Core Scientific (NASDAQ:CORZ) Shares Gap Down to $8.89

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price 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.

Analysts Set New Price Targets

CORZ has been the topic of several analyst reports. B. Riley raised shares of Core Scientific from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $0.50 to $13.00 in a research report on Wednesday, July 17th. Sanford C. Bernstein initiated coverage on shares of Core Scientific in a research report on Wednesday, July 10th. They set an “outperform” rating and a $17.00 price target on the stock. Cantor Fitzgerald initiated coverage on shares of Core Scientific in a research report on Wednesday, July 17th. They set an “overweight” rating and a $20.00 price target on the stock. HC Wainwright boosted their price target on shares of Core Scientific from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. Finally, LADENBURG THALM/SH SH reissued a “buy” rating and set a $14.50 price target on shares of Core Scientific in a research report on Tuesday, July 2nd. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Core Scientific has an average rating of “Buy” and an average price target of $14.71.

Core Scientific Trading Up 3.3 %

The stock’s 50-day simple moving average is $9.19 and its 200-day simple moving average is $5.46.

Core Scientific (NASDAQ:CORZ) last announced its 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 business had revenue of $179.29 million for the quarter, compared to analyst estimates of $139.60 million. Sell-side analysts expect that Core Scientific, Inc. will post 0.51 earnings per share for the current year.

Insiders Place Their Bets

In other Core Scientific news, insider Todd M. Duchene sold 7,321 shares of the stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $9.39, for a total transaction of $68,744.19. Following the transaction, the insider now owns 359,877 shares in the company, valued at approximately $3,379,245.03. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, insider Todd M. Duchene sold 7,321 shares of the stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $9.39, for a total transaction of $68,744.19. Following the sale, the insider now owns 359,877 shares in the company, valued at approximately $3,379,245.03. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Todd M. Duchene sold 3,770 shares of the stock in a transaction that occurred on 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 owns 393,428 shares in the company, valued at approximately $3,930,345.72. The disclosure for this sale can be found here. Company insiders own 32.00% of the company’s stock.

Institutional Trading of Core Scientific

A number of hedge funds have recently added to or reduced their stakes in CORZ. Hexagon Capital Partners LLC bought a new position in shares of Core Scientific during the first quarter valued at $34,000. Blair William & Co. IL bought a new position in shares of Core Scientific during the first quarter valued at $1,156,000. Vident Advisory LLC bought a new stake in Core Scientific in the first quarter valued at $4,047,000. Fiduciary Alliance LLC bought a new position in shares of Core Scientific during the 1st quarter worth about $84,000. Finally, Concurrent Investment Advisors LLC bought a new position in shares of Core Scientific during the 1st quarter worth about $417,000.

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.