Core Scientific (NASDAQ:CORZ) Shares Gap Down – Here’s Why

Shares of Core Scientific, Inc. (NASDAQ:CORZ) gapped down prior to trading on Wednesday . The stock had previously closed at $8.66, but opened at $8.45. Core Scientific shares last traded at $7.93, with a volume of 5,766,795 shares traded.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CORZ. Compass Point decreased their target price on shares of Core Scientific from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, February 25th. Craig Hallum started coverage on Core Scientific in a research report on Tuesday, January 21st. They set a “buy” rating and a $24.00 price target on the stock. Needham & Company LLC decreased their target price on shares of Core Scientific from $18.00 to $17.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $17.00 price target on shares of Core Scientific in a research report on Wednesday, March 12th. Finally, HC Wainwright reiterated a “buy” rating and set a $17.00 price target on shares of Core Scientific in a report on Tuesday, March 11th. Fifteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $19.07.

Core Scientific Price Performance

The business’s 50-day moving average is $11.31 and its 200 day moving average is $13.17. The firm has a market capitalization of $2.31 billion, a P/E ratio of -1.45 and a beta of 6.83.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.09. The business had revenue of $94.93 million during the quarter, compared to analyst estimates of $97.07 million. Analysts anticipate that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Insider Transactions at Core Scientific

In other news, CEO Adam Taylor Sullivan sold 88,380 shares of the business’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total transaction of $1,258,531.20. Following the completion of the transaction, the chief executive officer now owns 4,128,505 shares of the company’s stock, valued at approximately $58,789,911.20. The trade was a 2.10 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jordan Levy acquired 62,500 shares of Core Scientific stock in a transaction that occurred on Thursday, March 6th. The stock was acquired at an average cost of $8.01 per share, for a total transaction of $500,625.00. Following the completion of the purchase, the director now directly owns 306,887 shares of the company’s stock, valued at $2,458,164.87. This represents a 25.57 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have sold 748,282 shares of company stock valued at $10,978,104. 32.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Victory Capital Management Inc. lifted its stake in Core Scientific by 41.5% in the 3rd quarter. Victory Capital Management Inc. now owns 26,633 shares of the company’s stock valued at $316,000 after purchasing an additional 7,814 shares during the last quarter. Natixis Advisors LLC bought a new position in shares of Core Scientific in the 3rd quarter valued at $252,000. Intech Investment Management LLC acquired a new stake in shares of Core Scientific during the 3rd quarter valued at $315,000. Charles Schwab Investment Management Inc. grew its position in Core Scientific by 44.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,932,462 shares of the company’s stock worth $22,919,000 after acquiring an additional 590,946 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd increased its holdings in Core Scientific by 48.8% in the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 34,786 shares of the company’s stock worth $413,000 after purchasing an additional 11,412 shares in the last quarter.

Core Scientific Company Profile

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.