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 traded.

Analyst Ratings Changes

Several equities research analysts recently issued reports on CORZ shares. LADENBURG THALM/SH SH reiterated a “buy” rating and set a $14.50 price objective on shares of Core Scientific in a research note on Tuesday, July 2nd. HC Wainwright increased their price objective on Core Scientific from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. BTIG Research raised their price objective on Core Scientific from $10.00 to $15.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. Sanford C. Bernstein began coverage on shares of Core Scientific in a report on Wednesday, July 10th. They set an “outperform” rating and a $17.00 target price for the company. Finally, B. Riley raised shares of Core Scientific from a “neutral” rating to a “buy” rating and raised their price target for the stock from $0.50 to $13.00 in a research note on Wednesday, July 17th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $14.71.

Core Scientific Price Performance

The stock’s fifty day moving average is $9.03 and its 200-day moving average is $5.35.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Wednesday, May 8th. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.14. The firm had revenue of $179.29 million for the quarter, compared to analyst estimates of $139.60 million. As a group, research analysts expect that Core Scientific, Inc. will post 0.51 EPS for the current fiscal year.

Insider Buying and Selling at Core Scientific

In other 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 transaction of $68,744.19. Following the completion of the transaction, the insider now directly 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 is accessible through the SEC website. In other Core Scientific news, insider Todd M. Duchene sold 3,770 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $9.99, for a total value of $37,662.30. Following the sale, the insider now owns 393,428 shares of the company’s stock, valued at $3,930,345.72. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Todd M. Duchene sold 7,321 shares of the firm’s 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 transaction, the insider now owns 359,877 shares of the company’s stock, valued at $3,379,245.03. The disclosure for this sale can be found here. Company insiders own 32.00% of the company’s stock.

Hedge Funds Weigh In On Core Scientific

Hedge funds have recently bought and sold shares of the company. Barings LLC purchased a new position in Core Scientific in the 1st quarter valued at approximately $36,515,000. Vanguard Group Inc. purchased a new stake in Core Scientific during the 1st quarter worth about $21,973,000. Kensico Capital Management Corp acquired a new position in shares of Core Scientific during the 1st quarter worth about $18,513,000. Van ECK Associates Corp purchased a new position in shares of Core Scientific in the 2nd quarter valued at about $12,239,000. Finally, Vident Advisory LLC purchased a new stake in Core Scientific during the first quarter worth approximately $4,047,000.

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.