Core Scientific (NASDAQ:CORZ) Shares Up 5.2% - What's Next?

Key Points

• Core Scientific shares rose 5.2% to approximately $16.87, although trading volume was 92% below the stock’s average daily volume.
• Analyst sentiment remains broadly positive: the stock has a consensus “Moderate Buy” rating and an average price target of $32.18, with several firms recently raising targets as high as $42.
• The company exceeded revenue expectations with $164.2 million for the quarter but reported a significantly wider-than-expected loss of $3.32 per share; insiders have sold $2.0 million in shares over the past 90 days.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) rose 5.2% on Wednesday . The company traded as high as $16.93 and last traded at $16.8730. 990,422 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 12,541,516 shares. The stock had previously closed at $16.04.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of Core Scientific in a research note on Friday, July 17th. Needham & Company LLC upped their price objective on Core Scientific from $29.00 to $35.00 and gave the stock a "buy" rating in a report on Wednesday, July 29th. Keefe, Bruyette & Woods raised Core Scientific from a "market perform" rating to an "outperform" rating and upped their price objective for the stock from $25.00 to $28.00 in a report on Thursday, July 30th. B. Riley Financial increased their price objective on Core Scientific from $33.00 to $42.00 and gave the company a "buy" rating in a research report on Monday, August 3rd. Finally, Canaccord Genuity Group lifted their target price on Core Scientific from $30.00 to $36.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $32.18.

Core Scientific Stock Performance

The company has a market capitalization of $5.57 billion, a price-to-earnings ratio of -3.92 and a beta of 5.48. The company has a 50-day moving average price of $19.95 and a 200-day moving average price of $21.01.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The company reported ($3.32) earnings per share for the quarter, missing analysts' consensus estimates of ($0.06) by ($3.26). The company had revenue of $164.20 million for the quarter, compared to analyst estimates of $144.83 million. As a group, sell-side analysts anticipate that Core Scientific, Inc. will post -1.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Core Scientific

In other news, Director Elizabeth Crain purchased 6,000 shares of the firm's stock in a transaction dated Thursday, August 20th. The stock was bought at an average price of $18.33 per share, with a total value of $109,980.00. Following the acquisition, the director directly owned 71,348 shares of the company's stock, valued at approximately $1,307,808.84. This represents a 9.18% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Todd M. Duchene sold 10,000 shares of the company's stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $18.67, for a total transaction of $186,700.00. Following the completion of the sale, the insider owned 1,217,896 shares of the company's stock, valued at approximately $22,738,118.32. This represents a 0.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 90,000 shares of company stock valued at $1,996,600. Corporate insiders own 1.70% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CORZ. Parkside Financial Bank & Trust grew its stake in Core Scientific by 1,371.3% in the second quarter. Parkside Financial Bank & Trust now owns 1,177 shares of the company's stock valued at $30,000 after purchasing an additional 1,097 shares in the last quarter. CoreCap Advisors LLC acquired a new stake in shares of Core Scientific in the 2nd quarter valued at approximately $36,000. Rakuten Securities Inc. acquired a new stake in shares of Core Scientific in the 2nd quarter valued at approximately $47,000. Larson Financial Group LLC grew its stake in shares of Core Scientific by 936.7% in the fourth quarter. Larson Financial Group LLC now owns 1,866 shares of the company's stock valued at $27,000 after buying an additional 1,686 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Core Scientific by 34.5% in the second quarter. GAMMA Investing LLC now owns 3,049 shares of the company's stock valued at $78,000 after buying an additional 782 shares in the last quarter.

Core Scientific Company Profile

Core Scientific, Inc NASDAQ: CORZ is a digital infrastructure company that develops and operates data centers for high-performance computing. Its business has historically centered on large-scale bitcoin mining, including the deployment and operation of specialized computing equipment and supporting power, networking and facility infrastructure.

The company also provides hosting and colocation services for digital asset miners and other high-performance computing customers. Core Scientific has increasingly focused on expanding its data center platform for artificial intelligence and other compute-intensive workloads, including infrastructure designed to support graphics processing unit (GPU) deployments.

Founded in 2017, Core Scientific operates data center facilities in the United States and emerged from Chapter 11 bankruptcy protection in January 2024.

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