Core Scientific (NASDAQ:CORZ) Shares Gap Down - Here's Why

Key Points

• Shares gapped down — CORZ opened at $19.29 after closing at $21.10 and was last around $19.86 on heavy volume (~3.42M), down about 5.7%.
• Analysts are generally positive with a consensus rating of "Moderate Buy" and an average price target of $25.07, as several firms raised ratings/targets while one firm (Weiss) reiterated a sell.
• Core Scientific posted mixed results, beating EPS ($0.42 vs. -$0.27 est.) but missing revenue ($79.8M vs. $118.45M, down 16% YoY), and insiders have recently sold shares (10,000 by Todd Duchene; 30,000 over 90 days).

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report)'s share price gapped down before the market opened on Tuesday . The stock had previously closed at $21.10, but opened at $19.29. Core Scientific shares last traded at $19.8610, with a volume of 3,421,416 shares traded.

Wall Street Analyst Weigh In

CORZ has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods upped their price objective on Core Scientific from $19.00 to $25.00 and gave the stock a "moderate buy" rating in a report on Tuesday, January 27th. Needham & Company LLC raised shares of Core Scientific from a "hold" rating to a "buy" rating and set a $23.00 price objective for the company in a research report on Tuesday, March 3rd. BTIG Research raised shares of Core Scientific from a "neutral" rating to a "buy" rating and set a $23.00 target price on the stock in a research report on Tuesday, January 6th. LADENBURG THALM/SH SH reduced their price objective on Core Scientific from $24.50 to $23.75 and set a "buy" rating on the stock in a research note on Tuesday, March 3rd. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Core Scientific in a research note on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $25.07.

Core Scientific Trading Down 5.7%

The stock has a 50-day moving average of $17.27 and a two-hundred day moving average of $17.40. The firm has a market cap of $6.28 billion, a price-to-earnings ratio of 17.01 and a beta of 6.34.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its quarterly earnings data on Monday, March 2nd. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.69. The firm had revenue of $79.76 million for the quarter, compared to analysts' expectations of $118.45 million. During the same quarter in the prior year, the business posted ($0.69) earnings per share. Core Scientific's revenue was down 16.0% on a year-over-year basis. Sell-side analysts expect that Core Scientific, Inc. will post 0.07 EPS for the current fiscal year.

Insider Activity at Core Scientific

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction dated Monday, April 20th. The shares were sold at an average price of $19.80, for a total transaction of $198,000.00. Following the sale, the insider owned 2,000,348 shares of the company's stock, valued at $39,606,890.40. This represents a 0.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last 90 days, insiders sold 30,000 shares of company stock valued at $515,400. 1.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Core Scientific

Several hedge funds have recently added to or reduced their stakes in the stock. ORG Wealth Partners LLC increased its holdings in Core Scientific by 1.8% during the third quarter. ORG Wealth Partners LLC now owns 7,290,481 shares of the company's stock worth $130,791,000 after buying an additional 128,284 shares during the last quarter. Kintayl Capital LP acquired a new stake in shares of Core Scientific during the 3rd quarter worth about $10,227,000. FNY Investment Advisers LLC bought a new stake in Core Scientific in the 4th quarter valued at $1,252,000. Universal Beteiligungs und Servicegesellschaft mbH boosted its stake in Core Scientific by 39.9% in the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 452,806 shares of the company's stock valued at $8,123,000 after purchasing an additional 129,133 shares during the period. Finally, Y Intercept Hong Kong Ltd boosted its stake in Core Scientific by 87.4% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 668,435 shares of the company's stock valued at $11,992,000 after purchasing an additional 311,813 shares during the period.

About Core Scientific

Core Scientific, Inc NASDAQ: CORZ is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific's service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.

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