Core Scientific (NASDAQ:CORZ) Releases Earnings Results, Beats Expectations By $0.39 EPS

Key Points

• Core Scientific reported quarterly earnings of ($0.46) EPS, outperforming analysts' expectations by $0.39.
• The company's stock price increased by $1.28 on the trading day, reaching $19.34, with a market capitalization of $5.94 billion.
• Analyst ratings vary, with one strong buy, nine buys, nine holds, and two sells, reflecting a consensus rating of "Hold" with an average target price of $20.69.

Core Scientific (NASDAQ:CORZ - Get Free Report) posted its quarterly earnings results on Friday. The company reported ($0.46) earnings per share for the quarter, beating analysts' consensus estimates of ($0.85) by $0.39, Zacks reports.

Core Scientific Price Performance

CORZ traded up $1.28 during trading on Friday, reaching $19.34. 16,422,582 shares of the stock were exchanged, compared to its average volume of 16,214,017. The business's 50 day moving average price is $16.32 and its two-hundred day moving average price is $13.18. The company has a market capitalization of $5.94 billion, a price-to-earnings ratio of -34.54 and a beta of 6.58. Core Scientific has a 1 year low of $6.20 and a 1 year high of $20.36.

Analyst Upgrades and Downgrades

CORZ has been the topic of a number of analyst reports. Citizens Jmp downgraded Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 14th. Arete Research upgraded Core Scientific to a "strong-buy" rating in a research note on Tuesday, July 22nd. Jefferies Financial Group lifted their price target on Core Scientific from $16.00 to $22.00 and gave the company a "buy" rating in a research note on Monday, August 18th. Barclays downgraded Core Scientific to an "underweight" rating in a research note on Tuesday, July 8th. Finally, Cantor Fitzgerald lifted their price target on Core Scientific from $18.00 to $26.00 and gave the company an "overweight" rating in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $20.69.

Hedge Funds Weigh In On Core Scientific

Institutional investors have recently made changes to their positions in the stock. Osaic Holdings Inc. raised its holdings in shares of Core Scientific by 112.1% in the second quarter. Osaic Holdings Inc. now owns 2,017 shares of the company's stock worth $34,000 after acquiring an additional 1,066 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Core Scientific by 61.9% in the second quarter. Russell Investments Group Ltd. now owns 3,942 shares of the company's stock worth $67,000 after acquiring an additional 1,507 shares during the last quarter. Franklin Resources Inc. acquired a new position in shares of Core Scientific in the second quarter worth $181,000. Orion Porfolio Solutions LLC raised its holdings in shares of Core Scientific by 12.5% in the second quarter. Orion Porfolio Solutions LLC now owns 14,773 shares of the company's stock worth $252,000 after acquiring an additional 1,640 shares during the last quarter. Finally, CW Advisors LLC acquired a new position in shares of Core Scientific in the second quarter worth $291,000.

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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