Core Scientific (NASDAQ:CORZ) Trading 7.4% Higher - What's Next?

Key Points

• Shares of Core Scientific jumped about 7.4% Wednesday to roughly $16.61, trading as high as $16.77 on volume of ~13.8M shares (about an 18% increase vs. average).
• In the quarter the company reported an EPS beat of $0.42 (vs. an expected −$0.27) while revenue missed at $79.8M versus $118.5M and declined 16% year‑over‑year.
• Analysts are largely positive — consensus rating is “Moderate Buy” with an average price target of $24.84 after several recent upgrades — and institutional investors have been adding to positions.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) shares rose 7.4% on Wednesday . The stock traded as high as $16.77 and last traded at $16.6090. Approximately 13,804,715 shares were traded during mid-day trading, an increase of 18% from the average daily volume of 11,665,177 shares. The stock had previously closed at $15.46.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. LADENBURG THALM/SH SH cut their price objective on Core Scientific from $24.50 to $23.75 and set a "buy" rating on the stock in a research report on Tuesday, March 3rd. BTIG Research upgraded shares of Core Scientific from a "neutral" rating to a "buy" rating and set a $23.00 price target on the stock in a report on Tuesday, January 6th. Citizens Jmp raised shares of Core Scientific from a "market perform" rating to an "outperform" rating and set a $30.00 price objective for the company in a research report on Thursday, December 18th. Needham & Company LLC raised shares of Core Scientific from a "hold" rating to a "buy" rating and set a $23.00 target price on the stock in a research report on Tuesday, March 3rd. Finally, Zacks Research upgraded Core Scientific from a "strong sell" rating to a "hold" rating in a report on Tuesday, January 13th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $24.84.

Core Scientific Stock Up 7.2%

The stock has a market cap of $5.23 billion, a price-to-earnings ratio of 14.20 and a beta of 6.87. The stock's 50 day moving average price is $17.29 and its two-hundred day moving average price is $17.01.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings results on Monday, March 2nd. The company reported $0.42 earnings per share for the quarter, topping analysts' consensus estimates of ($0.27) by $0.69. The business had revenue of $79.76 million during the quarter, compared to analyst estimates of $118.45 million. The business's revenue for the quarter was down 16.0% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.69) EPS. On average, analysts predict that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Core Scientific

A number of hedge funds and other institutional investors have recently modified their holdings of CORZ. ORG Wealth Partners LLC boosted its position in shares of Core Scientific by 1.8% in the 3rd quarter. ORG Wealth Partners LLC now owns 7,290,481 shares of the company's stock valued at $130,791,000 after purchasing an additional 128,284 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH boosted its holdings in Core Scientific by 39.9% in the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 452,806 shares of the company's stock valued at $8,123,000 after purchasing an additional 129,133 shares in the last quarter. Prudential Financial Inc. raised its position in Core Scientific by 1,326.9% in the second quarter. Prudential Financial Inc. now owns 199,630 shares of the company's stock worth $3,408,000 after acquiring an additional 185,640 shares in the last quarter. Y Intercept Hong Kong Ltd lifted its stake in shares of Core Scientific by 87.4% in the third quarter. Y Intercept Hong Kong Ltd now owns 668,435 shares of the company's stock valued at $11,992,000 after purchasing an additional 311,813 shares during the period. Finally, Castleark Management LLC purchased a new stake in shares of Core Scientific during the 2nd quarter worth approximately $7,648,000.

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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