Core Scientific (NASDAQ:CORZ) Shares Gap Down to $9.47

Core Scientific, Inc. (NASDAQ:CORZ) gapped down prior to trading on Tuesday . The stock had previously closed at $9.47, but opened at $8.55. Core Scientific shares last traded at $8.46, with a volume of 6,586,896 shares changing hands.

Analysts Set New Price Targets

A number of brokerages have issued reports on CORZ. BTIG Research raised their target price on Core Scientific from $10.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. 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. 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. Finally, Sanford C. Bernstein initiated coverage on shares of Core Scientific in a report on Wednesday, July 10th. They issued an “outperform” rating and a $17.00 price target for the company. Seven analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $14.71.

Core Scientific Trading Up 4.0 %

The business’s fifty day moving average is $9.64 and its 200 day moving average is $5.73.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($4.51) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($4.47). The firm had revenue of $141.10 million during 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. Analysts predict that Core Scientific, Inc. will post 0.51 EPS for the current year.

Insiders Place Their Bets

In other news, insider Todd M. Duchene sold 7,321 shares of Core Scientific stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $9.39, for a total value of $68,744.19. Following the sale, the insider now directly owns 359,877 shares in the company, valued at $3,379,245.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Todd M. Duchene sold 3,770 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 393,428 shares of the company’s stock, valued at $3,930,345.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Todd M. Duchene sold 7,321 shares of the company’s stock in a transaction that occurred 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 disclosure for this sale can be found here. Insiders own 32.00% of the company’s stock.

Hedge Funds Weigh In On Core Scientific

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. bought a new position in shares of Core Scientific in the 1st quarter valued at about $21,973,000. Hexagon Capital Partners LLC acquired a new position in Core Scientific during the first quarter worth approximately $34,000. Blair William & Co. IL bought a new stake in Core Scientific in the first quarter valued at approximately $1,156,000. Vident Advisory LLC acquired a new stake in shares of Core Scientific in the first quarter valued at approximately $4,047,000. Finally, Fiduciary Alliance LLC acquired a new stake in shares of Core Scientific in the first quarter valued at approximately $84,000.

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.