Core Scientific (NASDAQ:CORZ) Shares Down 5.4% – Should You Sell?

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

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. B. Riley upgraded Core Scientific from a “neutral” rating to a “buy” rating and set a $30.00 price objective on the stock in a research report on Wednesday, October 22nd. Cantor Fitzgerald boosted their price target on shares of Core Scientific from $18.00 to $26.00 and gave the stock an “overweight” rating in a report on Friday, October 24th. Sanford C. Bernstein upped their price target on Core Scientific from $17.00 to $24.00 and gave the company an “outperform” rating in a report on Monday, November 3rd. Zacks Research cut Core Scientific from a “hold” rating to a “strong sell” rating in a research report on Friday, October 24th. Finally, Arete Research upgraded shares of Core Scientific to a “strong-buy” rating in a research note on Tuesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $22.39.

Core Scientific Stock Down 5.1%

The company has a market capitalization of $5.10 billion, a price-to-earnings ratio of 109.61 and a beta of 6.59. The company has a 50 day simple moving average of $17.98 and a 200 day simple moving average of $14.54.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Friday, October 24th. The company reported ($0.46) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.85) by $0.39. The company had revenue of $81.10 million during the quarter, compared to analyst estimates of $107.18 million. On average, research analysts forecast that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Insiders Place Their Bets

In other Core Scientific news, Director Eric Stanton Weiss bought 5,000 shares of the stock in a transaction dated Tuesday, November 4th. The stock was bought at an average cost 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 of the company’s stock, valued at approximately $4,873,770.50. The trade was a 2.26% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Core Scientific

Institutional investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC raised its position in shares of Core Scientific by 192.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 4,662 shares of the company’s stock worth $80,000 after purchasing an additional 3,067 shares during the period. Kingswood Wealth Advisors LLC acquired a new position in shares of Core Scientific in the 2nd quarter worth approximately $243,000. Heritage Oak Wealth Advisors LLC raised its position in shares of Core Scientific by 2.4% during the second quarter. Heritage Oak Wealth Advisors LLC now owns 753,846 shares of the company’s stock worth $12,868,000 after purchasing an additional 17,709 shares during the period. Harvest Portfolios Group Inc. boosted its holdings in shares of Core Scientific by 81.9% in the second quarter. Harvest Portfolios Group Inc. now owns 134,895 shares of the company’s stock worth $2,303,000 after buying an additional 60,746 shares during the period. Finally, Regal Partners Ltd grew its position in Core Scientific by 574.1% during the 2nd quarter. Regal Partners Ltd now owns 625,213 shares of the company’s stock worth $10,672,000 after purchasing an additional 532,462 shares in 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.