Core Scientific (NASDAQ:CORZ) Shares Gap Down – What’s Next?

Core Scientific, Inc. (NASDAQ:CORZ) gapped down prior to trading on Monday . The stock had previously closed at $15.98, but opened at $13.19. Core Scientific shares last traded at $12.57, with a volume of 11,290,401 shares traded.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on CORZ shares. Roth Capital upgraded shares of Core Scientific to a “strong-buy” rating in a report on Thursday, November 14th. Compass Point raised their price objective on Core Scientific from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Roth Mkm assumed coverage on Core Scientific in a research report on Friday, November 15th. They set a “buy” rating and a $25.50 target price on the stock. HC Wainwright increased their price target on Core Scientific from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $20.00 price target on shares of Core Scientific in a research note on Thursday, October 3rd. Fifteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $19.07.

Core Scientific Price Performance

The business’s 50-day simple moving average is $15.37 and its 200-day simple moving average is $13.03.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). The firm had revenue of $95.35 million during the quarter, compared to the consensus estimate of $94.80 million. As a group, equities analysts expect that Core Scientific, Inc. will post 0.5 earnings per share for the current year.

Insider Transactions at Core Scientific

In related news, Director Yadin Rozov sold 105,000 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $18.11, for a total transaction of $1,901,550.00. Following the completion of the sale, the director now directly owns 345,239 shares of the company’s stock, valued at approximately $6,252,278.29. This represents a 23.32 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Todd M. Duchene sold 25,000 shares of the firm’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $17.10, for a total transaction of $427,500.00. Following the completion of the transaction, the insider now owns 1,661,474 shares in the company, valued at $28,411,205.40. The trade was a 1.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 744,032 shares of company stock worth $11,863,966 in the last 90 days. 32.00% of the stock is owned by insiders.

Institutional Trading of Core Scientific

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC boosted its position in shares of Core Scientific by 25.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 98,077 shares of the company’s stock valued at $1,378,000 after acquiring an additional 20,000 shares during the period. Highland Peak Capital LLC boosted its holdings in Core Scientific by 37.9% in the 3rd quarter. Highland Peak Capital LLC now owns 413,584 shares of the company’s stock valued at $4,905,000 after purchasing an additional 113,584 shares during the period. Mirabella Financial Services LLP acquired a new stake in Core Scientific in the 3rd quarter worth $18,383,000. Van ECK Associates Corp increased its holdings in shares of Core Scientific by 22.9% during the 3rd quarter. Van ECK Associates Corp now owns 1,616,944 shares of the company’s stock worth $19,177,000 after purchasing an additional 300,942 shares during the period. Finally, Capstone Investment Advisors LLC raised its position in shares of Core Scientific by 113.4% during the third quarter. Capstone Investment Advisors LLC now owns 55,000 shares of the company’s stock valued at $652,000 after buying an additional 29,230 shares during 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.