Core Scientific (NASDAQ:CORZ) Shares Down 3.1% – Should You Sell?

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price fell 3.1% on Friday . The stock traded as low as $14.00 and last traded at $14.03. 8,413,175 shares changed hands during mid-day trading, a decline of 8% from the average session volume of 9,124,201 shares. The stock had previously closed at $14.48.

Wall Street Analysts Forecast Growth

CORZ has been the topic of several recent research reports. Cantor Fitzgerald reissued an “overweight” rating and set a $20.00 price objective on shares of Core Scientific in a report on Thursday, October 3rd. BTIG Research lifted their price objective on Core Scientific from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, December 16th. Canaccord Genuity Group reissued a “buy” rating and set a $17.00 target price on shares of Core Scientific in a research note on Thursday, November 7th. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $17.00 target price on shares of Core Scientific in a research report on Tuesday, September 10th. Finally, Roth Mkm initiated coverage on Core Scientific in a report on Friday, November 15th. They set a “buy” rating and a $25.50 price objective for the company. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $18.46.

Core Scientific Stock Down 2.4 %

The business has a 50 day moving average price of $15.36 and a two-hundred day moving average price of $12.05. The stock has a market cap of $3.95 billion and a P/E ratio of -2.61.

Insider Buying and Selling at Core Scientific

In other news, Director Yadin Rozov sold 105,000 shares of the stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $18.11, for a total value of $1,901,550.00. Following the sale, the director now owns 345,239 shares of the company’s stock, valued at approximately $6,252,278.29. This represents a 23.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Todd M. Duchene sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $17.10, for a total transaction of $427,500.00. Following the completion of the sale, the insider now directly owns 1,661,474 shares of the company’s stock, valued at approximately $28,411,205.40. The trade was a 1.48 % decrease in their position. The disclosure for this sale can be found here. 32.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Core Scientific

A number of hedge funds and other institutional investors have recently bought and sold shares of CORZ. Sanctuary Advisors LLC raised its holdings in shares of Core Scientific by 130.1% in the third quarter. Sanctuary Advisors LLC now owns 34,527 shares of the company’s stock worth $409,000 after buying an additional 19,522 shares during the last quarter. Neo Ivy Capital Management purchased a new stake in shares of Core Scientific in the 3rd quarter valued at $194,000. Geode Capital Management LLC raised its stake in shares of Core Scientific by 26.7% during the 3rd quarter. Geode Capital Management LLC now owns 5,276,573 shares of the company’s stock valued at $62,594,000 after buying an additional 1,113,285 shares during the last quarter. Sender Co & Partners Inc. acquired a new position in Core Scientific in the third quarter valued at approximately $2,426,000. Finally, Y Intercept Hong Kong Ltd purchased a new stake in Core Scientific during the third quarter worth $1,459,000.

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.