Core Scientific (NASDAQ:CORZ) Shares Gap Up – What’s Next?

Shares of Core Scientific, Inc. (NASDAQ:CORZ) gapped up before the market opened on Thursday . The stock had previously closed at $11.46, but opened at $12.13. Core Scientific shares last traded at $12.23, with a volume of 2,330,197 shares trading hands.

Analyst Ratings Changes

A number of analysts have commented on CORZ shares. Roth Capital upgraded Core Scientific to a “strong-buy” rating in a research report on Thursday, November 14th. BTIG Research lifted their price objective on shares of Core Scientific from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, December 16th. Jefferies Financial Group assumed coverage on Core Scientific in a research note on Monday, October 28th. They set a “buy” rating and a $19.00 price target for the company. Keefe, Bruyette & Woods initiated coverage on shares of Core Scientific in a research report on Monday. They issued an “outperform” rating and a $22.00 price target on the stock. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $17.00 price objective on shares of Core Scientific in a research report on Thursday, November 7th. Fifteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $19.07.

Core Scientific Stock Up 8.4 %

The stock has a 50 day moving average price of $15.25 and a two-hundred day moving average price of $13.02. The firm has a market cap of $3.47 billion and a PE ratio of -2.30.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.02). The business had revenue of $95.35 million during the quarter, compared to the consensus estimate of $94.80 million. As a group, equities analysts anticipate that Core Scientific, Inc. will post 0.5 earnings per share for the current year.

Insider Transactions at Core Scientific

In other Core Scientific news, CEO Adam Taylor Sullivan sold 369,712 shares of Core Scientific stock in a transaction on Friday, January 24th. The stock was sold at an average price of $16.24, for a total value of $6,004,122.88. Following the sale, the chief executive officer now owns 3,758,793 shares in the company, valued at $61,042,798.32. The trade was a 8.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Todd M. Duchene sold 25,000 shares of Core Scientific stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $17.10, for a total transaction of $427,500.00. Following the completion of the transaction, the insider now owns 1,661,474 shares of the company’s stock, valued at $28,411,205.40. This trade represents a 1.48 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 744,032 shares of company stock valued at $11,863,966. Corporate insiders own 32.00% of the company’s stock.

Institutional Trading of Core Scientific

Several hedge funds have recently added to or reduced their stakes in the company. ORG Wealth Partners LLC raised its holdings in shares of Core Scientific by 0.3% in the fourth quarter. ORG Wealth Partners LLC now owns 8,986,651 shares of the company’s stock valued at $126,262,000 after buying an additional 26,649 shares during the last quarter. Parsifal Capital Management LP increased its stake in Core Scientific by 3.9% in the 3rd quarter. Parsifal Capital Management LP now owns 5,412,825 shares of the company’s stock valued at $64,196,000 after buying an additional 204,314 shares during the period. Geode Capital Management LLC raised its position in Core Scientific by 26.7% during the 3rd quarter. Geode Capital Management LLC now owns 5,276,573 shares of the company’s stock worth $62,594,000 after buying an additional 1,113,285 shares during the last quarter. State Street Corp lifted its stake in shares of Core Scientific by 17.0% in the 3rd quarter. State Street Corp now owns 4,006,922 shares of the company’s stock worth $47,522,000 after acquiring an additional 583,493 shares during the period. Finally, Taconic Capital Advisors LP raised its holdings in Core Scientific by 178.7% during the third quarter. Taconic Capital Advisors LP now owns 2,717,462 shares of the company’s stock worth $32,229,000 after purchasing an additional 1,742,462 shares in the last quarter.

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.