Core Scientific (NASDAQ:CORZ) Releases Earnings Results

Core Scientific (NASDAQ:CORZ) posted its earnings results on Wednesday. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.09, Zacks reports. The company had revenue of $94.93 million during the quarter, compared to analysts’ expectations of $97.07 million.

Core Scientific Trading Up 9.2 %

Shares of Core Scientific stock traded up $0.92 on Thursday, reaching $10.94. 5,646,323 shares of the company were exchanged, compared to its average volume of 11,121,068. Core Scientific has a fifty-two week low of $2.61 and a fifty-two week high of $18.63. The firm has a market capitalization of $3.05 billion and a price-to-earnings ratio of -2.03. The stock has a fifty day moving average price of $13.34 and a 200-day moving average price of $13.28.

Insider Buying and Selling at Core Scientific

In other news, insider Todd M. Duchene sold 129,861 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $14.24, for a total transaction of $1,849,220.64. Following the completion of the transaction, the insider now directly owns 2,051,649 shares of the company’s stock, valued at approximately $29,215,481.76. This trade represents a 5.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Adam Taylor Sullivan sold 369,712 shares of the firm’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $16.24, for a total value of $6,004,122.88. Following the sale, the chief executive officer now directly owns 3,758,793 shares of the company’s stock, valued at $61,042,798.32. This represents a 8.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 614,032 shares of company stock worth $9,534,916. 32.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on CORZ shares. Compass Point dropped their price objective on Core Scientific from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday. Needham & Company LLC reduced their price objective on shares of Core Scientific from $18.00 to $17.00 and set a “buy” rating for the company in a research note on Thursday. Macquarie lifted their price target on Core Scientific from $16.00 to $19.00 and gave the stock an “outperform” rating in a research report on Thursday, November 14th. HC Wainwright restated a “buy” rating and issued a $17.00 price objective on shares of Core Scientific in a research report on Thursday. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $17.00 price target on shares of Core Scientific in a report on Thursday. Fifteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $19.00.

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.