Core Scientific (NASDAQ:CORZ) Shares Gap Up - Time to Buy?

Key Points

• Core Scientific (NASDAQ:CORZ) shares opened at $14.61 after closing at $13.93, indicating a positive market reaction with a trading volume of over 6 million shares.
• Analysts are optimistic about Core Scientific, with a majority issuing “Buy” ratings and a consensus price target of $18.32, despite a recent adjustment from Roth Capital lowering its target from $20 to $17.
• The company reported a quarterly revenue of $78.63 million, which was below the consensus estimate but still managed to exceed earnings expectations, marking a year-over-year revenue decline of 44.3%.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report)'s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $13.93, but opened at $14.61. Core Scientific shares last traded at $14.55, with a volume of 6,196,973 shares trading hands.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. JMP Securities restated a "market perform" rating on shares of Core Scientific in a research note on Tuesday, August 12th. Arete started coverage on Core Scientific in a research note on Tuesday, July 22nd. They set a "buy" rating and a $20.00 price objective on the stock. HC Wainwright reiterated a "neutral" rating on shares of Core Scientific in a research note on Monday, August 11th. Needham & Company LLC cut Core Scientific from a "moderate buy" rating to a "hold" rating and set a $18.00 price objective on the stock. in a research note on Thursday, July 10th. Finally, Craig Hallum cut Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $18.39.

Core Scientific Price Performance

The stock's 50-day simple moving average is $13.96 and its 200 day simple moving average is $11.33. The stock has a market capitalization of $4.84 billion, a P/E ratio of -28.32 and a beta of 6.59.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its quarterly earnings data on Friday, August 8th. The company reported ($0.04) EPS for the quarter, beating analysts' consensus estimates of ($0.07) by $0.03. The firm had revenue of $78.63 million during the quarter, compared to analyst estimates of $82.09 million. The firm's revenue for the quarter was down 44.3% on a year-over-year basis. As a group, analysts expect that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Todd M. Duchene sold 7,759 shares of the 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 sale, the insider directly owned 2,049,689 shares of the company's stock, valued at approximately $25,395,646.71. This represents a 0.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.40% of the company's stock.

Institutional Trading of Core Scientific

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Core Scientific by 6.2% during the 1st quarter. Vanguard Group Inc. now owns 20,578,100 shares of the company's stock worth $148,985,000 after buying an additional 1,199,448 shares during the last quarter. Situational Awareness LP lifted its position in shares of Core Scientific by 76.8% during the 2nd quarter. Situational Awareness LP now owns 7,994,038 shares of the company's stock worth $136,458,000 after buying an additional 3,472,460 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Core Scientific by 26.2% during the 2nd quarter. Geode Capital Management LLC now owns 7,371,211 shares of the company's stock worth $125,842,000 after buying an additional 1,530,466 shares during the last quarter. State Street Corp lifted its position in shares of Core Scientific by 23.2% during the 2nd quarter. State Street Corp now owns 6,517,898 shares of the company's stock worth $111,261,000 after buying an additional 1,225,351 shares during the last quarter. Finally, Fred Alger Management LLC lifted its position in shares of Core Scientific by 46.7% during the 1st quarter. Fred Alger Management LLC now owns 6,473,552 shares of the company's stock worth $46,869,000 after buying an additional 2,059,985 shares during the last quarter.

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.