Core Scientific (NASDAQ:CORZ) Shares Gap Up - Here's What Happened

Key Points

• Core Scientific shares opened higher, rising from a prior close of $19.44 to $20.29 and last trading around $20.36, up 1.8%.
• Analysts maintain a generally bullish outlook, with a consensus “Moderate Buy” rating and an average price target of $32.18; recent targets range from $33 to $40.
• The company reported a significant quarterly EPS loss of $3.32, far below the expected $0.06 loss, although revenue of $164.2 million exceeded estimates. An insider also sold 10,000 shares, while several major institutions increased or initiated positions.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report)'s share price gapped up before the market opened on Tuesday . The stock had previously closed at $19.44, but opened at $20.29. Core Scientific shares last traded at $20.3560, with a volume of 1,234,152 shares traded.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on CORZ shares. Capital One Financial set a $33.00 price target on shares of Core Scientific in a report on Thursday, July 30th. Jefferies Financial Group lifted their price target on Core Scientific from $24.00 to $37.00 and gave the company a "buy" rating in a research report on Thursday, May 14th. Loop Capital set a $40.00 price objective on shares of Core Scientific in a research report on Friday, June 12th. Compass Point reaffirmed a "buy" rating and issued a $36.00 price target on shares of Core Scientific in a report on Wednesday, July 29th. Finally, Wolfe Research reaffirmed a "buy" rating on shares of Core Scientific in a research note on Wednesday, July 29th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Core Scientific currently has a consensus rating of "Moderate Buy" and a consensus target price of $32.18.

Core Scientific Trading Up 1.8%

The business has a fifty day moving average of $24.41 and a 200-day moving average of $20.97. The company has a market cap of $6.36 billion, a PE ratio of -4.47 and a beta of 5.59.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The company reported ($3.32) earnings per share for the quarter, missing analysts' consensus estimates of ($0.06) by ($3.26). The business had revenue of $164.20 million for the quarter, compared to analyst estimates of $144.83 million. As a group, research analysts predict that Core Scientific, Inc. will post -1.36 EPS for the current year.

Insider Buying and Selling at Core Scientific

In related news, insider Todd M. Duchene sold 10,000 shares of the business's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $22.23, for a total value of $222,300.00. Following the completion of the transaction, the insider directly owned 1,979,101 shares in the company, valued at $43,995,415.23. The trade was a 0.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 90,000 shares of company stock worth $2,248,600 over the last ninety days. 1.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Core Scientific

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in Core Scientific by 18.7% in the 4th quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company's stock worth $494,462,000 after buying an additional 5,359,710 shares during the last quarter. Situational Awareness LP grew its stake in shares of Core Scientific by 42.5% in the fourth quarter. Situational Awareness LP now owns 28,756,478 shares of the company's stock worth $418,694,000 after acquiring an additional 8,575,944 shares during the period. BlackRock Inc. purchased a new position in shares of Core Scientific during the second quarter valued at approximately $719,649,000. Jericho Capital Asset Management L.P. raised its holdings in shares of Core Scientific by 11.4% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 13,038,619 shares of the company's stock valued at $189,842,000 after purchasing an additional 1,338,796 shares during the last quarter. Finally, Value Aligned Research Advisors LLC bought a new position in Core Scientific during the fourth quarter valued at approximately $117,786,000.

About Core Scientific

Core Scientific, Inc NASDAQ: CORZ is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific's service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.

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