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

Core Scientific, Inc. (NASDAQ:CORZ) shares gapped up before the market opened on Monday . The stock had previously closed at $20.94, but opened at $21.90. Core Scientific shares last traded at $22.6840, with a volume of 1,298,327 shares.

Analyst Ratings Changes

Several analysts recently commented on the company. Sanford C. Bernstein reiterated an “outperform” rating and issued a $32.00 target price on shares of Core Scientific in a report on Wednesday, June 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Core Scientific in a report on Friday. Canaccord Genuity Group set a $30.00 price target on shares of Core Scientific in a research report on Friday, May 8th. B. Riley Financial upped their price objective on shares of Core Scientific from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Wednesday, May 27th. Finally, Freedom Capital upgraded shares of Core Scientific to a “hold” rating in a research report on Monday, June 15th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $30.39.

Core Scientific Stock Performance

The business has a 50 day moving average price of $25.48 and a 200-day moving average price of $20.55. The company has a market capitalization of $7.63 billion, a price-to-earnings ratio of -21.06 and a beta of 5.50.

Core Scientific (NASDAQ:CORZ) last released its earnings results on Wednesday, May 6th. The company reported ($1.06) EPS for the quarter, missing the consensus estimate of ($0.02) by ($1.04). The company had revenue of $115.24 million during the quarter, compared to analyst estimates of $117.04 million. Core Scientific’s revenue for the quarter was up 44.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.25 earnings per share. As a group, equities analysts predict that Core Scientific, Inc. will post 0.08 EPS for the current fiscal year.

Insider Activity

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $22.63, for a total transaction of $226,300.00. Following the transaction, the insider directly owned 2,023,426 shares in the company, valued at approximately $45,790,130.38. This represents a 0.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders sold 80,000 shares of company stock worth $2,011,800. 1.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of CORZ. Xponance LLC grew its position in Core Scientific by 2.5% in the 4th quarter. Xponance LLC now owns 22,896 shares of the company’s stock valued at $333,000 after purchasing an additional 562 shares during the period. Handelsbanken Fonder AB raised its holdings in Core Scientific by 0.7% during the second quarter. Handelsbanken Fonder AB now owns 94,500 shares of the company’s stock worth $2,418,000 after buying an additional 700 shares during the last quarter. Orion Porfolio Solutions LLC lifted its stake in shares of Core Scientific by 5.2% in the third quarter. Orion Porfolio Solutions LLC now owns 15,539 shares of the company’s stock valued at $279,000 after buying an additional 766 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Core Scientific by 34.5% during 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 during 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.

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.