B. Riley Comments on Core Scientific, Inc.’s Q3 2024 Earnings (NASDAQ:CORZ)

Core Scientific, Inc. (NASDAQ:CORZ) – Investment analysts at B. Riley dropped their Q3 2024 EPS estimates for shares of Core Scientific in a research note issued to investors on Thursday, August 8th. B. Riley analyst L. Pipes now expects that the company will earn ($0.06) per share for the quarter, down from their previous estimate of ($0.01). B. Riley has a “Buy” rating and a $13.00 price target on the stock. The consensus estimate for Core Scientific’s current full-year earnings is $0.51 per share. B. Riley also issued estimates for Core Scientific’s Q4 2024 earnings at ($0.07) EPS, FY2024 earnings at $0.01 EPS, Q1 2025 earnings at ($0.08) EPS, Q2 2025 earnings at ($0.06) EPS, Q3 2025 earnings at ($0.02) EPS and FY2025 earnings at ($0.15) EPS.

Core Scientific (NASDAQ:CORZ) last released its earnings results on Wednesday, August 7th. The company reported ($4.51) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($4.47). The company had revenue of $141.10 million for the quarter, compared to the consensus estimate of $128.58 million. The business’s revenue was up 11.2% on a year-over-year basis.

Other research analysts have also recently issued reports about the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $20.00 price target on shares of Core Scientific in a report on Thursday, August 8th. LADENBURG THALM/SH SH restated a “buy” rating and set a $14.50 target price on shares of Core Scientific in a research report on Tuesday, July 2nd. BTIG Research raised their target price on shares of Core Scientific from $10.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, June 26th. HC Wainwright boosted their price target on shares of Core Scientific from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Finally, Sanford C. Bernstein began coverage on shares of Core Scientific in a report on Wednesday, July 10th. They set an “outperform” rating and a $17.00 price objective for the company. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $14.71.

Core Scientific Stock Performance

Shares of Core Scientific stock opened at $8.46 on Monday. The stock’s 50-day simple moving average is $9.58 and its 200-day simple moving average is $5.68. Core Scientific has a 52 week low of $2.61 and a 52 week high of $12.25.

Institutional Investors Weigh In On Core Scientific

Institutional investors and hedge funds have recently modified their holdings of the business. Barings LLC purchased a new stake in Core Scientific in the first quarter worth $36,515,000. Vanguard Group Inc. bought a new position in shares of Core Scientific in the first quarter worth about $21,973,000. Kensico Capital Management Corp purchased a new position in Core Scientific in the 1st quarter worth about $18,513,000. Van ECK Associates Corp bought a new stake in Core Scientific during the 2nd quarter valued at about $12,239,000. Finally, Vident Advisory LLC purchased a new stake in Core Scientific in the 1st quarter valued at about $4,047,000.

Insiders Place Their Bets

In other news, insider Todd M. Duchene sold 3,770 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $9.99, for a total value of $37,662.30. Following the completion of the sale, the insider now directly owns 393,428 shares of the company’s stock, valued at approximately $3,930,345.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Todd M. Duchene sold 3,770 shares of the stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $9.99, for a total value of $37,662.30. Following the sale, the insider now owns 393,428 shares of the company’s stock, valued at $3,930,345.72. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Todd M. Duchene sold 7,321 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $9.39, for a total transaction of $68,744.19. Following the completion of the sale, the insider now owns 359,877 shares of the company’s stock, valued at approximately $3,379,245.03. The disclosure for this sale can be found here. 32.00% of the stock is currently owned by insiders.

Core Scientific Company Profile

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.