Core Scientific (NASDAQ:CORZ) Releases Earnings Results

Core Scientific (NASDAQ:CORZ) posted its quarterly earnings results on Tuesday. The company reported ($3.32) EPS for the quarter, FiscalAI reports. The company had revenue of $164.20 million during the quarter.

Core Scientific Trading Down 8.8%

Core Scientific stock opened at $20.74 on Tuesday. The stock has a 50-day moving average price of $25.36 and a two-hundred day moving average price of $20.74. Core Scientific has a 12 month low of $12.60 and a 12 month high of $30.46. The company has a market capitalization of $6.59 billion, a PE ratio of -18.19 and a beta of 5.50.

Insider Buying and Selling at Core Scientific

In related news, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction on Monday, July 6th. The stock was sold at an average price of $22.63, for a total value of $226,300.00. Following the completion of the sale, the insider directly owned 2,023,426 shares in the company, valued at $45,790,130.38. This represents a 0.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold a total of 70,000 shares of company stock valued at $1,802,400 over the last quarter. Insiders own 1.70% of the company’s stock.

Institutional Trading of Core Scientific

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Xponance LLC raised its stake in Core Scientific by 2.5% during the fourth quarter. Xponance LLC now owns 22,896 shares of the company’s stock worth $333,000 after buying an additional 562 shares during the last quarter. Handelsbanken Fonder AB increased its stake in Core Scientific by 0.7% during the 2nd quarter. Handelsbanken Fonder AB now owns 94,500 shares of the company’s stock valued at $2,418,000 after purchasing an additional 700 shares in the last quarter. Orion Porfolio Solutions LLC raised its holdings in Core Scientific by 5.2% during the third quarter. Orion Porfolio Solutions LLC now owns 15,539 shares of the company’s stock worth $279,000 after buying an additional 766 shares during the last quarter. GAMMA Investing LLC lifted 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. Finally, Bank of Montreal Can grew its holdings in shares of Core Scientific by 4.2% during the fourth quarter. Bank of Montreal Can now owns 21,592 shares of the company’s stock valued at $314,000 after buying an additional 869 shares during the last quarter.

Analysts Set New Price Targets

A number of analysts have recently weighed in on CORZ shares. Lucid Cap Mkts raised shares of Core Scientific to a “strong-buy” rating in a report on Friday, June 12th. Canaccord Genuity Group set a $30.00 target price on Core Scientific in a research note on Friday, May 8th. Keefe, Bruyette & Woods downgraded Core Scientific from an “outperform” rating to a “market perform” rating and set a $25.00 target price on the stock. in a report on Monday. Freedom Capital raised Core Scientific to a “hold” rating in a report on Monday, June 15th. Finally, Cantor Fitzgerald upped their price objective on Core Scientific from $25.00 to $29.00 and gave the stock an “overweight” rating in a research report on Thursday, April 9th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Core Scientific has an average rating of “Moderate Buy” and an average target price of $30.39.

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.