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

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price 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 equities analysts have weighed in on CORZ shares. Canaccord Genuity Group reissued a “buy” rating and set a $17.00 price target on shares of Core Scientific in a research report on Thursday, November 7th. Sanford C. Bernstein reissued an “outperform” rating and set a $17.00 target price on shares of Core Scientific in a report on Tuesday, September 10th. Canaccord Genuity Group began coverage on Core Scientific in a report on Monday, September 23rd. They set a “buy” rating and a $16.00 price target for the company. Jefferies Financial Group assumed coverage on shares of Core Scientific in a report on Monday, October 28th. They issued a “buy” rating and a $19.00 price objective on the stock. Finally, BTIG Research raised their target price on shares of Core Scientific from $19.00 to $20.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $18.46.

Core Scientific Price Performance

The stock has a 50-day moving average of $15.51 and a 200-day moving average of $12.25. The firm has a market cap of $3.92 billion and a price-to-earnings ratio of -2.60.

Insider Transactions at Core Scientific

In other news, insider Todd M. Duchene sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $17.10, for a total value of $427,500.00. Following the completion of the transaction, the insider now directly owns 1,661,474 shares in the company, valued at approximately $28,411,205.40. The trade was a 1.48 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Yadin Rozov sold 105,000 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $18.11, for a total transaction of $1,901,550.00. Following the sale, the director now owns 345,239 shares in the company, valued at $6,252,278.29. This represents a 23.32 % decrease in their position. The disclosure for this sale can be found here. 32.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. P Schoenfeld Asset Management LP bought a new position in shares of Core Scientific in the 2nd quarter valued at $4,185,000. Highland Peak Capital LLC grew its position in Core Scientific by 37.9% in the third quarter. Highland Peak Capital LLC now owns 413,584 shares of the company’s stock valued at $4,905,000 after acquiring an additional 113,584 shares during the last quarter. Mirabella Financial Services LLP acquired a new position in Core Scientific during the third quarter worth about $18,383,000. Van ECK Associates Corp raised its stake in Core Scientific by 22.9% during the third quarter. Van ECK Associates Corp now owns 1,616,944 shares of the company’s stock worth $19,177,000 after acquiring an additional 300,942 shares in the last quarter. Finally, Capstone Investment Advisors LLC lifted its holdings in shares of Core Scientific by 113.4% in the third quarter. Capstone Investment Advisors LLC now owns 55,000 shares of the company’s stock worth $652,000 after acquiring an additional 29,230 shares during the last quarter.

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.