Core Scientific (NASDAQ:CORZ) Shares Gap Up Following Strong Earnings

Core Scientific, Inc. (NASDAQ:CORZ) gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $10.02, but opened at $11.87. Core Scientific shares last traded at $10.92, with a volume of 5,646,323 shares.

The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.09. The business had revenue of $94.93 million for the quarter, compared to analysts’ expectations of $97.07 million.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. BTIG Research upped their target price on Core Scientific from $19.00 to $20.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. B. Riley upped their target price on Core Scientific from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Compass Point cut their target price on Core Scientific from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday. Roth Capital raised Core Scientific to a “strong-buy” rating in a research note on Thursday, November 14th. Finally, Needham & Company LLC dropped their price objective on Core Scientific from $18.00 to $17.00 and set a “buy” rating for the company in a research note on Thursday. Fifteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $19.00.

Insider Transactions at Core Scientific

In related news, CEO Adam Taylor Sullivan sold 88,380 shares of Core Scientific stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total transaction of $1,258,531.20. Following the sale, the chief executive officer now owns 4,128,505 shares of the company’s stock, valued at approximately $58,789,911.20. This trade represents a 2.10 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Todd M. Duchene sold 129,861 shares of Core Scientific stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $14.24, for a total value of $1,849,220.64. Following the sale, the insider now directly owns 2,051,649 shares in the company, valued at $29,215,481.76. This trade represents a 5.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 614,032 shares of company stock valued at $9,534,916 over the last quarter. 32.00% of the stock is currently owned by company insiders.

Institutional Trading of Core Scientific

A number of large investors have recently added to or reduced their stakes in CORZ. Wellington Shields & Co. LLC purchased a new position in Core Scientific during the 4th quarter valued at $26,000. First Horizon Advisors Inc. purchased a new position in Core Scientific during the 4th quarter valued at $34,000. Newbridge Financial Services Group Inc. purchased a new position in Core Scientific during the 4th quarter valued at $42,000. Vestcor Inc purchased a new position in Core Scientific during the 4th quarter valued at $66,000. Finally, US Bancorp DE purchased a new position in Core Scientific during the 4th quarter valued at $99,000.

Core Scientific Stock Performance

The firm has a market capitalization of $3.11 billion and a PE ratio of -2.05. The company has a fifty day simple moving average of $13.34 and a two-hundred day simple moving average of $13.28.

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.