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

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price gapped up prior to trading 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 traded.

Analysts Set New Price Targets

A number of research firms have issued reports on CORZ. HC Wainwright lifted their target price on shares of Core Scientific from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. Sanford C. Bernstein started coverage on shares of Core Scientific in a report on Wednesday, July 10th. They issued an “outperform” rating and a $17.00 price objective for the company. BTIG Research raised their target price on Core Scientific from $10.00 to $15.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. B. Riley raised Core Scientific from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $0.50 to $13.00 in a research report on Wednesday, July 17th. Finally, LADENBURG THALM/SH SH reissued a “buy” rating and set a $14.50 price objective on shares of Core Scientific in a report on Tuesday, July 2nd. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Core Scientific currently has an average rating of “Buy” and a consensus target price of $14.71.

Core Scientific Trading Up 1.8 %

The stock’s fifty day simple moving average is $9.81 and its 200-day simple moving average is $6.01.

Core Scientific (NASDAQ:CORZ) last announced its earnings results on Wednesday, August 7th. The company reported ($4.51) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($4.47). The company had revenue of $141.10 million during the quarter, compared to analysts’ expectations of $128.58 million. The firm’s quarterly revenue was up 11.2% on a year-over-year basis. On average, equities research analysts predict that Core Scientific, Inc. will post 0.51 EPS for the current fiscal 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 on Thursday, June 13th. The shares were 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 $3,930,345.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Todd M. Duchene sold 3,770 shares of Core Scientific stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $9.99, for a total transaction of $37,662.30. Following the sale, the insider now directly owns 393,428 shares of the company’s stock, valued at $3,930,345.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Denise Marie Brucia Sterling sold 8,752 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.41, for a total value of $82,356.32. Following the transaction, the chief financial officer now owns 122,217 shares in the company, valued at $1,150,061.97. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 31,425 shares of company stock worth $297,749. Insiders own 32.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Banque Cantonale Vaudoise bought a new position in Core Scientific during the second quarter worth about $28,000. Sunbelt Securities Inc. acquired a new position in shares of Core Scientific in the 2nd quarter worth approximately $33,000. Rise Advisors LLC bought a new position in shares of Core Scientific during the 2nd quarter worth approximately $65,000. Aspect Partners LLC acquired a new stake in Core Scientific in the 1st quarter valued at $29,000. Finally, Hexagon Capital Partners LLC bought a new stake in Core Scientific in the first quarter valued at $34,000.

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.