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

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $11.46, but opened at $12.13. Core Scientific shares last traded at $12.23, with a volume of 2,330,197 shares trading hands.

Wall Street Analyst Weigh In

Several analysts have issued reports on CORZ shares. Craig Hallum started coverage on shares of Core Scientific in a research report on Tuesday, January 21st. They issued a “buy” rating and a $24.00 price objective for the company. B. Riley lifted their price target on shares of Core Scientific from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. HC Wainwright raised their target price on Core Scientific from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Canaccord Genuity Group restated a “buy” rating and set a $17.00 price objective on shares of Core Scientific in a research note on Thursday, November 7th. Finally, Jefferies Financial Group started coverage on Core Scientific in a research note on Monday, October 28th. They set a “buy” rating and a $19.00 target price for the company. Fifteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $19.07.

Core Scientific Price Performance

The firm has a market capitalization of $3.47 billion and a price-to-earnings ratio of -2.30. The business has a 50 day moving average of $15.25 and a 200 day moving average of $13.02.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). The company had revenue of $95.35 million during the quarter, compared to analyst estimates of $94.80 million. As a group, equities analysts predict that Core Scientific, Inc. will post 0.5 EPS for the current year.

Insider Transactions at Core Scientific

In related news, Director Yadin Rozov sold 105,000 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $18.11, for a total transaction of $1,901,550.00. Following the sale, the director now owns 345,239 shares of the company’s stock, valued at approximately $6,252,278.29. This represents a 23.32 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Todd M. Duchene sold 25,277 shares of the stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $16.24, for a total transaction of $410,498.48. Following the completion of the sale, the insider now owns 2,023,423 shares in the company, valued at $32,860,389.52. This represents a 1.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 744,032 shares of company stock valued at $11,863,966 over the last three months. Corporate insiders own 32.00% of the company’s stock.

Hedge Funds Weigh In On Core Scientific

A number of large investors have recently modified their holdings of the company. ORG Wealth Partners LLC bought a new stake in shares of Core Scientific in the third quarter worth about $106,266,000. Rush Island Management LP purchased a new stake in Core Scientific in the third quarter worth $32,221,000. Taconic Capital Advisors LP increased its position in Core Scientific by 178.7% during the 3rd quarter. Taconic Capital Advisors LP now owns 2,717,462 shares of the company’s stock valued at $32,229,000 after purchasing an additional 1,742,462 shares during the period. Mirabella Financial Services LLP purchased a new position in shares of Core Scientific during the third quarter valued at approximately $18,383,000. Finally, Geode Capital Management LLC boosted its position in shares of Core Scientific by 26.7% in the 3rd quarter. Geode Capital Management LLC now owns 5,276,573 shares of the company’s stock worth $62,594,000 after purchasing an additional 1,113,285 shares in the last quarter.

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.