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

Shares of Core Scientific, Inc. (NASDAQ:CORZ) gapped down prior to trading 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.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CORZ. Canaccord Genuity Group reiterated a “buy” rating and issued a $17.00 target price on shares of Core Scientific in a research report on Thursday, November 7th. Roth Mkm began coverage on Core Scientific in a research report on Friday, November 15th. They issued a “buy” rating and a $25.50 target price on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $20.00 target price on shares of Core Scientific in a research report on Thursday, October 3rd. BTIG Research lifted their target price on Core Scientific from $15.00 to $19.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Finally, Roth Capital upgraded Core Scientific to a “strong-buy” rating in a research report on Thursday, November 14th. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $18.38.

Core Scientific Stock Performance

The stock has a 50 day moving average of $13.80 and a 200-day moving average of $10.52. The firm has a market capitalization of $5.07 billion and a P/E ratio of -3.35.

Insider Activity at Core Scientific

In other news, Director Jarrod M. Patten acquired 4,000 shares of the stock in a transaction that occurred on Wednesday, August 28th. The shares were acquired at an average cost of $9.70 per share, for a total transaction of $38,800.00. Following the purchase, the director now owns 279,239 shares of the company’s stock, valued at approximately $2,708,618.30. The trade was a 1.45 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Yadin Rozov sold 105,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $18.11, for a total value of $1,901,550.00. Following the completion of the sale, the director now owns 345,239 shares in the company, valued at $6,252,278.29. This represents a 23.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have bought 12,761 shares of company stock worth $127,080.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CORZ. ORG Wealth Partners LLC purchased a new position in Core Scientific during the 3rd quarter valued at about $106,266,000. Vanguard Group Inc. bought a new stake in Core Scientific in the 1st quarter worth approximately $21,973,000. Rush Island Management LP bought a new stake in Core Scientific in the 3rd quarter worth approximately $32,221,000. Taconic Capital Advisors LP lifted its position in Core Scientific by 178.7% in the 3rd quarter. Taconic Capital Advisors LP now owns 2,717,462 shares of the company’s stock worth $32,229,000 after buying an additional 1,742,462 shares during the last quarter. Finally, Mirabella Financial Services LLP bought a new stake in Core Scientific in the 3rd quarter worth approximately $18,383,000.

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.