Core Scientific (NASDAQ:CORZ) Shares Gap Down – What’s Next?

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price 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 trading hands.

Analysts Set New Price Targets

Several research analysts have commented on the company. Compass Point raised their target price on Core Scientific from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Jefferies Financial Group started coverage on shares of Core Scientific in a research note on Monday, October 28th. They set a “buy” rating and a $19.00 price objective for the company. Roth Mkm began coverage on shares of Core Scientific in a research note on Friday, November 15th. They issued a “buy” rating and a $25.50 target price on the stock. Sanford C. Bernstein reissued an “outperform” rating and issued a $17.00 price target on shares of Core Scientific in a report on Tuesday, September 10th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $17.00 price target on shares of Core Scientific in a report on Thursday, November 7th. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Core Scientific has a consensus rating of “Buy” and an average target price of $18.38.

Core Scientific Stock Up 3.4 %

The stock has a 50-day simple moving average of $14.03 and a two-hundred day simple moving average of $10.67. The firm has a market cap of $4.95 billion and a PE ratio of -3.27.

Insider Activity

In other news, insider Todd M. Duchene sold 25,000 shares of the company’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $17.10, for a total value 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 represents a 1.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jarrod M. Patten bought 5,021 shares of Core Scientific stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average cost of $9.68 per share, for a total transaction of $48,603.28. Following the acquisition, the director now owns 285,760 shares in the company, valued at $2,766,156.80. The trade was a 1.79 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have bought 8,761 shares of company stock worth $88,280. 32.00% of the stock is currently owned by insiders.

Institutional Trading of Core Scientific

Several institutional investors have recently added to or reduced their stakes in the business. 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 valued at $95,000 after acquiring an additional 1,000 shares during the last quarter. Banque Cantonale Vaudoise bought a new position in shares of Core Scientific during the second quarter valued at about $28,000. Sunbelt Securities Inc. purchased a new stake in shares of Core Scientific during the second quarter worth about $33,000. Vontobel Holding Ltd. grew its stake in shares of Core Scientific by 10.4% in the third quarter. Vontobel Holding Ltd. now owns 38,089 shares of the company’s stock worth $452,000 after purchasing an additional 3,591 shares during the last quarter. Finally, Harvest Portfolios Group Inc. grew its stake in shares of Core Scientific by 10.1% in the third quarter. Harvest Portfolios Group Inc. now owns 55,881 shares of the company’s stock worth $663,000 after purchasing an additional 5,109 shares during the last quarter.

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.