Core Scientific (NASDAQ:CORZ) Posts Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Key Points

• Core Scientific reported quarterly earnings results with an EPS of ($0.04), surpassing analyst expectations of ($0.08) by $0.04.
• Following the earnings announcement, shares of Core Scientific traded up 0.4%, reaching a price of $14.41.
• Insider trading activity included a sale by Todd M. Duchene of 7,759 shares and a purchase by Yadin Rozov of 110,000 shares, reflecting diverging sentiments among insiders.

Core Scientific (NASDAQ:CORZ - Get Free Report) released its quarterly earnings results on Friday. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.03, Zacks reports. The company had revenue of $78.63 million during the quarter, compared to the consensus estimate of $82.09 million. Core Scientific's revenue for the quarter was down 44.3% on a year-over-year basis.

Core Scientific Stock Up 0.4%

CORZ stock opened at $14.41 on Friday. The business has a fifty day moving average of $13.56 and a two-hundred day moving average of $11.01. The stock has a market cap of $4.29 billion, a price-to-earnings ratio of -2.86 and a beta of 6.60. Core Scientific has a 52-week low of $6.20 and a 52-week high of $18.63.

Insider Buying and Selling at Core Scientific

In other news, insider Todd M. Duchene sold 7,759 shares of the firm's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $12.39, for a total transaction of $96,134.01. Following the completion of the transaction, the insider directly owned 2,049,689 shares in the company, valued at $25,395,646.71. This trade represents a 0.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Yadin Rozov purchased 110,000 shares of the stock in a transaction dated Wednesday, May 28th. The shares were purchased at an average price of $10.87 per share, with a total value of $1,195,700.00. Following the completion of the transaction, the director owned 475,687 shares of the company's stock, valued at approximately $5,170,717.69. This trade represents a 30.08% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have sold 117,759 shares of company stock valued at $1,391,434. 1.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CORZ. AQR Capital Management LLC boosted its holdings in Core Scientific by 106.1% in the first quarter. AQR Capital Management LLC now owns 283,432 shares of the company's stock valued at $2,052,000 after purchasing an additional 145,905 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Core Scientific by 180.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,109,387 shares of the company's stock valued at $8,032,000 after purchasing an additional 714,388 shares during the period. Finally, Cetera Investment Advisers boosted its holdings in Core Scientific by 200.0% in the second quarter. Cetera Investment Advisers now owns 38,819 shares of the company's stock valued at $663,000 after purchasing an additional 25,878 shares during the period.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CORZ. B. Riley downgraded Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 9th. Arete assumed coverage on Core Scientific in a research note on Tuesday, July 22nd. They set a "buy" rating and a $20.00 target price on the stock. Roth Capital reiterated a "neutral" rating and set a $20.00 price target on shares of Core Scientific in a research note on Tuesday, July 8th. HC Wainwright downgraded Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 8th. Finally, BTIG Research downgraded Core Scientific from a "strong-buy" rating to a "hold" rating and set a $20.00 price target on the stock. in a research note on Monday, July 7th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $18.32.

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.