Core Scientific (NASDAQ:CORZ) Shares Gap Up on Strong Earnings

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $10.02, but opened at $11.87. Core Scientific shares last traded at $10.92, with a volume of 5,646,323 shares.

The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.09. The business had revenue of $94.93 million for the quarter, compared to analyst estimates of $97.07 million.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. HC Wainwright reissued a “buy” rating and issued a $17.00 price target on shares of Core Scientific in a research report on Thursday. BTIG Research increased their target price on Core Scientific from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Cantor Fitzgerald decreased their price target on Core Scientific from $24.00 to $21.00 and set an “overweight” rating on the stock in a research note on Thursday. Roth Capital upgraded Core Scientific to a “strong-buy” rating in a research report on Thursday, November 14th. Finally, Compass Point cut their price objective on Core Scientific from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday. Fifteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $19.07.

Insiders Place Their Bets

In related news, CEO Adam Taylor Sullivan sold 369,712 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $16.24, for a total value of $6,004,122.88. Following the completion of the transaction, the chief executive officer now owns 3,758,793 shares in the company, valued at $61,042,798.32. The trade was a 8.96 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Todd M. Duchene sold 25,277 shares of the stock in a transaction on Friday, January 24th. The shares were sold at an average price of $16.24, for a total value of $410,498.48. Following the completion of the transaction, the insider now 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 a total of 614,032 shares of company stock valued at $9,534,916 in the last 90 days. 32.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Core Scientific

Several large investors have recently made changes to their positions in CORZ. Neo Ivy Capital Management increased its position in Core Scientific by 731.2% in the fourth quarter. Neo Ivy Capital Management now owns 135,642 shares of the company’s stock worth $1,905,000 after purchasing an additional 119,324 shares during the period. Two Seas Capital LP boosted its stake in shares of Core Scientific by 9.2% in the 4th quarter. Two Seas Capital LP now owns 6,232,888 shares of the company’s stock valued at $87,572,000 after purchasing an additional 527,097 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Core Scientific by 76.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 394,999 shares of the company’s stock worth $5,550,000 after buying an additional 171,461 shares during the period. Voloridge Investment Management LLC raised its stake in shares of Core Scientific by 4.5% during the fourth quarter. Voloridge Investment Management LLC now owns 4,048,932 shares of the company’s stock worth $56,887,000 after buying an additional 175,587 shares during the last quarter. Finally, Vennlight Capital Management LP bought a new stake in shares of Core Scientific during the fourth quarter worth approximately $6,073,000.

Core Scientific Stock Up 6.9 %

The firm has a market capitalization of $2.99 billion and a price-to-earnings ratio of -1.98. The company’s fifty day moving average is $13.34 and its two-hundred day moving average is $13.28.

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.