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

Key Points

• Core Scientific's share price opened at $19.48, gapping up from the previous close of $18.81, with a trading volume of 4,836,727 shares.
• Analysts have mixed ratings for Core Scientific, with one upgrade to strong-buy and others maintaining buy and hold ratings, resulting in a consensus rating of Hold and an average target price of $18.71.
• The company reported a quarterly revenue of $78.63 million, marking a significant 44.3% decrease compared to the same quarter last year, despite earnings per share beating estimates.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $18.81, but opened at $19.48. Core Scientific shares last traded at $18.52, with a volume of 4,836,727 shares traded.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Craig Hallum downgraded Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 7th. Compass Point started coverage on shares of Core Scientific in a research report on Monday, September 15th. They issued a "buy" rating for the company. Macquarie raised their price target on shares of Core Scientific from $15.00 to $18.00 and gave the stock a "neutral" rating in a report on Monday, September 29th. Arete Research upgraded shares of Core Scientific to a "strong-buy" rating in a research note on Tuesday, July 22nd. Finally, Canaccord Genuity Group reiterated a "buy" rating and issued a $17.00 target price on shares of Core Scientific in a research report on Friday, June 27th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Core Scientific presently has a consensus rating of "Hold" and an average target price of $18.71.

Core Scientific Stock Performance

The firm has a market cap of $6.00 billion, a price-to-earnings ratio of -34.90 and a beta of 6.58. The firm's 50 day moving average is $16.07 and its 200-day moving average is $13.03.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its earnings results on Friday, August 8th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.03. The company had revenue of $78.63 million for the quarter, compared to the consensus estimate of $82.09 million. The business's quarterly revenue was down 44.3% compared to the same quarter last year. As a group, research analysts predict that Core Scientific, Inc. will post 0.52 EPS for the current year.

Institutional Investors Weigh In On Core Scientific

Large investors have recently added to or reduced their stakes in the stock. HHM Wealth Advisors LLC raised its position in shares of Core Scientific by 96.5% in the second quarter. HHM Wealth Advisors LLC now owns 1,926 shares of the company's stock valued at $33,000 after purchasing an additional 946 shares during the period. State of Wyoming acquired a new position in Core Scientific in the 1st quarter valued at $34,000. Osaic Holdings Inc. raised its holdings in Core Scientific by 112.1% in the 2nd 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 period. Emerald Mutual Fund Advisers Trust acquired a new position in Core Scientific during the 1st quarter worth $38,000. Finally, Advisors Asset Management Inc. lifted its position in Core Scientific by 68.3% during the 2nd quarter. Advisors Asset Management Inc. now owns 2,690 shares of the company's stock worth $46,000 after acquiring an additional 1,092 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.