Core Scientific (NASDAQ:CORZ) Shares Gap Down to $10.26

Core Scientific, Inc. (NASDAQ:CORZ) gapped down prior to trading on Wednesday . The stock had previously closed at $10.26, but opened at $10.00. Core Scientific shares last traded at $10.27, with a volume of 1,012,774 shares traded.

Wall Street Analyst Weigh In

CORZ has been the topic of a number of recent analyst reports. LADENBURG THALM/SH SH restated a “buy” rating and issued a $14.50 price target on shares of Core Scientific in a research report on Tuesday. HC Wainwright raised their price objective on Core Scientific from $5.00 to $11.00 and gave the company a “buy” rating in a research note on Tuesday, June 25th. Finally, BTIG Research raised their price objective on Core Scientific from $10.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, June 26th.

Core Scientific Price Performance

The firm has a 50 day moving average of $6.30 and a two-hundred day moving average of $4.03.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Wednesday, May 8th. The company reported $0.19 EPS for the quarter, beating 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. Equities analysts predict that Core Scientific, Inc. will post -0.8 EPS for the current fiscal year.

Insider Activity

In other news, insider Todd M. Duchene sold 7,321 shares of Core Scientific stock in a transaction dated Tuesday, June 25th. The stock was 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Todd M. Duchene sold 3,770 shares of Core Scientific stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $9.99, for a total transaction of $37,662.30. Following the sale, 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 Core Scientific stock in a transaction dated 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 disclosure for this sale can be found here.

Hedge Funds Weigh In On Core Scientific

A number of hedge funds and other institutional investors have recently made changes to their positions in CORZ. Barings LLC bought a new stake in Core Scientific in the first quarter valued at approximately $36,515,000. Vanguard Group Inc. bought a new stake in Core Scientific in the first quarter valued at approximately $21,973,000. Kensico Capital Management Corp bought a new stake in Core Scientific in the first quarter valued at approximately $18,513,000. Vident Advisory LLC bought a new stake in Core Scientific in the first quarter valued at approximately $4,047,000. Finally, Blair William & Co. IL bought a new stake in Core Scientific in the first quarter valued at approximately $1,156,000.

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.