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

Core Scientific, Inc. (NASDAQ:CORZ)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $11.46, but opened at $12.13. Core Scientific shares last traded at $12.23, with a volume of 2,330,197 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Needham & Company LLC reissued a “buy” rating and issued a $18.00 price target on shares of Core Scientific in a research note on Friday, January 17th. B. Riley boosted their price target on shares of Core Scientific from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Craig Hallum began coverage on shares of Core Scientific in a research note on Tuesday, January 21st. They issued a “buy” rating and a $24.00 price objective for the company. HC Wainwright increased their target price on shares of Core Scientific from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Macquarie boosted their price target on shares of Core Scientific from $16.00 to $19.00 and gave the stock an “outperform” rating in a research note on Thursday, November 14th. Fifteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Core Scientific currently has a consensus rating of “Buy” and an average price target of $19.07.

Core Scientific Price Performance

The business has a fifty day moving average price of $15.03 and a 200 day moving average price of $13.02.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). The company had revenue of $95.35 million during the quarter, compared to analysts’ expectations of $94.80 million. As a group, sell-side analysts forecast that Core Scientific, Inc. will post 0.5 earnings per share for the current year.

Insider Activity at Core Scientific

In other news, Director Yadin Rozov sold 105,000 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $18.11, for a total transaction of $1,901,550.00. Following the transaction, the director now directly owns 345,239 shares in the company, valued at approximately $6,252,278.29. This trade represents a 23.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Todd M. Duchene sold 25,277 shares of Core Scientific stock in a transaction on Friday, January 24th. The shares were sold at an average price of $16.24, for a total transaction of $410,498.48. Following the completion of the transaction, the insider now directly owns 2,023,423 shares in the company, valued at $32,860,389.52. The trade was a 1.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 744,032 shares of company stock valued at $11,863,966 in the last ninety days. Insiders own 32.00% 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 stock. ORG Wealth Partners LLC purchased a new position in shares of Core Scientific in the 3rd quarter valued at approximately $106,266,000. Rush Island Management LP purchased a new position in Core Scientific in the 3rd quarter valued at $32,221,000. Taconic Capital Advisors LP increased its stake in Core Scientific by 178.7% in the 3rd quarter. Taconic Capital Advisors LP now owns 2,717,462 shares of the company’s stock valued at $32,229,000 after buying an additional 1,742,462 shares during the period. Mirabella Financial Services LLP acquired a new position in Core Scientific in the 3rd quarter valued at $18,383,000. Finally, Geode Capital Management LLC raised its position in Core Scientific by 26.7% during the 3rd quarter. Geode Capital Management LLC now owns 5,276,573 shares of the company’s stock worth $62,594,000 after buying an additional 1,113,285 shares during the last quarter.

About Core Scientific

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.