Core Scientific (NASDAQ:CORZ) Shares Up 5.2% – What’s Next?

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price traded up 5.2% during trading on Wednesday . The company traded as high as $16.93 and last traded at $16.8730. 990,422 shares were traded during mid-day trading, a decline of 92% from the average session volume of 12,541,516 shares. The stock had previously closed at $16.04.

Analyst Upgrades and Downgrades

CORZ has been the subject of a number of research reports. Sanford C. Bernstein restated an “outperform” rating and issued a $32.00 price objective on shares of Core Scientific in a report on Wednesday, June 3rd. Wolfe Research restated a “buy” rating on shares of Core Scientific in a research report on Wednesday, July 29th. Lucid Cap Mkts upgraded shares of Core Scientific to a “strong-buy” rating in a research note on Friday, June 12th. Needham & Company LLC lifted their target price on shares of Core Scientific from $29.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods upgraded shares of Core Scientific from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $25.00 to $28.00 in a research note on Thursday, July 30th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $31.96.

Core Scientific Price Performance

The stock has a market cap of $5.51 billion, a price-to-earnings ratio of -3.88 and a beta of 5.48. The company’s 50 day moving average is $19.68 and its 200 day moving average is $21.00.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings data 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 company had revenue of $164.20 million during the quarter, compared to analysts’ expectations of $144.83 million. Sell-side analysts predict that Core Scientific, Inc. will post -1.36 earnings per share for the current year.

Insider Buying and Selling at Core Scientific

In other Core Scientific news, Director Eric Weiss acquired 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The shares were acquired at an average cost of $19.19 per share, for a total transaction of $134,330.00. Following the transaction, the director directly owned 259,262 shares of the company’s stock, valued at approximately $4,975,237.78. This represents a 2.77% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Todd DuChene sold 10,000 shares of the stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $19.97, for a total transaction of $199,700.00. Following the completion of the sale, the insider directly owned 1,969,101 shares in the company, valued at approximately $39,322,946.97. The trade was a 0.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have bought 19,000 shares of company stock valued at $342,290 and have sold 90,000 shares valued at $1,996,600. Insiders own 1.70% of the company’s stock.

Institutional Trading of Core Scientific

Several large investors have recently modified their holdings of the business. Handelsbanken Fonder AB boosted its position in Core Scientific by 0.7% during the 2nd quarter. Handelsbanken Fonder AB now owns 94,500 shares of the company’s stock worth $2,418,000 after purchasing an additional 700 shares during the period. GAMMA Investing LLC raised its position in Core Scientific by 34.5% in the second quarter. GAMMA Investing LLC now owns 3,049 shares of the company’s stock valued at $78,000 after purchasing an additional 782 shares during the period. Clearstead Advisors LLC raised its position in Core Scientific by 0.6% in the fourth quarter. Clearstead Advisors LLC now owns 163,767 shares of the company’s stock valued at $2,384,000 after purchasing an additional 1,000 shares during the period. Parkside Financial Bank & Trust lifted its stake in shares of Core Scientific by 1,371.3% during the second quarter. Parkside Financial Bank & Trust now owns 1,177 shares of the company’s stock worth $30,000 after purchasing an additional 1,097 shares in the last quarter. Finally, Carronade Capital Management LP lifted its stake in shares of Core Scientific by 1.1% during the first quarter. Carronade Capital Management LP now owns 101,103 shares of the company’s stock worth $1,513,000 after purchasing an additional 1,103 shares in the last quarter.

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.