Core Scientific (NASDAQ:CORZ) Shares Gap Down - Time to Sell?

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) shares gapped down prior to trading on Thursday . The stock had previously closed at $14.96, but opened at $14.62. Core Scientific shares last traded at $14.60, with a volume of 569,069 shares traded.

Analyst Upgrades and Downgrades

CORZ has been the topic of several research reports. Sanford C. Bernstein reissued an "outperform" rating and set a $17.00 price target on shares of Core Scientific in a research note on Tuesday, September 10th. 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. Compass Point raised their price objective on Core Scientific from $18.00 to $20.00 and gave the company a "buy" rating in a research note on Wednesday, October 23rd. Macquarie increased their target price on Core Scientific from $16.00 to $19.00 and gave the company an "outperform" rating in a report on Thursday, November 14th. Finally, Needham & Company LLC lifted their price target on Core Scientific from $17.00 to $18.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. Thirteen research 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, the company currently has a consensus rating of "Buy" and a consensus price target of $18.46.

Core Scientific Price Performance

The firm has a market cap of $4.05 billion and a P/E ratio of -2.68. The firm's 50 day moving average is $15.45 and its 200 day moving average is $12.20.

Insider Activity

In other news, Director Yadin Rozov sold 105,000 shares of the company's stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $18.11, for a total transaction of $1,901,550.00. Following the transaction, the director now directly owns 345,239 shares of the company's stock, valued at $6,252,278.29. This represents a 23.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Todd M. Duchene sold 25,000 shares of the business's stock in a transaction that occurred 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 transaction, the insider now directly owns 1,661,474 shares of the company's stock, 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. Corporate insiders own 32.00% of the company's stock.

Institutional Trading of Core Scientific

Several large investors have recently modified their holdings of CORZ. Rise Advisors LLC lifted its stake in shares of Core Scientific by 14.3% in the 3rd quarter. Rise Advisors LLC now owns 8,000 shares of the company's stock worth $95,000 after purchasing an additional 1,000 shares during the period. Banque Cantonale Vaudoise bought a new stake in Core Scientific during the second quarter valued at about $28,000. Sunbelt Securities Inc. bought a new position in shares of Core Scientific in the second quarter worth about $33,000. Vontobel Holding Ltd. lifted its position in shares of Core Scientific by 10.4% during the 3rd quarter. Vontobel Holding Ltd. now owns 38,089 shares of the company's stock valued at $452,000 after buying an additional 3,591 shares in the last quarter. Finally, Harvest Portfolios Group Inc. grew its stake in shares of Core Scientific by 10.1% during the 3rd quarter. Harvest Portfolios Group Inc. now owns 55,881 shares of the company's stock valued at $663,000 after acquiring an additional 5,109 shares during the period.

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.