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

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $15.98, but opened at $13.19. Core Scientific shares last traded at $12.57, with a volume of 11,290,401 shares.

Analysts Set New Price Targets

CORZ has been the topic of several analyst reports. Roth Mkm started coverage on Core Scientific in a research note on Friday, November 15th. They set a “buy” rating and a $25.50 price objective on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $20.00 target price on shares of Core Scientific in a report on Thursday, October 3rd. Jefferies Financial Group assumed coverage on shares of Core Scientific in a report on Monday, October 28th. They set a “buy” rating and a $19.00 price target on the stock. Keefe, Bruyette & Woods began coverage on shares of Core Scientific in a research note on Monday. They issued an “outperform” rating and a $22.00 price objective for the company. Finally, Craig Hallum assumed coverage on Core Scientific in a research note on Tuesday, January 21st. They set a “buy” rating and a $24.00 target price on the stock. Fifteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $19.07.

Core Scientific Trading Down 29.0 %

The business’s 50-day simple moving average is $15.56 and its 200 day simple moving average is $13.01. The firm has a market cap of $3.17 billion and a PE ratio of -2.08.

Core Scientific (NASDAQ:CORZ) last posted its earnings results on Wednesday, November 6th. The company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). The business had revenue of $95.35 million during the quarter, compared to the consensus estimate of $94.80 million. Analysts expect that Core Scientific, Inc. will post 0.5 earnings per share for the current year.

Insider Buying and Selling

In related news, 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 completion of the transaction, the insider now owns 1,661,474 shares in the company, valued at $28,411,205.40. The trade was a 1.48 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Yadin Rozov sold 105,000 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $18.11, for a total transaction of $1,901,550.00. Following the completion of the sale, the director now owns 345,239 shares of the company’s stock, valued at approximately $6,252,278.29. This trade represents a 23.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 349,043 shares of company stock worth $5,449,345 in the last three months. 32.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CORZ. Sunbelt Securities Inc. purchased a new stake in shares of Core Scientific during the second quarter worth about $33,000. Rise Advisors LLC grew its position in Core Scientific by 14.3% during 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 last quarter. Xponance Inc. acquired a new position in Core Scientific during the 2nd quarter valued at approximately $104,000. KBC Group NV purchased a new position in shares of Core Scientific in the fourth quarter worth $114,000. Finally, Amalgamated Bank acquired a new stake in shares of Core Scientific during the second quarter worth $115,000.

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.