Core Scientific (NASDAQ:CORZ) Stock Price Down 6.2% – Here’s Why

Core Scientific, Inc. (NASDAQ:CORZ) traded down 6.2% on Tuesday . The company traded as low as $14.43 and last traded at $14.3350. 6,109,302 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 16,053,446 shares. The stock had previously closed at $15.28.

Analyst Ratings Changes

CORZ has been the topic of several recent research reports. Citigroup upgraded Core Scientific from a “market perform” rating to an “outperform” rating in a research report on Thursday. Jefferies Financial Group set a $24.00 price target on shares of Core Scientific and gave the stock a “buy” rating in a report on Tuesday, October 28th. Compass Point started coverage on shares of Core Scientific in a research note on Monday, September 15th. They set a “buy” rating on the stock. UBS Group set a $30.00 target price on shares of Core Scientific in a research note on Wednesday, October 22nd. Finally, Craig Hallum set a $27.00 price objective on Core Scientific in a research report on Friday, October 31st. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $23.18.

Core Scientific Stock Up 7.3%

The firm has a 50 day moving average price of $17.72 and a two-hundred day moving average price of $15.61.

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

Insider Buying and Selling

In related news, Director Eric Stanton Weiss acquired 5,000 shares of Core Scientific stock in a transaction on Tuesday, November 4th. The shares were bought at an average price of $21.50 per share, for a total transaction of $107,500.00. Following the completion of the purchase, the director directly owned 226,687 shares in the company, valued at $4,873,770.50. This trade represents a 2.26% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Core Scientific

Institutional investors and hedge funds have recently bought and sold shares of the stock. Xponance Inc. increased its holdings in Core Scientific by 2.7% in the third quarter. Xponance Inc. now owns 22,334 shares of the company’s stock valued at $401,000 after buying an additional 595 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Core Scientific by 3.5% during the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 21,029 shares of the company’s stock valued at $377,000 after acquiring an additional 711 shares in the last quarter. Orion Porfolio Solutions LLC lifted its stake in Core Scientific by 5.2% during the third quarter. Orion Porfolio Solutions LLC now owns 15,539 shares of the company’s stock worth $279,000 after purchasing an additional 766 shares during the last quarter. HHM Wealth Advisors LLC boosted its holdings in Core Scientific by 96.5% in the second quarter. HHM Wealth Advisors LLC now owns 1,926 shares of the company’s stock worth $33,000 after purchasing an additional 946 shares during the period. Finally, Allworth Financial LP increased its stake in Core Scientific by 206.5% during the third quarter. Allworth Financial LP now owns 1,410 shares of the company’s stock valued at $25,000 after purchasing an additional 950 shares during the last quarter.

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.