Core Scientific (NASDAQ:CORZ) Shares Gap Up - Still a 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) shares 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 traded.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Citizens Jmp cut Core Scientific from a "strong-buy" rating to a "hold" rating in a report on Monday, July 14th. Oppenheimer reiterated a "market perform" rating on shares of Core Scientific in a research report on Monday, July 7th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $17.00 price objective on shares of Core Scientific in a report on Friday, June 27th. Citigroup downgraded Core Scientific from an "outperform" rating to a "market perform" rating in a report on Monday, July 14th. Finally, Macquarie reiterated a "neutral" rating and issued a $15.00 price target on shares of Core Scientific in a report on Tuesday, August 19th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Core Scientific has a consensus rating of "Hold" and an average price target of $18.39.

Core Scientific Stock Up 2.0%

The stock has a market capitalization of $4.84 billion, a price-to-earnings ratio of -28.32 and a beta of 6.59. The stock's 50-day simple moving average is $13.96 and its 200 day simple moving average is $11.34.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its quarterly earnings results 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 company's quarterly revenue was down 44.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Core Scientific, Inc. will post 0.52 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Todd M. Duchene sold 7,759 shares of the company's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $12.39, for a total value of $96,134.01. Following the completion of the sale, the insider owned 2,049,689 shares in the company, valued at $25,395,646.71. This represents a 0.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 1.40% of the company's stock.

Institutional Trading of Core Scientific

Large investors have recently added to or reduced their stakes in the stock. Ameriprise Financial Inc. purchased a new position in Core Scientific in the 4th quarter worth about $2,950,000. Deutsche Bank AG raised its stake in shares of Core Scientific by 53.8% in the fourth quarter. Deutsche Bank AG now owns 165,032 shares of the company's stock worth $2,319,000 after purchasing an additional 57,742 shares during the last quarter. Ensign Peak Advisors Inc purchased a new stake in shares of Core Scientific in the fourth quarter valued at approximately $877,000. Janus Henderson Group PLC boosted its stake in shares of Core Scientific by 49.2% in the fourth quarter. Janus Henderson Group PLC now owns 88,800 shares of the company's stock worth $1,247,000 after acquiring an additional 29,300 shares during the last quarter. Finally, Millennium Management LLC acquired a new position in Core Scientific during the fourth quarter worth $1,335,000.

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.