Core Scientific (NASDAQ:CORZ) Trading Up 7.9% - Still a Buy?

Key Points

• Core Scientific's stock experienced a significant increase of 7.9%, reaching a last traded price of $15.68, reflecting a strong interest from investors.
• Analysts have mixed views on the stock, with a consensus rating of "Hold" and a price target averaging $18.39, indicating potential for growth despite varying ratings from different firms.
• Core Scientific reported revenue of $78.63 million in its last quarter, which was down 44.3% year-over-year, highlighting challenges in its business despite an earnings per share figure that exceeded expectations.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report)'s share price shot up 7.9% during mid-day trading on Wednesday . The stock traded as high as $16.08 and last traded at $15.68. 13,818,831 shares traded hands during mid-day trading, a decline of 15% from the average session volume of 16,228,722 shares. The stock had previously closed at $14.53.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CORZ. Oppenheimer reaffirmed a "market perform" rating on shares of Core Scientific in a research note on Monday, July 7th. Jefferies Financial Group upped their target price on Core Scientific from $16.00 to $22.00 and gave the company a "buy" rating in a report on Monday, August 18th. Needham & Company LLC cut Core Scientific from a "moderate buy" rating to a "hold" rating and set a $18.00 target price on the stock. in a report on Thursday, July 10th. Barclays cut Core Scientific to an "underweight" rating in a report on Tuesday, July 8th. Finally, Macquarie reiterated a "neutral" rating and issued a $15.00 target price 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 issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $18.39.

Core Scientific Stock Up 6.2%

The firm has a market capitalization of $4.71 billion, a P/E ratio of -27.57 and a beta of 6.59. The firm's 50-day simple moving average is $14.08 and its 200-day simple moving average is $11.22.

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

Insider Buying and Selling at Core Scientific

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

Institutional Trading of Core Scientific

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Osaic Holdings Inc. grew its position in shares of 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 buying an additional 1,066 shares during the period. Orion Porfolio Solutions LLC grew its position in shares of Core Scientific by 12.5% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 14,773 shares of the company's stock worth $252,000 after buying an additional 1,640 shares during the period. Tactive Advisors LLC bought a new position in Core Scientific in the 2nd quarter worth about $253,000. Castleark Management LLC bought a new position in Core Scientific in the 2nd quarter worth about $7,648,000. Finally, Tower Research Capital LLC TRC boosted its stake in Core Scientific by 274.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 32,843 shares of the company's stock worth $561,000 after purchasing an additional 24,083 shares in the last quarter.

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.

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