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

Core Scientific, Inc. (NASDAQ:CORZ) shares gapped up before the market opened on Friday . The stock had previously closed at $16.36, but opened at $17.11. Core Scientific shares last traded at $16.38, with a volume of 19,223,087 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on CORZ shares. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 price target on shares of Core Scientific in a research note on Friday. Oppenheimer started coverage on Core Scientific in a research note on Wednesday, May 14th. They set an “outperform” rating and a $15.00 price target on the stock. JMP Securities initiated coverage on Core Scientific in a research note on Thursday, May 22nd. They set a “market outperform” rating and a $15.00 price target on the stock. Citigroup initiated coverage on Core Scientific in a research note on Thursday, May 22nd. They issued an “outperform” rating on the stock. Finally, Roth Mkm reissued a “buy” rating and issued a $20.00 target price on shares of Core Scientific in a research note on Thursday. Eighteen investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $18.14.

Core Scientific Price Performance

The company has a market cap of $4.96 billion, a price-to-earnings ratio of -3.31 and a beta of 6.30. The stock has a 50-day moving average price of $10.67 and a 200 day moving average price of $11.06.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.02. The firm had revenue of $79.53 million for the quarter, compared to the consensus estimate of $92.04 million. The firm’s quarterly revenue was down 55.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.78 earnings per share. Sell-side analysts expect that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Insider Buying and Selling

In other Core Scientific news, insider Todd M. Duchene sold 60,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $11.33, for a total value of $679,800.00. Following the completion of the transaction, the insider now directly owns 2,100,102 shares in the company, valued at $23,794,155.66. This trade represents a 2.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Yadin Rozov purchased 110,000 shares of the firm’s stock in a transaction on Wednesday, May 28th. The stock was bought at an average price of $10.87 per share, with a total value of $1,195,700.00. Following the completion of the purchase, the director now owns 475,687 shares of the company’s stock, valued at approximately $5,170,717.69. This represents a 30.08% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders sold 117,759 shares of company stock worth $1,391,434. 1.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Xponance Inc. grew its stake in Core Scientific by 7.9% in the fourth quarter. Xponance Inc. now owns 12,800 shares of the company’s stock valued at $180,000 after purchasing an additional 937 shares in the last quarter. Summit Investment Advisors Inc. grew its stake in Core Scientific by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 18,658 shares of the company’s stock valued at $262,000 after purchasing an additional 1,185 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Core Scientific by 11.7% in the first quarter. Wellington Management Group LLP now owns 11,967 shares of the company’s stock valued at $87,000 after buying an additional 1,256 shares during the last quarter. SBI Securities Co. Ltd. lifted its position in shares of Core Scientific by 17.8% in the first quarter. SBI Securities Co. Ltd. now owns 10,391 shares of the company’s stock valued at $75,000 after buying an additional 1,567 shares during the last quarter. Finally, US Bancorp DE lifted its position in shares of Core Scientific by 23.7% in the first quarter. US Bancorp DE now owns 8,682 shares of the company’s stock valued at $63,000 after buying an additional 1,663 shares during the last quarter.

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.