Core Scientific (NASDAQ:CORZ) Shares Gap Down - Here's Why

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report)'s share price gapped down prior to trading 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

CORZ has been the topic of several research analyst reports. Canaccord Genuity Group restated a "buy" rating and set a $17.00 price target on shares of Core Scientific in a report on Wednesday, March 12th. Keefe, Bruyette & Woods started coverage on Core Scientific in a research note on Monday, January 27th. They issued an "outperform" rating and a $22.00 price target for the company. HC Wainwright reaffirmed a "buy" rating and set a $17.00 price objective on shares of Core Scientific in a research report on Tuesday, March 11th. Compass Point dropped their price target 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, Cantor Fitzgerald cut their price target on shares of Core Scientific from $24.00 to $21.00 and set an "overweight" rating on the stock in a report on Thursday, February 27th. Fifteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Core Scientific presently has a consensus rating of "Buy" and a consensus target price of $19.07.

Core Scientific Price Performance

The company has a market cap of $2.20 billion, a P/E ratio of -1.38 and a beta of 6.83. The business's 50 day moving average price is $10.89 and its 200-day moving average price is $13.10.

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Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its quarterly earnings data on Wednesday, February 26th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.09. The company had revenue of $94.93 million during 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 Buying and Selling at Core Scientific

In related news, CEO Adam Taylor Sullivan sold 369,712 shares of Core Scientific stock in a transaction on Friday, January 24th. The stock was sold at an average price of $16.24, for a total transaction of $6,004,122.88. Following the completion of the sale, the chief executive officer now directly owns 3,758,793 shares of the company's stock, valued at $61,042,798.32. The trade was a 8.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jordan Levy bought 62,500 shares of Core Scientific stock in a transaction on Thursday, March 6th. The shares were bought at an average price of $8.01 per share, for a total transaction of $500,625.00. Following the acquisition, the director now owns 306,887 shares of the company's stock, valued at approximately $2,458,164.87. The trade was a 25.57 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have sold 748,282 shares of company stock worth $10,978,104. Company insiders own 32.00% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wellington Shields & Co. LLC acquired a new position in shares of Core Scientific in the 4th quarter valued at approximately $26,000. First Horizon Advisors Inc. acquired a new position in shares of Core Scientific during the 4th quarter worth approximately $34,000. Newbridge Financial Services Group Inc. acquired a new stake in shares of Core Scientific in the 4th quarter valued at approximately $42,000. Vestcor Inc acquired a new stake in shares of Core Scientific in the 4th quarter valued at approximately $66,000. Finally, US Bancorp DE bought a new stake in Core Scientific during the fourth quarter worth $99,000.

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.