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

Shares of Core Scientific, Inc. (NASDAQ:CORZ) 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.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Compass Point lowered their target price on Core Scientific from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, February 25th. Cantor Fitzgerald dropped their target price on shares of Core Scientific from $24.00 to $21.00 and set an “overweight” rating on the stock in a research report on Thursday, February 27th. BTIG Research upped their price target on Core Scientific from $19.00 to $20.00 and gave the company a “buy” rating in a report on Monday, December 16th. HC Wainwright restated a “buy” rating and issued a $17.00 target price on shares of Core Scientific in a research note on Tuesday, March 11th. Finally, Craig Hallum initiated coverage on shares of Core Scientific in a research note on Tuesday, January 21st. They set a “buy” rating and a $24.00 price target on the stock. Fifteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Core Scientific has a consensus rating of “Buy” and an average target price of $19.07.

Core Scientific Stock Performance

The firm’s 50-day moving average is $11.04 and its two-hundred day moving average is $13.10. The stock has a market cap of $2.32 billion, a P/E ratio of -1.46 and a beta of 6.83.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.09. The business had revenue of $94.93 million for the quarter, compared to the consensus estimate of $97.07 million. As a group, research analysts forecast that Core Scientific, Inc. will post 0.52 EPS for the current year.

Insider Activity

In other news, 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 value 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 $58,789,911.20. The trade was a 2.10 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jordan Levy bought 62,500 shares of the firm’s stock in a transaction on Thursday, March 6th. The stock was acquired at an average cost of $8.01 per share, with a total value of $500,625.00. Following the completion of the purchase, the director now owns 306,887 shares of the company’s stock, valued at approximately $2,458,164.87. This trade represents a 25.57 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 748,282 shares of company stock valued at $10,978,104 in the last ninety days. 32.00% of the stock is owned by insiders.

Institutional Trading of Core Scientific

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. California State Teachers Retirement System grew its position in shares of Core Scientific by 39.1% in the 4th quarter. California State Teachers Retirement System now owns 180,010 shares of the company’s stock valued at $2,529,000 after acquiring an additional 50,593 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in Core Scientific by 43.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 111,969 shares of the company’s stock worth $1,573,000 after buying an additional 33,892 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Core Scientific in the fourth quarter valued at approximately $8,827,000. Neo Ivy Capital Management raised its stake in Core Scientific by 731.2% in the 4th quarter. Neo Ivy Capital Management now owns 135,642 shares of the company’s stock valued at $1,905,000 after acquiring an additional 119,324 shares during the period. Finally, Two Seas Capital LP lifted its holdings in Core Scientific by 9.2% during the 4th quarter. Two Seas Capital LP now owns 6,232,888 shares of the company’s stock valued at $87,572,000 after purchasing an additional 527,097 shares during 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.