Core Scientific (NASDAQ:CORZ) Stock Price Down 5.2% – Here’s What Happened

Shares of Core Scientific, Inc. (NASDAQ:CORZ) traded down 5.2% during trading on Tuesday . The company traded as low as $14.20 and last traded at $14.34. 2,380,444 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 7,360,831 shares. The stock had previously closed at $15.12.

Wall Street Analyst Weigh In

CORZ has been the subject of several analyst reports. Macquarie raised their price objective on Core Scientific from $16.00 to $19.00 and gave the company an “outperform” rating in a report on Thursday, November 14th. HC Wainwright upped their target price on Core Scientific from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Roth Capital raised shares of Core Scientific to a “strong-buy” rating in a research note on Thursday, November 14th. Roth Mkm initiated coverage on Core Scientific in a research report on Friday, November 15th. They set a “buy” rating and a $25.50 price objective for the company. Finally, B. Riley lifted their target price on Core Scientific from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Core Scientific has a consensus rating of “Buy” and a consensus price target of $18.46.

Core Scientific Trading Down 0.5 %

The company’s 50-day simple moving average is $15.62 and its 200-day simple moving average is $12.56. The stock has a market capitalization of $3.92 billion and a price-to-earnings ratio of -2.60.

Insiders Place Their Bets

In other Core Scientific news, insider Todd M. Duchene sold 25,000 shares of the 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 in the company, valued at approximately $28,411,205.40. This trade represents a 1.48 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Adam Taylor Sullivan sold 88,380 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total value of $1,258,531.20. Following the sale, the chief executive officer now directly owns 4,128,505 shares of the company’s stock, valued at $58,789,911.20. This represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 348,241 shares of company stock worth $5,436,802. 32.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Core Scientific

A number of institutional investors and hedge funds have recently modified their holdings of CORZ. Sunbelt Securities Inc. acquired a new position in shares of Core Scientific during the 2nd quarter valued at $33,000. Divisadero Street Capital Management LP acquired a new position in shares of Core Scientific during the second quarter valued at about $93,000. Rise Advisors LLC grew its stake in shares of Core Scientific by 14.3% in the 3rd quarter. Rise Advisors LLC now owns 8,000 shares of the company’s stock valued at $95,000 after buying an additional 1,000 shares during the period. Xponance Inc. acquired a new stake in shares of Core Scientific in the 2nd quarter valued at about $104,000. Finally, Amalgamated Bank bought a new stake in Core Scientific in the 2nd quarter valued at about $115,000.

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.