Core Scientific, Inc. (CORZ) shares soared 7% in the last trading session to close at $14.46. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 20% loss over the past four weeks.
The increased investor optimism in the stock can be attributed to the favorable operating environment.
This company is expected to post quarterly loss of $0.01 per share in its upcoming report, which represents a year-over-year change of +97.8%. Revenues are expected to be $179 million, up 120.7% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Core Scientific, Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on CORZ going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Core Scientific, Inc. is part of the Zacks Financial - Miscellaneous Services industry. AlTi Global, Inc. ALTI, another stock in the same industry, closed the last trading session 0.2% lower at $2.31. ALTI has returned -26.7% in the past month.
For ALTI GLOBAL INC, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.02. This represents a change of +100% from what the company reported a year ago. ALTI GLOBAL INC currently has a Zacks Rank of #5 (Strong Sell).
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This article originally published on Zacks Investment Research (zacks.com).