Key Points
- Core Scientific Director Elizabeth Crain bought 6,000 shares at an average price of $18.33, investing approximately $109,980 and increasing her direct holdings by 9.18% to 71,348 shares.
- Core Scientific reported a significant quarterly loss of $3.32 per share, far below the $0.06 consensus estimate, though revenue of $164.2 million exceeded expectations.
- Analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and an average price target of $32.18, while several institutional investors increased their positions.
Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) Director Elizabeth Crain bought 6,000 shares of the company's stock in a transaction that occurred on Thursday, August 20th. The shares were bought at an average price of $18.33 per share, for a total transaction of $109,980.00. Following the acquisition, the director directly owned 71,348 shares of the company's stock, valued at $1,307,808.84. This represents a 9.18% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
Core Scientific Stock Performance
Shares of NASDAQ CORZ opened at $17.27 on Tuesday. The stock has a 50 day moving average price of $22.75 and a 200 day moving average price of $21.01. The stock has a market capitalization of $5.55 billion, a PE ratio of -3.91 and a beta of 5.59. Core Scientific, Inc. has a 52 week low of $13.14 and a 52 week high of $30.46.
Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The company reported ($3.32) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The business had revenue of $164.20 million during the quarter, compared to analysts' expectations of $144.83 million. As a group, research analysts forecast that Core Scientific, Inc. will post -1.36 EPS for the current year.
Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in CORZ. California State Teachers Retirement System raised its stake in Core Scientific by 2,488.6% in the 2nd quarter. California State Teachers Retirement System now owns 7,479,420 shares of the company's stock valued at $191,398,000 after acquiring an additional 7,190,484 shares during the period. Rose Capital Advisors LLC bought a new position in Core Scientific during the second quarter worth $324,000. AlphaGrep UK Ltd bought a new position in Core Scientific during the second quarter worth $223,000. Concurrent Investment Advisors LLC boosted its position in Core Scientific by 10.6% during the second quarter. Concurrent Investment Advisors LLC now owns 401,348 shares of the company's stock worth $10,270,000 after purchasing an additional 38,497 shares during the period. Finally, AXQ Capital LP increased its holdings in shares of Core Scientific by 122.7% in the second quarter. AXQ Capital LP now owns 55,149 shares of the company's stock valued at $1,411,000 after purchasing an additional 30,380 shares during the last quarter.
Analysts Set New Price Targets
A number of equities analysts recently weighed in on CORZ shares. Jefferies Financial Group boosted their target price on shares of Core Scientific from $24.00 to $37.00 and gave the stock a "buy" rating in a report on Thursday, May 14th. Compass Point reiterated a "buy" rating and issued a $36.00 price target on shares of Core Scientific in a research note on Wednesday, July 29th. Loop Capital set a $40.00 price objective on shares of Core Scientific in a research report on Friday, June 12th. Canaccord Genuity Group boosted their price objective on shares of Core Scientific from $30.00 to $36.00 and gave the stock a "buy" rating in a research note on Wednesday, July 29th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Core Scientific in a report on Friday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $32.18.
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About Core Scientific
(
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Core Scientific, Inc (NASDAQ: CORZ) is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.
Core Scientific's service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.
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