Core Scientific (NASDAQ:CORZ) Issues Quarterly Earnings Results

Core Scientific (NASDAQ:CORZ) announced its earnings results on Wednesday. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.09, Zacks reports. The firm had revenue of $94.93 million during the quarter, compared to the consensus estimate of $97.07 million.

Core Scientific Stock Up 2.8 %

Shares of CORZ stock traded up $0.30 during trading hours on Friday, hitting $11.01. 4,661,970 shares of the company’s stock were exchanged, compared to its average volume of 11,482,889. Core Scientific has a fifty-two week low of $2.61 and a fifty-two week high of $18.63. The firm has a market cap of $3.07 billion and a P/E ratio of -2.03. The firm has a 50 day moving average of $13.26 and a two-hundred day moving average of $13.26.

Insiders Place Their Bets

In other news, insider Todd M. Duchene sold 129,861 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $14.24, for a total transaction of $1,849,220.64. Following the completion of the sale, the insider now owns 2,051,649 shares of the company’s stock, valued at $29,215,481.76. The trade was a 5.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Adam Taylor Sullivan sold 369,712 shares of the stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $16.24, for a total value of $6,004,122.88. Following the transaction, the chief executive officer now directly owns 3,758,793 shares of the company’s stock, valued at $61,042,798.32. The trade was a 8.96 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 614,032 shares of company stock worth $9,534,916. Company insiders own 32.00% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Canaccord Genuity Group reiterated a “buy” rating and set a $17.00 price objective on shares of Core Scientific in a research note on Thursday. Needham & Company LLC reduced their price target on Core Scientific from $18.00 to $17.00 and set a “buy” rating on the stock in a research report on Thursday. B. Riley increased their price objective on Core Scientific from $16.00 to $17.00 and gave the company a “buy” rating in a report on Thursday, November 7th. BTIG Research boosted their target price on Core Scientific from $19.00 to $20.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. Finally, Macquarie increased their price target on Core Scientific from $16.00 to $19.00 and gave the company an “outperform” rating in a research note on Thursday, November 14th. Fifteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Core Scientific currently has a consensus rating of “Buy” and a consensus price target of $19.07.

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.