Core Scientific (NASDAQ:CORZ) Issues Earnings Results

Core Scientific (NASDAQ:CORZ) issued its quarterly earnings data on Wednesday. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.09, Zacks reports.

Core Scientific Trading Up 2.7 %

Shares of CORZ stock traded up $0.26 during trading on Wednesday, reaching $10.02. 13,560,670 shares of the company’s stock traded hands, compared to its average volume of 11,280,727. The firm’s 50-day moving average is $13.43 and its 200 day moving average is $13.30. The company has a market capitalization of $2.80 billion and a P/E ratio of -1.85. Core Scientific has a 1 year low of $2.61 and a 1 year high of $18.63.

Insider Activity at Core Scientific

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Compass Point reduced their target price on Core Scientific from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday. Keefe, Bruyette & Woods began coverage on Core Scientific in a research note on Monday, January 27th. They issued an “outperform” rating and a $22.00 price objective for the company. Needham & Company LLC reiterated a “buy” rating and set a $18.00 target price on shares of Core Scientific in a research note on Friday, January 17th. Craig Hallum started coverage on shares of Core Scientific in a report on Tuesday, January 21st. They issued a “buy” rating and a $24.00 price target on the stock. Finally, BTIG Research raised their price objective on shares of Core Scientific from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Fifteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $19.07.

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.