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

Core Scientific, Inc. (NASDAQ:CORZ) shares gapped up before the market opened on Tuesday . The stock had previously closed at $19.44, but opened at $20.29. Core Scientific shares last traded at $20.3560, with a volume of 1,234,152 shares trading hands.

Analyst Upgrades and Downgrades

CORZ has been the topic of a number of research reports. Jefferies Financial Group raised their price target on Core Scientific from $24.00 to $37.00 and gave the stock a “buy” rating in a research note on Thursday, May 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Core Scientific in a research report on Friday, July 17th. Wolfe Research reissued a “buy” rating on shares of Core Scientific in a report on Wednesday, July 29th. Lucid Cap Mkts upgraded Core Scientific to a “strong-buy” rating in a research note on Friday, June 12th. Finally, Capital One Financial set a $33.00 price target on shares of Core Scientific in a research report on Thursday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.18.

Core Scientific Trading Up 1.8%

The stock has a 50 day moving average of $24.41 and a 200-day moving average of $20.97. The company has a market capitalization of $6.36 billion, a P/E ratio of -4.47 and a beta of 5.59.

Core Scientific (NASDAQ:CORZ) last released its earnings results on Tuesday, July 28th. The company reported ($3.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($3.26). The business had revenue of $164.20 million for the quarter, compared to the consensus estimate of $144.83 million. As a group, sell-side analysts expect that Core Scientific, Inc. will post -1.36 EPS for the current fiscal year.

Insider Activity at Core Scientific

In related news, insider Todd M. Duchene sold 10,000 shares of Core Scientific stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $22.23, for a total transaction of $222,300.00. Following the transaction, the insider owned 1,979,101 shares in the company, valued at approximately $43,995,415.23. The trade was a 0.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders have sold 90,000 shares of company stock worth $2,248,600. 1.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Core Scientific

Large investors have recently made changes to their positions in the business. Allworth Financial LP boosted its stake in shares of Core Scientific by 206.5% in the third quarter. Allworth Financial LP now owns 1,410 shares of the company’s stock worth $25,000 after acquiring an additional 950 shares during the period. Larson Financial Group LLC raised its stake in Core Scientific by 936.7% during the 4th quarter. Larson Financial Group LLC now owns 1,866 shares of the company’s stock valued at $27,000 after purchasing an additional 1,686 shares during the period. Osaic Holdings Inc. lifted its holdings in Core Scientific by 112.1% in the 2nd quarter. Osaic Holdings Inc. now owns 2,017 shares of the company’s stock worth $34,000 after purchasing an additional 1,066 shares in the last quarter. Danske Bank A S purchased a new position in Core Scientific in the 4th quarter worth approximately $36,000. Finally, CoreCap Advisors LLC bought a new position in Core Scientific in the 2nd quarter worth approximately $36,000.

Core Scientific Company Profile

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.