Core Scientific (NASDAQ:CORZ) Shares Gap Down – Should You Sell?

Core Scientific, Inc. (NASDAQ:CORZ)’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 changing hands.

Wall Street Analyst Weigh In

CORZ has been the subject of several research reports. Cantor Fitzgerald cut their price objective on shares of Core Scientific from $24.00 to $21.00 and set an “overweight” rating for the company in a research report on Thursday, February 27th. BTIG Research lifted their price target on Core Scientific from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Core Scientific in a report on Wednesday, March 12th. Craig Hallum started coverage on shares of Core Scientific in a research report on Tuesday, January 21st. They issued a “buy” rating and a $24.00 target price for the company. Finally, Keefe, Bruyette & Woods initiated coverage on shares of Core Scientific in a research note on Monday, January 27th. They issued an “outperform” rating and a $22.00 price objective for the company. Fifteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Core Scientific has a consensus rating of “Buy” and a consensus target price of $19.07.

Core Scientific Price Performance

The company has a market capitalization of $2.32 billion, a price-to-earnings ratio of -1.46 and a beta of 6.83. The firm’s fifty day moving average price is $11.04 and its 200-day moving average price is $13.10.

Core Scientific (NASDAQ:CORZ) last announced its earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.09. The firm had revenue of $94.93 million for the quarter, compared to the consensus estimate of $97.07 million. On average, research analysts predict that Core Scientific, Inc. will post 0.52 earnings per share for the current year.

Insider Transactions at Core Scientific

In other Core Scientific news, Director Jordan Levy acquired 62,500 shares of the business’s stock in a transaction on Thursday, March 6th. The shares were acquired at an average price of $8.01 per share, with a total value of $500,625.00. Following the completion of the transaction, the director now owns 306,887 shares in the company, valued at approximately $2,458,164.87. This trade represents a 25.57 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Adam Taylor Sullivan sold 88,380 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $14.24, for a total transaction of $1,258,531.20. Following the transaction, the chief executive officer now owns 4,128,505 shares of the company’s stock, valued at approximately $58,789,911.20. The trade was a 2.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 748,282 shares of company stock valued at $10,978,104 over the last three months. Corporate insiders own 32.00% of the company’s stock.

Institutional Investors Weigh In On Core Scientific

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

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.