Core Scientific (NASDAQ:CORZ) Shares Gap Up to $9.88

Core Scientific, Inc. (NASDAQ:CORZ)’s share price gapped up before the market opened on Friday . The stock had previously closed at $9.88, but opened at $10.17. Core Scientific shares last traded at $9.94, with a volume of 295,510 shares.

Analyst Ratings Changes

CORZ has been the topic of a number of recent research reports. Cantor Fitzgerald restated an “overweight” rating and set a $20.00 price objective on shares of Core Scientific in a research note on Thursday, August 8th. BTIG Research upped their price target on Core Scientific from $10.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. Sanford C. Bernstein began coverage on shares of Core Scientific in a research report on Wednesday, July 10th. They set an “outperform” rating and a $17.00 target price on the stock. LADENBURG THALM/SH SH restated a “buy” rating and issued a $14.50 target price on shares of Core Scientific in a research note on Tuesday, July 2nd. Finally, B. Riley raised shares of Core Scientific from a “neutral” rating to a “buy” rating and raised their price target for the company from $0.50 to $13.00 in a report on Wednesday, July 17th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $14.71.

Core Scientific Price Performance

The stock has a 50-day simple moving average of $9.82 and a 200-day simple moving average of $6.08.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($4.51) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($4.47). The company had revenue of $141.10 million for the quarter, compared to analysts’ expectations of $128.58 million. The business’s revenue was up 11.2% compared to the same quarter last year. Equities research analysts anticipate that Core Scientific, Inc. will post 0.51 earnings per share for the current year.

Insider Transactions at Core Scientific

In related news, insider Todd M. Duchene sold 3,770 shares of the business’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $9.99, for a total value of $37,662.30. Following the completion of the sale, the insider now directly owns 393,428 shares of the company’s stock, valued at $3,930,345.72. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Core Scientific news, insider Todd M. Duchene sold 3,770 shares of the stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $9.99, for a total transaction of $37,662.30. Following the transaction, the insider now owns 393,428 shares of the company’s stock, valued at approximately $3,930,345.72. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Todd M. Duchene sold 7,321 shares of the business’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $9.39, for a total value of $68,744.19. Following the completion of the sale, the insider now owns 359,877 shares of the company’s stock, valued at $3,379,245.03. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 31,425 shares of company stock valued at $297,749. Insiders own 32.00% of the company’s stock.

Institutional Trading of Core Scientific

Institutional investors and hedge funds have recently modified their holdings of the business. Point72 Asset Management L.P. bought a new stake in shares of Core Scientific during the 2nd quarter valued at about $4,222,000. Sunbelt Securities Inc. bought a new position in shares of Core Scientific during the second quarter valued at approximately $33,000. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Core Scientific during the 2nd quarter worth approximately $369,000. The Manufacturers Life Insurance Company bought a new stake in shares of Core Scientific in the 2nd quarter worth approximately $598,000. Finally, DeepCurrents Investment Group LLC boosted its position in Core Scientific by 157.7% during the 2nd quarter. DeepCurrents Investment Group LLC now owns 255,162 shares of the company’s stock valued at $2,373,000 after purchasing an additional 156,162 shares during the period.

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.