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

Shares of Core Scientific, Inc. (NASDAQ:CORZ) 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 traded hands 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.

Wall Street Analysts Forecast Growth

CORZ has been the topic of several recent analyst reports. BTIG Research restated a “buy” rating and set a $38.00 price objective on shares of Core Scientific in a research note on Tuesday, July 28th. Freedom Capital upgraded shares of Core Scientific from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 30th. B. Riley Financial lifted their price target on Core Scientific from $33.00 to $42.00 and gave the stock a “buy” rating in a report on Monday, August 3rd. Canaccord Genuity Group boosted their price target on Core Scientific from $30.00 to $36.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Finally, Loop Capital set a $40.00 price objective on Core Scientific in a research note on Friday, June 12th. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $32.18.

Core Scientific Stock Performance

The stock has a market capitalization of $5.57 billion, a P/E ratio of -3.92 and a beta of 5.48. The company’s fifty day simple moving average is $19.95 and its two-hundred day simple moving average is $21.01.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings data on Tuesday, July 28th. The company reported ($3.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($3.26). The firm had revenue of $164.20 million during the quarter, compared to the consensus estimate of $144.83 million. On average, research analysts predict that Core Scientific, Inc. will post -1.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Core Scientific

In other Core Scientific news, insider Todd DuChene sold 10,000 shares of the business’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $19.97, for a total transaction of $199,700.00. Following the completion of the transaction, the insider owned 1,969,101 shares of the company’s stock, valued at approximately $39,322,946.97. The trade was a 0.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Eric Weiss purchased 7,000 shares of the company’s stock in a transaction dated Tuesday, August 18th. The stock was purchased at an average price of $19.19 per share, with a total value of $134,330.00. Following the completion of the purchase, the director directly owned 259,262 shares in the company, valued at $4,975,237.78. The trade was a 2.77% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders sold 90,000 shares of company stock worth $1,996,600. Corporate insiders own 1.70% of the company’s stock.

Institutional Trading of Core Scientific

Several large investors have recently modified their holdings of CORZ. Engineers Gate Manager LP bought a new stake in shares of Core Scientific during the second quarter valued at approximately $1,671,000. Squarepoint Ops LLC increased its position in shares of Core Scientific by 64.1% during the second quarter. Squarepoint Ops LLC now owns 2,686,177 shares of the company’s stock valued at $68,739,000 after acquiring an additional 1,049,678 shares during the last quarter. Arizona State Retirement System boosted its position in Core Scientific by 2.3% in the second quarter. Arizona State Retirement System now owns 69,666 shares of the company’s stock worth $1,783,000 after purchasing an additional 1,533 shares during the last quarter. Nykredit A S bought a new position in Core Scientific in the 2nd quarter valued at $263,000. Finally, Parkside Financial Bank & Trust increased its position in shares of Core Scientific by 1,371.3% during the 2nd quarter. Parkside Financial Bank & Trust now owns 1,177 shares of the company’s stock valued at $30,000 after purchasing an additional 1,097 shares during 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.