Core Scientific (NASDAQ:CORZ) Shares Gap Down - What's Next?

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report)'s stock price gapped down prior to trading on Monday . The stock had previously closed at $18.00, but opened at $14.71. Core Scientific shares last traded at $14.30, with a volume of 23,298,187 shares.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Citigroup initiated coverage on Core Scientific in a report on Thursday, May 22nd. They set an "outperform" rating on the stock. HC Wainwright reissued a "buy" rating and set a $17.00 target price on shares of Core Scientific in a research note on Tuesday, March 11th. Needham & Company LLC reaffirmed a "buy" rating and issued a $18.00 price target on shares of Core Scientific in a research note on Friday, June 27th. Citizens Jmp raised Core Scientific to a "strong-buy" rating and set a $15.00 price objective for the company in a research report on Thursday, May 22nd. Finally, JMP Securities began coverage on shares of Core Scientific in a research note on Thursday, May 22nd. They set a "market outperform" rating and a $15.00 price target for the company. Seventeen research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Core Scientific has an average rating of "Buy" and a consensus target price of $18.35.

Core Scientific Stock Performance

The stock has a market capitalization of $4.31 billion, a price-to-earnings ratio of -2.87 and a beta of 6.71. The business has a fifty day simple moving average of $11.70 and a 200 day simple moving average of $11.13.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.02. The business had revenue of $79.53 million during the quarter, compared to analyst estimates of $92.04 million. During the same quarter last year, the company posted $0.78 earnings per share. The company's revenue was down 55.6% on a year-over-year basis. On average, sell-side analysts forecast that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

Insider Activity at Core Scientific

In related news, Director Yadin Rozov bought 110,000 shares of the business's stock in a transaction dated Wednesday, May 28th. The stock was purchased at an average cost of $10.87 per share, for a total transaction of $1,195,700.00. Following the transaction, the director owned 475,687 shares in the company, valued at $5,170,717.69. The trade was a 30.08% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Todd M. Duchene sold 60,000 shares of Core Scientific stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $11.33, for a total transaction of $679,800.00. Following the completion of the transaction, the insider directly owned 2,100,102 shares in the company, valued at $23,794,155.66. This trade represents a 2.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 117,759 shares of company stock worth $1,391,434 over the last ninety days. Insiders own 1.40% of the company's stock.

Institutional Investors Weigh In On Core Scientific

A number of hedge funds have recently made changes to their positions in the stock. FMR LLC lifted its stake in Core Scientific by 2,937.7% in the 4th quarter. FMR LLC now owns 7,436,229 shares of the company's stock valued at $104,479,000 after purchasing an additional 7,191,428 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Core Scientific by 54.3% in the fourth quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company's stock worth $272,270,000 after purchasing an additional 6,819,406 shares during the last quarter. Helix Partners Management LP acquired a new position in shares of Core Scientific in the fourth quarter worth approximately $86,498,000. Driehaus Capital Management LLC boosted its stake in shares of Core Scientific by 112.1% in the 4th quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company's stock valued at $144,212,000 after purchasing an additional 5,424,901 shares during the last quarter. Finally, Situational Awareness LP bought a new stake in Core Scientific during the first quarter valued at $32,736,000.

Core Scientific Company Profile

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.

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