Core Scientific (NASDAQ:CORZ) Shares Up 5.1% - Here's What Happened

Key Points

• Core Scientific's stock price rose 5.1%, with shares trading at $14.55 after closing at $13.84, despite a decline in trading volume.
• Analyst ratings for Core Scientific have been mixed, with a consensus rating of "Hold" and a target price of $18.32, following various upgrades and downgrades from multiple research firms.
• The company reported a decrease in quarterly revenue, down 44.3% year-over-year, with revenue of $78.63 million, surpassing analysts' expectations but falling short of revenue forecasts.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report)'s share price was up 5.1% during mid-day trading on Friday . The stock traded as high as $14.35 and last traded at $14.55. Approximately 12,034,233 shares changed hands during trading, a decline of 27% from the average daily volume of 16,440,229 shares. The stock had previously closed at $13.84.

Analysts Set New Price Targets

Several research analysts have issued reports on CORZ shares. Citigroup lowered Core Scientific from an "outperform" rating to a "market perform" rating in a research note on Monday, July 14th. Craig Hallum lowered Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 7th. Roth Capital restated a "neutral" rating and issued a $20.00 target price on shares of Core Scientific in a research note on Tuesday, July 8th. Arete Research upgraded Core Scientific to a "strong-buy" rating in a research note on Tuesday, July 22nd. Finally, Needham & Company LLC lowered Core Scientific from a "moderate buy" rating to a "hold" rating and set a $18.00 target price for the company. in a research note on Thursday, July 10th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $18.47.

Core Scientific Stock Up 2.7%

The firm has a fifty day moving average of $13.80 and a 200-day moving average of $11.00. The firm has a market cap of $4.43 billion, a P/E ratio of -25.88 and a beta of 6.60.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its earnings results on Friday, August 8th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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. Sell-side analysts anticipate that Core Scientific, Inc. will post 0.52 EPS for the current year.

Insider Transactions at Core Scientific

In related news, Director Yadin Rozov bought 110,000 shares of Core Scientific stock in a transaction on Wednesday, May 28th. The shares were purchased at an average price of $10.87 per share, for a total transaction of $1,195,700.00. Following the completion of the acquisition, the director owned 475,687 shares in the company, valued at approximately $5,170,717.69. This represents a 30.08% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Todd M. Duchene sold 60,000 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $11.33, for a total value of $679,800.00. Following the transaction, the insider owned 2,100,102 shares in the company, valued at approximately $23,794,155.66. This trade represents a 2.78% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 117,759 shares of company stock worth $1,391,434. Company insiders own 1.40% of the company's stock.

Hedge Funds Weigh In On Core Scientific

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Castleark Management LLC bought a new stake in shares of Core Scientific in the second quarter worth about $7,648,000. Tower Research Capital LLC TRC lifted its holdings in shares of Core Scientific by 274.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 32,843 shares of the company's stock valued at $561,000 after purchasing an additional 24,083 shares in the last quarter. Situational Awareness LP lifted its holdings 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 valued at $136,458,000 after purchasing an additional 3,472,460 shares in the last quarter. Sandler Capital Management bought a new position in shares of Core Scientific during the 2nd quarter valued at about $2,920,000. Finally, Orion Porfolio Solutions LLC lifted its holdings in shares of Core Scientific by 12.5% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 14,773 shares of the company's stock valued at $252,000 after purchasing an additional 1,640 shares in 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.