Core Scientific (NASDAQ:CORZ) Trading 5.8% Higher - What's Next?

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) traded up 5.8% during mid-day trading on Monday . The company traded as high as $13.41 and last traded at $13.24. 11,490,967 shares changed hands during mid-day trading, a decline of 18% from the average session volume of 13,972,537 shares. The stock had previously closed at $12.51.

Analysts Set New Price Targets

Several brokerages recently issued reports on CORZ. Canaccord Genuity Group reissued a "buy" rating and issued a $17.00 price target on shares of Core Scientific in a report on Friday, June 27th. Oppenheimer reissued a "market perform" rating on shares of Core Scientific in a research note on Monday, July 7th. BTIG Research cut shares of Core Scientific from a "strong-buy" rating to a "hold" rating and set a $20.00 target price for the company. in a research report on Monday, July 7th. Citigroup lowered shares of Core Scientific from an "outperform" rating to a "market perform" rating in a research note on Monday. Finally, JMP Securities restated a "market perform" rating and issued a $15.00 price target on shares of Core Scientific in a research note on Monday. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy 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 $18.22.

Core Scientific Trading Down 3.2%

The stock has a market capitalization of $4.01 billion, a price-to-earnings ratio of -2.68 and a beta of 6.71. The stock has a 50-day simple moving average of $12.51 and a 200 day simple moving average of $11.11.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.02. The firm had revenue of $79.53 million for the quarter, compared to analyst estimates of $92.04 million. The firm's quarterly revenue was down 55.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.78 earnings per share. Sell-side analysts expect that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Todd M. Duchene sold 60,000 shares of the firm's stock in a transaction that occurred on 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 directly owned 2,100,102 shares of the company's stock, valued at approximately $23,794,155.66. This trade represents a 2.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Yadin Rozov purchased 110,000 shares of the company's stock in a transaction on Wednesday, May 28th. The stock was acquired at an average cost of $10.87 per share, for a total transaction of $1,195,700.00. Following the completion of the transaction, the director owned 475,687 shares in the company, valued at approximately $5,170,717.69. This trade represents a 30.08% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 117,759 shares of company stock worth $1,391,434 over the last three months. 1.40% of the stock is owned by company insiders.

Institutional Trading of Core Scientific

Institutional investors and hedge funds have recently modified their holdings of the company. Farther Finance Advisors LLC acquired a new stake in Core Scientific in the 2nd quarter valued at $65,000. Vestcor Inc acquired a new stake in Core Scientific in the 4th quarter valued at $66,000. State of Wyoming acquired a new stake in Core Scientific in the 1st quarter valued at $34,000. Emerald Mutual Fund Advisers Trust acquired a new stake in Core Scientific in the 1st quarter valued at $38,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in Core Scientific in the 1st quarter valued at $50,000.

About Core Scientific

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.