Core Scientific (NASDAQ:CORZ) Shares Gap Up Following Strong Earnings

Shares of Core Scientific, Inc. (NASDAQ:CORZ) gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $10.02, but opened at $11.87. Core Scientific shares last traded at $10.92, with a volume of 5,646,323 shares traded.

The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.09. The firm had revenue of $94.93 million during the quarter, compared to analysts’ expectations of $97.07 million.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CORZ. B. Riley boosted their price target on Core Scientific from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. HC Wainwright reissued a “buy” rating and issued a $17.00 price target on shares of Core Scientific in a research report on Thursday. BTIG Research upped their target price on Core Scientific from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, December 16th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $17.00 target price on shares of Core Scientific in a research report on Thursday. Finally, Macquarie upped their target price on Core Scientific from $16.00 to $19.00 and gave the company an “outperform” rating in a research report on Thursday, November 14th. Fifteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $19.00.

Insider Buying and Selling at Core Scientific

In other news, CEO Adam Taylor Sullivan sold 369,712 shares of the company’s stock in a transaction dated Friday, January 24th. The stock was 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 owns 3,758,793 shares in the company, valued at $61,042,798.32. This represents a 8.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Todd M. Duchene sold 129,861 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total value of $1,849,220.64. Following the completion of the sale, the insider now owns 2,051,649 shares in the company, valued at $29,215,481.76. The trade was a 5.95 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 614,032 shares of company stock worth $9,534,916. 32.00% of the stock is currently owned by insiders.

Institutional Trading of Core Scientific

A number of hedge funds have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC grew its holdings in Core Scientific by 25.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 98,077 shares of the company’s stock valued at $1,378,000 after purchasing an additional 20,000 shares during the period. Highland Peak Capital LLC lifted its position in shares of Core Scientific by 37.9% in the third quarter. Highland Peak Capital LLC now owns 413,584 shares of the company’s stock valued at $4,905,000 after acquiring an additional 113,584 shares in the last quarter. Mirabella Financial Services LLP purchased a new position in shares of Core Scientific in the third quarter valued at approximately $18,383,000. Van ECK Associates Corp lifted its position in shares of Core Scientific by 22.9% in the third quarter. Van ECK Associates Corp now owns 1,616,944 shares of the company’s stock valued at $19,177,000 after acquiring an additional 300,942 shares in the last quarter. Finally, Capstone Investment Advisors LLC lifted its position in shares of Core Scientific by 113.4% in the third quarter. Capstone Investment Advisors LLC now owns 55,000 shares of the company’s stock valued at $652,000 after acquiring an additional 29,230 shares in the last quarter.

Core Scientific Stock Up 11.1 %

The firm has a market cap of $3.11 billion and a PE ratio of -2.05. The firm has a 50-day moving average price of $13.34 and a two-hundred day moving average price of $13.28.

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.