Core Scientific (NASDAQ:CORZ) Shares Gap Up – Time to Buy?

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $16.88, but opened at $17.99. Core Scientific shares last traded at $16.9250, with a volume of 1,614,898 shares trading hands.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Loop Capital set a $40.00 price target on shares of Core Scientific in a report on Friday, June 12th. Compass Point reiterated a “buy” rating and set a $36.00 target price on shares of Core Scientific in a research report on Wednesday, July 29th. Capital One Financial set a $33.00 target price on Core Scientific in a research note on Thursday, July 30th. Canaccord Genuity Group increased their price objective 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, Freedom Capital raised Core Scientific from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $31.96.

Core Scientific Stock Up 4.0%

The firm has a market cap of $5.64 billion, a PE ratio of -3.95 and a beta of 5.48. The firm’s 50 day moving average is $19.81 and its 200-day moving average is $21.00.

Core Scientific (NASDAQ:CORZ) last issued its 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 company had revenue of $164.20 million during the quarter, compared to analyst estimates of $144.83 million. On average, analysts forecast that Core Scientific, Inc. will post -1.36 earnings per share for the current year.

Insider Activity

In related news, insider Todd M. Duchene sold 10,000 shares of the firm’s stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $18.67, for a total transaction of $186,700.00. Following the completion of the sale, the insider directly owned 1,217,896 shares of the company’s stock, valued at approximately $22,738,118.32. This trade represents a 0.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Eric Weiss bought 7,000 shares of the stock in a transaction dated Tuesday, August 18th. The shares were acquired 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 of the company’s stock, valued at approximately $4,975,237.78. This represents a 2.77% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have sold 90,000 shares of company stock worth $1,996,600 over the last 90 days. Company insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Core Scientific

Several institutional investors and hedge funds have recently made changes to their positions in CORZ. Situational Awareness LP raised its holdings in Core Scientific by 42.5% in the fourth quarter. Situational Awareness LP now owns 28,756,478 shares of the company’s stock valued at $418,694,000 after acquiring an additional 8,575,944 shares in the last quarter. BlackRock Inc. acquired a new position in Core Scientific in the second quarter worth $719,649,000. Jericho Capital Asset Management L.P. increased its stake in Core Scientific by 11.4% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 13,038,619 shares of the company’s stock valued at $189,842,000 after purchasing an additional 1,338,796 shares during the last quarter. Geode Capital Management LLC increased its stake in Core Scientific by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 7,651,002 shares of the company’s stock valued at $111,417,000 after purchasing an additional 109,145 shares during the last quarter. Finally, Bank of America Corp DE raised its holdings in shares of Core Scientific by 412.5% during the first quarter. Bank of America Corp DE now owns 4,806,363 shares of the company’s stock worth $71,903,000 after purchasing an additional 3,868,535 shares during the period.

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.