Core Scientific (NASDAQ:CORZ) Shares Gap Up - Should You Buy?

Key Points

• Core Scientific shares gapped up at the open, rising from a previous close of $20.94 to an opening price of $21.90 and last trading around $22.68.
• Analysts remain broadly bullish on the stock, with Jefferies, Needham, Canaccord, and Loop Capital all raising targets; the consensus rating is Moderate Buy with an average price target of $29.78.
• The company’s latest earnings missed expectations, reporting a loss of $1.06 per share versus an expected loss of $0.02, even though revenue rose 44.9% year over year to $115.24 million.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $20.94, but opened at $21.90. Core Scientific shares last traded at $22.6840, with a volume of 1,298,327 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on CORZ shares. Jefferies Financial Group upped their target price on Core Scientific from $24.00 to $37.00 and gave the stock a "buy" rating in a report on Thursday, May 14th. Needham & Company LLC lifted their price target on Core Scientific from $23.00 to $29.00 and gave the company a "buy" rating in a report on Thursday, May 7th. Canaccord Genuity Group set a $30.00 price target on Core Scientific in a research report on Friday, May 8th. Freedom Capital raised Core Scientific to a "hold" rating in a research report on Monday, June 15th. Finally, Loop Capital set a $40.00 price objective on Core Scientific in a research note on Friday, June 12th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $29.78.

Core Scientific Stock Performance

The firm's 50 day moving average is $25.46 and its 200 day moving average is $20.43. The stock has a market cap of $7.06 billion, a P/E ratio of -19.48 and a beta of 5.50.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported ($1.06) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($1.04). The business had revenue of $115.24 million for the quarter, compared to the consensus estimate of $117.04 million. During the same period last year, the business posted $1.25 EPS. The firm's quarterly revenue was up 44.9% compared to the same quarter last year. As a group, analysts expect that Core Scientific, Inc. will post 0.08 EPS for the current fiscal year.

Insider Activity at Core Scientific

In other news, insider Todd M. Duchene sold 10,000 shares of the firm's stock in a transaction on Monday, July 6th. The stock was sold at an average price of $22.63, for a total value of $226,300.00. Following the completion of the sale, the insider owned 2,023,426 shares of the company's stock, valued at $45,790,130.38. This trade represents a 0.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In the last ninety days, insiders sold 80,000 shares of company stock worth $2,011,800. Corporate insiders own 1.70% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Handelsbanken Fonder AB grew its stake in shares of Core Scientific by 0.7% during the second quarter. Handelsbanken Fonder AB now owns 94,500 shares of the company's stock worth $2,418,000 after acquiring an additional 700 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Core Scientific by 34.5% in the 2nd quarter. GAMMA Investing LLC now owns 3,049 shares of the company's stock valued at $78,000 after purchasing an additional 782 shares during the last quarter. Avior Wealth Management LLC purchased a new position in shares of Core Scientific in the 2nd quarter valued at approximately $264,000. Harbor Investment Advisory LLC acquired a new stake in Core Scientific in the 2nd quarter worth approximately $136,000. Finally, CoreCap Advisors LLC acquired a new stake in Core Scientific in the 2nd quarter worth approximately $36,000.

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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