Core Scientific (NASDAQ:CORZ) Shares Gap Down After Insider Selling

Shares of Core Scientific, Inc. (NASDAQ:CORZ) gapped down before the market opened on Thursday after an insider sold shares in the company. The stock had previously closed at $9.60, but opened at $8.33. Core Scientific shares last traded at $8.45, with a volume of 11,064,982 shares changing hands.

Specifically, Director Todd A. Becker sold 134,250 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $10.75, for a total transaction of $1,443,187.50. Following the sale, the director now owns 195,687 shares of the company’s stock, valued at approximately $2,103,635.25. This trade represents a 40.69 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Analysts Set New Price Targets

CORZ has been the subject of several recent analyst reports. Macquarie increased their price target on Core Scientific from $16.00 to $19.00 and gave the stock an “outperform” rating in a report on Thursday, November 14th. Roth Capital upgraded shares of Core Scientific to a “strong-buy” rating in a report on Thursday, November 14th. Craig Hallum started coverage on shares of Core Scientific in a report on Tuesday, January 21st. They issued a “buy” rating and a $24.00 price target for the company. Needham & Company LLC lowered their price objective on shares of Core Scientific from $18.00 to $17.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Core Scientific in a research report on Thursday, February 27th. Fifteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Core Scientific currently has an average rating of “Buy” and an average price target of $19.07.

Core Scientific Trading Down 18.2 %

The firm has a market cap of $2.31 billion, a price-to-earnings ratio of -1.45 and a beta of 6.83. The stock’s 50 day moving average is $12.78 and its 200 day moving average is $13.28.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.09. The firm had revenue of $94.93 million for the quarter, compared to analyst estimates of $97.07 million. On average, equities research analysts predict that Core Scientific, Inc. will post 0.52 EPS for the current year.

Hedge Funds Weigh In On Core Scientific

A number of hedge funds have recently bought and sold shares of CORZ. Wellington Shields & Co. LLC bought a new position in shares of Core Scientific during the fourth quarter worth approximately $26,000. First Horizon Advisors Inc. acquired a new position in Core Scientific in the 4th quarter valued at $34,000. Newbridge Financial Services Group Inc. bought a new stake in shares of Core Scientific during the 4th quarter valued at $42,000. Vestcor Inc acquired a new stake in shares of Core Scientific during the 4th quarter worth $66,000. Finally, US Bancorp DE bought a new position in shares of Core Scientific in the fourth quarter worth $99,000.

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.