Core Scientific (NASDAQ:CORZ) Shares Gap Up – Here’s What Happened

Core Scientific, Inc. (NASDAQ:CORZ) gapped up prior to trading on Monday . The stock had previously closed at $20.94, but opened at $21.90. Core Scientific shares last traded at $22.6840, with a volume of 1,298,327 shares.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. B. Riley Financial boosted their price objective on shares of Core Scientific from $30.00 to $33.00 and gave the company a “buy” rating in a report on Wednesday, May 27th. Sanford C. Bernstein restated an “outperform” rating and issued a $32.00 target price on shares of Core Scientific in a research note on Wednesday, June 3rd. Cantor Fitzgerald raised their target price on Core Scientific from $25.00 to $29.00 and gave the stock an “overweight” rating in a research note on Thursday, April 9th. Freedom Capital raised Core Scientific to a “hold” rating in a research report on Monday, June 15th. Finally, Needham & Company LLC boosted their price target on Core Scientific from $23.00 to $29.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $29.78.

Core Scientific Stock Performance

The firm’s 50 day simple moving average is $25.46 and its 200 day simple moving average is $20.43. The firm has a market capitalization of $7.06 billion, a price-to-earnings ratio of -19.48 and a beta of 5.50.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings data on Wednesday, May 6th. The company reported ($1.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($1.04). The firm had revenue of $115.24 million for the quarter, compared to analysts’ expectations of $117.04 million. During the same quarter in the prior year, the firm earned $1.25 EPS. Core Scientific’s revenue for the quarter was up 44.9% on a year-over-year basis. As a group, sell-side analysts forecast that Core Scientific, Inc. will post 0.08 earnings per share for the current year.

Insiders Place Their Bets

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $22.63, for a total transaction of $226,300.00. Following the sale, the insider directly owned 2,023,426 shares of the company’s stock, valued at approximately $45,790,130.38. This trade represents a 0.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders sold 80,000 shares of company stock worth $2,011,800. 1.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Core Scientific

Several institutional investors and hedge funds have recently modified their holdings of CORZ. Vanguard Group Inc. raised its position in Core Scientific by 18.7% during the fourth quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock worth $494,462,000 after acquiring an additional 5,359,710 shares during the period. FNY Investment Advisers LLC purchased a new stake in shares of Core Scientific during the fourth quarter worth about $1,252,000. Nations Financial Group Inc. IA ADV acquired a new position in shares of Core Scientific during the 4th quarter worth about $2,980,000. Jennison Associates LLC purchased a new position in Core Scientific in the 4th quarter valued at about $14,075,000. Finally, Oasis Management Co Ltd. purchased a new position in Core Scientific in the 4th quarter valued at about $38,493,000.

About Core Scientific

Core Scientific, Inc (NASDAQ: CORZ) is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific’s service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.