Core Scientific (NASDAQ:CORZ) Announces Quarterly Earnings Results, Beats Estimates By $0.69 EPS

Core Scientific (NASDAQ:CORZ) posted its quarterly earnings results on Monday. The company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.69, FiscalAI reports. The company had revenue of $79.76 million during the quarter, compared to analyst estimates of $118.45 million.

Core Scientific Stock Down 2.8%

Core Scientific stock traded down $0.48 during mid-day trading on Monday, reaching $16.49. 14,143,941 shares of the company’s stock were exchanged, compared to its average volume of 11,045,892. The business’s fifty day simple moving average is $17.26 and its 200 day simple moving average is $16.94. Core Scientific has a one year low of $6.20 and a one year high of $23.63. The firm has a market capitalization of $5.11 billion, a PE ratio of 109.94 and a beta of 6.86.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Value Aligned Research Advisors LLC bought a new stake in Core Scientific during the fourth quarter worth about $117,786,000. Situational Awareness LP raised its holdings in Core Scientific by 76.8% during the 2nd quarter. Situational Awareness LP now owns 7,994,038 shares of the company’s stock valued at $136,458,000 after buying an additional 3,472,460 shares during the last quarter. State Street Corp grew its stake in shares of Core Scientific by 3.3% in the fourth quarter. State Street Corp now owns 7,156,301 shares of the company’s stock worth $104,196,000 after purchasing an additional 230,048 shares during the last quarter. Helix Partners Management LP grew its position in shares of Core Scientific by 6.7% in the 4th quarter. Helix Partners Management LP now owns 5,600,000 shares of the company’s stock worth $81,536,000 after buying an additional 350,000 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in Core Scientific by 584.2% during the 4th quarter. JPMorgan Chase & Co. now owns 3,689,053 shares of the company’s stock valued at $53,713,000 after purchasing an additional 3,149,859 shares during the period.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CORZ. BTIG Research raised Core Scientific from a “neutral” rating to a “buy” rating and set a $23.00 target price on the stock in a research report on Tuesday, January 6th. Citigroup upgraded shares of Core Scientific from a “market perform” rating to an “outperform” rating in a report on Thursday, December 18th. Citizens Jmp upgraded shares of Core Scientific from a “market perform” rating to an “outperform” rating and set a $30.00 price objective for the company in a report on Thursday, December 18th. Zacks Research raised shares of Core Scientific from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 13th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Core Scientific from $19.00 to $25.00 and gave the stock a “moderate buy” rating in a report on Tuesday, January 27th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $24.47.

About Core Scientific

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.