Core Scientific (NASDAQ:CORZ) Shares Gap Down – Time to Sell?

Shares of Core Scientific, Inc. (NASDAQ:CORZ) gapped down prior to trading on Tuesday . The stock had previously closed at $19.29, but opened at $18.51. Core Scientific shares last traded at $17.2610, with a volume of 6,824,275 shares trading hands.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CORZ. Citigroup cut shares of Core Scientific from an “outperform” rating to a “market perform” rating in a research note on Monday, July 14th. Macquarie upgraded shares of Core Scientific from a “hold” rating to an “outperform” rating and lifted their price target for the company from $18.00 to $34.00 in a research report on Friday, October 31st. Sanford C. Bernstein increased their price target on Core Scientific from $17.00 to $24.00 and gave the stock an “outperform” rating in a research report on Monday, November 3rd. Zacks Research cut Core Scientific from a “hold” rating to a “strong sell” rating in a report on Friday, October 24th. Finally, Jefferies Financial Group set a $24.00 target price on Core Scientific and gave the stock a “buy” rating in a report on Tuesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $22.39.

Core Scientific Stock Performance

The stock has a fifty day simple moving average of $17.91 and a two-hundred day simple moving average of $14.48. The stock has a market cap of $5.56 billion, a price-to-earnings ratio of 119.46 and a beta of 6.59.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings data on Friday, October 24th. The company reported ($0.46) earnings per share for the quarter, topping the consensus estimate of ($0.85) by $0.39. The business had revenue of $81.10 million for the quarter, compared to the consensus estimate of $107.18 million. Equities analysts expect that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

Insider Buying and Selling at Core Scientific

In related news, Director Eric Stanton Weiss purchased 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 4th. The shares were bought at an average cost of $21.50 per share, with a total value of $107,500.00. Following the acquisition, the director owned 226,687 shares of the company’s stock, valued at $4,873,770.50. This trade represents a 2.26% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 1.40% of the company’s stock.

Institutional Trading of Core Scientific

A number of hedge funds have recently added to or reduced their stakes in the stock. Patten Group Inc. bought a new stake in shares of Core Scientific during the third quarter worth $255,000. Trivest Advisors Ltd acquired a new stake in shares of Core Scientific during the 3rd quarter valued at $6,557,000. CFO4Life Group LLC bought a new stake in Core Scientific during the 3rd quarter worth $521,000. Vanguard Group Inc. increased its holdings in Core Scientific by 5.0% in the 3rd quarter. Vanguard Group Inc. now owns 28,600,610 shares of the company’s stock worth $513,095,000 after purchasing an additional 1,351,395 shares in the last quarter. Finally, Abich Financial Wealth Management LLC bought a new position in Core Scientific in the third quarter valued at about $386,000.

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.