Core Scientific (NASDAQ:CORZ) Releases Earnings Results, Beats Expectations By $0.09 EPS

Core Scientific (NASDAQ:CORZ) announced its earnings results on Wednesday. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.09, Zacks reports. The business had revenue of $94.93 million for the quarter, compared to analysts’ expectations of $97.07 million.

Core Scientific Stock Up 9.2 %

Core Scientific stock traded up $0.92 during mid-day trading on Thursday, hitting $10.94. 5,646,323 shares of the company’s stock were exchanged, compared to its average volume of 11,121,068. The firm has a market capitalization of $3.05 billion and a P/E ratio of -2.03. Core Scientific has a fifty-two week low of $2.61 and a fifty-two week high of $18.63. The company’s 50 day simple moving average is $13.34 and its 200-day simple moving average is $13.28.

Insider Transactions at Core Scientific

In related news, CEO Adam Taylor Sullivan sold 369,712 shares of the firm’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $16.24, for a total transaction of $6,004,122.88. Following the sale, the chief executive officer now owns 3,758,793 shares of the company’s stock, valued at $61,042,798.32. This trade represents a 8.96 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Todd M. Duchene sold 25,277 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $16.24, for a total transaction of $410,498.48. Following the completion of the transaction, the insider now owns 2,023,423 shares in the company, valued at $32,860,389.52. This trade represents a 1.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 614,032 shares of company stock valued at $9,534,916 over the last 90 days. 32.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

CORZ has been the topic of several analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $17.00 target price on shares of Core Scientific in a report on Thursday. Macquarie boosted their target price on shares of Core Scientific from $16.00 to $19.00 and gave the company an “outperform” rating in a report on Thursday, November 14th. Needham & Company LLC dropped their target price on shares of Core Scientific from $18.00 to $17.00 and set a “buy” rating for the company in a report on Thursday. Roth Capital upgraded Core Scientific to a “strong-buy” rating in a research note on Thursday, November 14th. Finally, Roth Mkm initiated coverage on Core Scientific in a research report on Friday, November 15th. They set a “buy” rating and a $25.50 price objective for the company. Fifteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Core Scientific currently has a consensus rating of “Buy” and an average price target of $19.00.

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.