Core Scientific (NASDAQ:CORZ) Shares Gap Down After Insider Selling

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) gapped down before the market opened on Thursday following insider selling activity. The stock had previously closed at $9.60, but opened at $8.33. Core Scientific shares last traded at $8.45, with a volume of 11,064,982 shares trading hands.

Specifically, Director Todd A. Becker sold 134,250 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $10.75, for a total transaction of $1,443,187.50. Following the transaction, the director now owns 195,687 shares of the company's stock, valued at $2,103,635.25. This represents a 40.69 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on CORZ shares. Roth Capital raised Core Scientific to a "strong-buy" rating in a report on Thursday, November 14th. Craig Hallum started coverage on Core Scientific in a report on Tuesday, January 21st. They set a "buy" rating and a $24.00 target price for the company. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $17.00 price target on shares of Core Scientific in a report on Thursday, February 27th. Compass Point lowered 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 Core Scientific from $19.00 to $20.00 and gave the stock a "buy" rating in a research note on Monday, December 16th. Fifteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $19.07.

Remove Ads

Core Scientific Stock Performance

The firm has a market capitalization of $2.36 billion, a PE ratio of -1.48 and a beta of 6.83. The stock has a fifty day moving average price of $12.65 and a 200-day moving average price of $13.30.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $94.93 million for the quarter, compared to the consensus estimate of $97.07 million. Research analysts expect that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Core Scientific

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Wellington Shields & Co. LLC acquired a new position in Core Scientific during the 4th quarter valued at approximately $26,000. First Horizon Advisors Inc. purchased a new stake in Core Scientific in the fourth quarter valued at $34,000. Newbridge Financial Services Group Inc. purchased a new stake in Core Scientific in the fourth quarter valued at $42,000. Vestcor Inc acquired a new stake in Core Scientific during the 4th quarter worth about $66,000. Finally, US Bancorp DE purchased a new position in shares of Core Scientific during the 4th quarter valued at about $99,000.

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.