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

Core Scientific, Inc. (NASDAQ:CORZ)’s share price gapped down before the market opened 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 trading hands.

Analysts Set New Price Targets

Several research analysts recently issued reports on CORZ shares. Canaccord Genuity Group reissued a “buy” rating and issued a $17.00 price target on shares of Core Scientific in a research report on Wednesday, March 12th. Needham & Company LLC lowered their price target on Core Scientific from $18.00 to $17.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Cantor Fitzgerald dropped their price objective on Core Scientific from $24.00 to $21.00 and set an “overweight” rating for the company in a research note on Thursday, February 27th. Compass Point reduced their target price on shares of Core Scientific from $26.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, February 25th. Finally, BTIG Research lifted their price target on shares of Core Scientific from $19.00 to $20.00 and gave the company a “buy” rating in a report on Monday, December 16th. Fifteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $19.07.

Core Scientific Price Performance

The firm has a 50 day moving average price of $11.31 and a 200-day moving average price of $13.17. The firm has a market cap of $2.31 billion, a price-to-earnings ratio of -1.45 and a beta of 6.83.

Core Scientific (NASDAQ:CORZ) last issued its earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.09. The business had revenue of $94.93 million during the quarter, compared to the consensus estimate of $97.07 million. On average, sell-side analysts expect that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Insider Buying and Selling at Core Scientific

In other Core Scientific news, insider Todd M. Duchene sold 129,861 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $14.24, for a total value of $1,849,220.64. Following the completion of the sale, the insider now owns 2,051,649 shares of the company’s stock, valued at approximately $29,215,481.76. This represents a 5.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Adam Taylor Sullivan sold 88,380 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were 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 directly owns 4,128,505 shares of the company’s stock, valued at $58,789,911.20. This trade represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 748,282 shares of company stock worth $10,978,104. Insiders own 32.00% of the company’s stock.

Institutional Trading of Core Scientific

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of Core Scientific by 54.3% during the fourth quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company’s stock worth $272,270,000 after purchasing an additional 6,819,406 shares during the period. Beryl Capital Management LLC lifted its stake in Core Scientific by 24.3% in the fourth quarter. Beryl Capital Management LLC now owns 18,179,586 shares of the company’s stock valued at $255,423,000 after buying an additional 3,548,396 shares in the last quarter. Driehaus Capital Management LLC boosted its holdings in shares of Core Scientific by 112.1% in the fourth quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company’s stock valued at $144,212,000 after buying an additional 5,424,901 shares during the period. ORG Wealth Partners LLC increased its position in shares of Core Scientific by 0.3% during the fourth quarter. ORG Wealth Partners LLC now owns 8,986,651 shares of the company’s stock worth $126,262,000 after acquiring an additional 26,649 shares in the last quarter. Finally, FMR LLC lifted its position in Core Scientific by 2,937.7% in the 4th quarter. FMR LLC now owns 7,436,229 shares of the company’s stock valued at $104,479,000 after acquiring an additional 7,191,428 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.