Core Scientific (NASDAQ:CORZ) Shares Gap Down to $10.24

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $10.24, but opened at $9.88. Core Scientific shares last traded at $9.80, with a volume of 1,260,987 shares changing hands.

Analyst Ratings Changes

A number of research firms have recently issued reports on CORZ. BTIG Research increased their price objective on shares of Core Scientific from $10.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, June 26th. HC Wainwright increased their target price on Core Scientific from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. Needham & Company LLC initiated coverage on Core Scientific in a research report on Wednesday. They issued a “buy” rating and a $16.00 price target for the company. B. Riley upgraded Core Scientific from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $0.50 to $13.00 in a research note on Wednesday, July 17th. Finally, LADENBURG THALM/SH SH reiterated a “buy” rating and issued a $14.50 target price on shares of Core Scientific in a report on Tuesday, July 2nd. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, Core Scientific presently has a consensus rating of “Buy” and an average target price of $14.88.

Core Scientific Stock Down 6.0 %

The business has a 50 day simple moving average of $9.98 and a 200 day simple moving average of $6.44.

Core Scientific (NASDAQ:CORZ) last released its earnings results on Wednesday, August 7th. The company reported ($4.51) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($4.47). The company had revenue of $141.10 million for the quarter, compared to the consensus estimate of $128.58 million. The firm’s revenue was up 11.2% compared to the same quarter last year. As a group, equities research analysts predict that Core Scientific, Inc. will post 0.01 EPS for the current year.

Insider Activity

In related news, insider Todd M. Duchene sold 3,770 shares of the firm’s stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $9.99, for a total value of $37,662.30. Following the completion of the transaction, the insider now owns 393,428 shares in the company, valued at approximately $3,930,345.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Todd M. Duchene sold 3,770 shares of Core Scientific stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $9.99, for a total transaction of $37,662.30. Following the completion of the sale, the insider now owns 393,428 shares of the company’s stock, valued at $3,930,345.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Todd M. Duchene sold 11,582 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $9.41, for a total transaction of $108,986.62. Following the completion of the transaction, the insider now owns 1,686,474 shares in the company, valued at approximately $15,869,720.34. The disclosure for this sale can be found here. Over the last ninety days, insiders have purchased 10,521 shares of company stock valued at $102,328 and have sold 31,425 shares valued at $297,749. Corporate insiders own 32.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CORZ. Banque Cantonale Vaudoise acquired a new stake in Core Scientific during the 2nd quarter worth about $28,000. Aspect Partners LLC acquired a new stake in Core Scientific during the first quarter worth about $29,000. Sunbelt Securities Inc. purchased a new position in Core Scientific during the second quarter valued at approximately $33,000. Hexagon Capital Partners LLC acquired a new position in Core Scientific in the first quarter valued at approximately $34,000. Finally, Lindbrook Capital LLC purchased a new stake in Core Scientific in the 1st quarter worth approximately $65,000.

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.