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

Core Scientific, Inc. (NASDAQ:CORZ) gapped down prior to trading on Thursday . The stock had previously closed at $14.96, but opened at $14.62. Core Scientific shares last traded at $14.60, with a volume of 569,069 shares changing hands.

Analyst Ratings Changes

A number of analysts have commented on the stock. Needham & Company LLC lifted their target price on shares of Core Scientific from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Roth Capital raised Core Scientific to a “strong-buy” rating in a research note on Thursday, November 14th. Canaccord Genuity Group reissued a “buy” rating and issued a $17.00 target price on shares of Core Scientific in a research note on Thursday, November 7th. Cantor Fitzgerald restated an “overweight” rating and set a $20.00 target price on shares of Core Scientific in a research report on Thursday, October 3rd. Finally, Canaccord Genuity Group started coverage on shares of Core Scientific in a research report on Monday, September 23rd. They issued a “buy” rating and a $16.00 price target on the stock. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Core Scientific presently has a consensus rating of “Buy” and a consensus price target of $18.46.

Core Scientific Stock Down 3.1 %

The firm has a market capitalization of $3.92 billion and a price-to-earnings ratio of -2.60. The business’s fifty day moving average is $15.51 and its 200 day moving average is $12.25.

Insider Buying and Selling at Core Scientific

In related news, insider Todd M. Duchene sold 25,000 shares of the stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $17.10, for a total transaction of $427,500.00. Following the completion of the transaction, the insider now owns 1,661,474 shares in the company, valued at approximately $28,411,205.40. This represents a 1.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Yadin Rozov sold 105,000 shares of Core Scientific stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $18.11, for a total transaction 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. The trade was a 23.32 % decrease in their ownership of the stock. 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

Several hedge funds have recently modified their holdings of the stock. ORG Wealth Partners LLC bought a new stake in Core Scientific during the third quarter worth about $106,266,000. Rush Island Management LP bought a new stake in shares of Core Scientific during the 3rd quarter worth approximately $32,221,000. Taconic Capital Advisors LP boosted its holdings in shares of Core Scientific by 178.7% in the 3rd quarter. Taconic Capital Advisors LP now owns 2,717,462 shares of the company’s stock valued at $32,229,000 after buying an additional 1,742,462 shares during the last quarter. Mirabella Financial Services LLP bought a new position in shares of Core Scientific in the third quarter valued at $18,383,000. Finally, Van ECK Associates Corp bought a new position in shares of Core Scientific in the second quarter valued at $12,239,000.

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.