Core Scientific (NASDAQ:CORZ) Issues Quarterly Earnings Results, Beats Expectations By $0.09 EPS

Core Scientific (NASDAQ:CORZ) posted its earnings results on Wednesday. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.09, Zacks reports.

Core Scientific Trading Up 2.7 %

Shares of NASDAQ:CORZ traded up $0.26 during trading on Wednesday, reaching $10.02. 13,560,670 shares of the company traded hands, compared to its average volume of 11,280,727. Core Scientific has a 52-week low of $2.61 and a 52-week high of $18.63. The firm has a market capitalization of $2.80 billion and a price-to-earnings ratio of -1.85. The business’s fifty day moving average is $13.43 and its 200-day moving average is $13.30.

Analyst Ratings Changes

Several research analysts have recently commented on CORZ shares. Macquarie boosted their price objective on Core Scientific from $16.00 to $19.00 and gave the stock an “outperform” rating in a report on Thursday, November 14th. Roth Capital raised shares of Core Scientific to a “strong-buy” rating in a research note on Thursday, November 14th. Compass Point lowered their price objective on shares of Core Scientific from $26.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday. B. Riley increased their target price on Core Scientific from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, Craig Hallum began coverage on Core Scientific in a report on Tuesday, January 21st. They issued a “buy” rating and a $24.00 price objective for the company. 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, the stock currently has an average rating of “Buy” and a consensus price target of $19.07.

Insider Buying and Selling

In other Core Scientific news, insider Todd M. Duchene sold 129,861 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at $29,215,481.76. This trade represents a 5.95 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Adam Taylor Sullivan sold 88,380 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 $1,258,531.20. Following the completion of the transaction, the chief executive officer now owns 4,128,505 shares in the company, valued at $58,789,911.20. The trade was a 2.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 614,032 shares of company stock valued at $9,534,916 over the last three months. 32.00% of the stock is owned by company insiders.

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.