quarter worth $66,000. Finally, State of Wyoming acquired a new stake in shares of Core Scientific during the first quarter worth $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.