Core Scientific (NASDAQ:CORZ) Shares Gap Up After Analyst Upgrade

Core Scientific, Inc. (NASDAQ:CORZ) shares gapped up before the market opened on Wednesday after HC Wainwright raised their price target on the stock from $11.00 to $15.00. The stock had previously closed at $9.56, but opened at $9.97. HC Wainwright currently has a buy rating on the stock. Core Scientific shares last traded at $9.82, with a volume of 1,576,863 shares traded.

Several other equities analysts have also recently issued reports on the company. Sanford C. Bernstein began coverage on Core Scientific in a report on Wednesday. They issued an “outperform” rating and a $17.00 price objective for the company. LADENBURG THALM/SH SH reissued a “buy” rating and issued a $14.50 price objective on shares of Core Scientific in a report on Tuesday, July 2nd. Finally, BTIG Research boosted their price objective on Core Scientific from $10.00 to $15.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $14.00.

Insider Buying and Selling

In related news, insider Todd M. Duchene sold 7,321 shares of the company’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $9.39, for a total value of $68,744.19. Following the completion of the transaction, the insider now owns 359,877 shares of the company’s stock, valued at approximately $3,379,245.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Todd M. Duchene sold 7,321 shares of the company’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $9.39, for a total value of $68,744.19. Following the completion of the transaction, the insider now owns 359,877 shares of the company’s stock, valued at approximately $3,379,245.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Todd M. Duchene sold 3,770 shares of the company’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 transaction, the insider now directly owns 393,428 shares of the company’s stock, valued at approximately $3,930,345.72. The disclosure for this sale can be found here.

Institutional Investors Weigh In On Core Scientific

Large investors have recently bought and sold shares of the company. Aspect Partners LLC purchased a new stake in Core Scientific during the 1st quarter worth approximately $29,000. Hexagon Capital Partners LLC purchased a new stake in shares of Core Scientific in the first quarter valued at approximately $34,000. Lindbrook Capital LLC purchased a new stake in shares of Core Scientific in the first quarter valued at approximately $65,000. Rise Advisors LLC purchased a new stake in shares of Core Scientific in the second quarter valued at approximately $65,000. Finally, Fiduciary Alliance LLC purchased a new stake in shares of Core Scientific in the first quarter valued at approximately $84,000.

Core Scientific Price Performance

The business has a 50-day moving average price of $6.85 and a 200-day moving average price of $4.30.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings results on Wednesday, May 8th. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.14. The company had revenue of $179.29 million during the quarter, compared to analysts’ expectations of $139.60 million. As a group, sell-side analysts predict that Core Scientific, Inc. will post -0.07 EPS for the current fiscal year.

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.