Core Scientific (NASDAQ:CORZ) Shares Gap Up After Insider Buying Activity

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price gapped up prior to trading on Thursday following insider buying activity. The stock had previously closed at $16.88, but opened at $17.99. Core Scientific shares last traded at $16.9250, with a volume of 1,614,898 shares trading hands.

Specifically, Director Eric Weiss purchased 6,000 shares of the firm’s stock in a transaction on Tuesday, September 15th. The stock was acquired at an average cost of $16.33 per share, with a total value of $97,980.00. Following the completion of the transaction, the director owned 265,262 shares in the company, valued at $4,331,728.46. This represents a 2.31% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CORZ. Canaccord Genuity Group raised their price target on Core Scientific from $30.00 to $36.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $32.00 price target on shares of Core Scientific in a research report on Wednesday, June 3rd. Wolfe Research reiterated a “buy” rating on shares of Core Scientific in a research note on Wednesday, July 29th. BTIG Research reissued a “buy” rating and issued a $38.00 price objective on shares of Core Scientific in a report on Tuesday, July 28th. Finally, Keefe, Bruyette & Woods upgraded Core Scientific from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $25.00 to $28.00 in a research note on Thursday, July 30th. Three analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Core Scientific has a consensus rating of “Buy” and a consensus price target of $31.96.

Core Scientific Price Performance

The stock has a market cap of $5.78 billion, a PE ratio of -4.07 and a beta of 5.48. The company’s fifty day moving average is $19.57 and its 200-day moving average is $20.98.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Tuesday, July 28th. The company reported ($3.32) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The business had revenue of $164.20 million during the quarter, compared to the consensus estimate of $144.83 million. Analysts expect that Core Scientific, Inc. will post -1.36 EPS for the current year.

Institutional Trading of Core Scientific

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE raised its holdings in Core Scientific by 412.5% in the 1st quarter. Bank of America Corp DE now owns 4,806,363 shares of the company’s stock worth $71,903,000 after purchasing an additional 3,868,535 shares during the period. Oasis Management Co Ltd. acquired a new stake in Core Scientific in the fourth quarter valued at approximately $38,493,000. California State Teachers Retirement System increased its position in shares of Core Scientific by 22.1% in the first quarter. California State Teachers Retirement System now owns 288,936 shares of the company’s stock valued at $4,322,000 after buying an additional 52,260 shares in the last quarter. Mercuria Capital Strategies LLC purchased a new stake in shares of Core Scientific in the fourth quarter valued at approximately $2,718,000. Finally, Situational Awareness LP raised its stake in shares of Core Scientific by 42.5% during the 4th quarter. Situational Awareness LP now owns 28,756,478 shares of the company’s stock worth $418,694,000 after buying an additional 8,575,944 shares during the period.

Core Scientific Company Profile

Core Scientific, Inc (NASDAQ: CORZ) is a digital infrastructure company that develops and operates data centers for high-performance computing. Its business has historically centered on large-scale bitcoin mining, including the deployment and operation of specialized computing equipment and supporting power, networking and facility infrastructure.

The company also provides hosting and colocation services for digital asset miners and other high-performance computing customers. Core Scientific has increasingly focused on expanding its data center platform for artificial intelligence and other compute-intensive workloads, including infrastructure designed to support graphics processing unit (GPU) deployments.

Founded in 2017, Core Scientific operates data center facilities in the United States and emerged from Chapter 11 bankruptcy protection in January 2024.