Core Scientific (NASDAQ:CORZ) Shares Down 5.4% – What’s Next?

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price fell 5.4% during trading on Wednesday . The company traded as low as $16.45 and last traded at $16.3920. 3,784,410 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 16,397,631 shares. The stock had previously closed at $17.32.

Analyst Ratings Changes

CORZ has been the topic of a number of analyst reports. Cantor Fitzgerald increased their price objective on Core Scientific from $18.00 to $26.00 and gave the company an “overweight” rating in a report on Friday, October 24th. Arete assumed coverage on shares of Core Scientific in a research report on Tuesday, July 22nd. They set a “buy” rating and a $20.00 target price on the stock. UBS Group set a $30.00 price target on shares of Core Scientific in a report on Wednesday, October 22nd. Roth Capital restated a “buy” rating on shares of Core Scientific in a research report on Friday, October 31st. Finally, Jefferies Financial Group set a $24.00 price target on Core Scientific and gave the company a “buy” rating in a report on Tuesday, October 28th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $22.39.

Core Scientific Stock Down 5.1%

The business has a 50-day moving average price of $17.98 and a two-hundred day moving average price of $14.54. The company has a market cap of $5.10 billion, a P/E ratio of 109.61 and a beta of 6.59.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings results on Friday, October 24th. The company reported ($0.46) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.85) by $0.39. The company had revenue of $81.10 million during the quarter, compared to the consensus estimate of $107.18 million. As a group, sell-side analysts expect that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Insider Activity at Core Scientific

In other news, Director Eric Stanton Weiss purchased 5,000 shares of the business’s stock in a transaction dated Tuesday, November 4th. The shares were bought at an average cost of $21.50 per share, for a total transaction of $107,500.00. Following the completion of the acquisition, the director directly owned 226,687 shares in the company, valued at approximately $4,873,770.50. This trade represents a 2.26% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CORZ. Teacher Retirement System of Texas bought a new stake in shares of Core Scientific during the 1st quarter worth approximately $234,000. Bank of New York Mellon Corp increased its stake in shares of Core Scientific by 5.1% in the first quarter. Bank of New York Mellon Corp now owns 876,809 shares of the company’s stock valued at $6,348,000 after buying an additional 42,732 shares during the period. Envestnet Asset Management Inc. lifted its holdings in shares of Core Scientific by 16.4% during the first quarter. Envestnet Asset Management Inc. now owns 141,399 shares of the company’s stock worth $1,024,000 after purchasing an additional 19,898 shares during the period. Arizona State Retirement System grew its position in shares of Core Scientific by 13.9% in the 1st quarter. Arizona State Retirement System now owns 63,993 shares of the company’s stock valued at $463,000 after buying an additional 7,803 shares during the last quarter. Finally, Mutual of America Capital Management LLC bought a new stake in Core Scientific in the first quarter valued at approximately $1,906,000.

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.