Core Scientific (NASDAQ:CORZ) Shares Gap Down to $8.89

Core Scientific, Inc. (NASDAQ:CORZ) shares gapped down before the market opened on Monday . The stock had previously closed at $8.89, but opened at $6.92. Core Scientific shares last traded at $7.84, with a volume of 1,595,140 shares changing hands.

Analyst Ratings Changes

Several research analysts have recently issued reports on CORZ shares. LADENBURG THALM/SH SH reaffirmed a “buy” rating and issued a $14.50 target price on shares of Core Scientific in a research note on Tuesday, July 2nd. HC Wainwright lifted their price objective on shares of Core Scientific from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. B. Riley raised shares of Core Scientific from a “neutral” rating to a “buy” rating and upped their target price for the company from $0.50 to $13.00 in a research note on Wednesday, July 17th. Cantor Fitzgerald began coverage on shares of Core Scientific in a research report on Wednesday, July 17th. They set an “overweight” rating and a $20.00 price target on the stock. Finally, Sanford C. Bernstein started coverage on Core Scientific in a research note on Wednesday, July 10th. They set an “outperform” rating and a $17.00 price objective on the stock. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Core Scientific presently has an average rating of “Buy” and a consensus price target of $14.71.

Core Scientific Trading Down 8.3 %

The firm has a 50-day moving average price of $9.03 and a two-hundred day moving average price of $5.35.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings results on Wednesday, May 8th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.14. The business had revenue of $179.29 million during the quarter, compared to analyst estimates of $139.60 million. Research analysts anticipate that Core Scientific, Inc. will post 0.51 EPS for the current fiscal year.

Insider Activity

In other Core Scientific news, insider Todd M. Duchene sold 7,321 shares of the company’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $9.39, for a total transaction of $68,744.19. Following the sale, the insider now directly owns 359,877 shares of the company’s stock, valued at $3,379,245.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Todd M. Duchene sold 7,321 shares of the stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $9.39, for a total value of $68,744.19. Following the sale, the insider now owns 359,877 shares in the company, valued at approximately $3,379,245.03. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Todd M. Duchene sold 3,770 shares of Core Scientific stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $9.99, for a total transaction of $37,662.30. Following the transaction, the insider now directly owns 393,428 shares of the company’s stock, valued at $3,930,345.72. The disclosure for this sale can be found here. 32.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Core Scientific

Several hedge funds have recently bought and sold shares of the stock. Fiduciary Alliance LLC acquired a new position in Core Scientific in the 1st quarter valued at $84,000. Hexagon Capital Partners LLC bought a new position in Core Scientific during the first quarter worth about $34,000. Lindbrook Capital LLC acquired a new stake in Core Scientific in the 1st quarter worth about $65,000. Perigon Wealth Management LLC bought a new stake in Core Scientific in the 1st quarter valued at about $688,000. Finally, Capstone Investment Advisors LLC acquired a new position in shares of Core Scientific during the 1st quarter worth approximately $307,000.

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.