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

Shares of Core Scientific, Inc. (NASDAQ:CORZ) gapped down before the market opened on Tuesday . The stock had previously closed at $18.11, but opened at $17.50. Core Scientific shares last traded at $17.50, with a volume of 52,618 shares.

Wall Street Analysts Forecast Growth

Several analysts have commented on CORZ shares. Roth Mkm started coverage on shares of Core Scientific in a report on Friday, November 15th. They set a “buy” rating and a $25.50 target price on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $20.00 target price on shares of Core Scientific in a report on Thursday, October 3rd. Needham & Company LLC raised their price target on shares of Core Scientific from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $17.00 price target on shares of Core Scientific in a research note on Thursday, November 7th. Finally, Roth Capital raised shares of Core Scientific to a “strong-buy” rating in a research note on Thursday, November 14th. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Core Scientific has an average rating of “Buy” and a consensus target price of $18.38.

Core Scientific Stock Performance

The firm has a fifty day simple moving average of $13.80 and a 200-day simple moving average of $10.52. The firm has a market cap of $5.07 billion and a price-to-earnings ratio of -3.35.

Insider Buying and Selling at Core Scientific

In other news, insider Todd M. Duchene sold 25,000 shares of Core Scientific stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $17.10, for a total transaction of $427,500.00. Following the completion of the sale, the insider now owns 1,661,474 shares of the company’s stock, valued at approximately $28,411,205.40. This trade represents a 1.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jarrod M. Patten bought 5,021 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were purchased at an average cost of $9.68 per share, with a total value of $48,603.28. Following the acquisition, the director now directly owns 285,760 shares of the company’s stock, valued at approximately $2,766,156.80. This represents a 1.79 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired 12,761 shares of company stock valued at $127,080 in the last quarter.

Institutional Investors Weigh In On Core Scientific

Hedge funds and other institutional investors have recently modified their holdings of the company. Rise Advisors LLC raised its stake in Core Scientific by 14.3% in the third quarter. Rise Advisors LLC now owns 8,000 shares of the company’s stock valued at $95,000 after purchasing an additional 1,000 shares in the last quarter. Banque Cantonale Vaudoise acquired a new position in Core Scientific in the second quarter valued at about $28,000. Sunbelt Securities Inc. acquired a new position in Core Scientific in the second quarter valued at about $33,000. Vontobel Holding Ltd. raised its stake in Core Scientific by 10.4% in the third quarter. Vontobel Holding Ltd. now owns 38,089 shares of the company’s stock valued at $452,000 after purchasing an additional 3,591 shares in the last quarter. Finally, Harvest Portfolios Group Inc. raised its stake in Core Scientific by 10.1% in the third quarter. Harvest Portfolios Group Inc. now owns 55,881 shares of the company’s stock valued at $663,000 after purchasing an additional 5,109 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.