Core Scientific (NASDAQ:CORZ) Shares Up 8% – What’s Next?

Core Scientific, Inc. (NASDAQ:CORZ) shares rose 8% during trading on Tuesday . The stock traded as high as $8.63 and last traded at $8.65. Approximately 14,185,823 shares were traded during mid-day trading, an increase of 33% from the average daily volume of 10,698,604 shares. The stock had previously closed at $8.01.

Analysts Set New Price Targets

A number of research analysts have weighed in on CORZ shares. Roth Mkm initiated coverage on Core Scientific in a report on Friday, November 15th. They set a “buy” rating and a $25.50 target price on the stock. Cantor Fitzgerald reduced their price target on Core Scientific from $24.00 to $21.00 and set an “overweight” rating on the stock in a research note on Thursday, February 27th. Craig Hallum initiated coverage on Core Scientific in a research report on Tuesday, January 21st. They set a “buy” rating and a $24.00 price objective for the company. Roth Capital raised shares of Core Scientific to a “strong-buy” rating in a research report on Thursday, November 14th. Finally, Macquarie lifted their price target on shares of Core Scientific from $16.00 to $19.00 and gave the company an “outperform” rating in a research report on Thursday, November 14th. Fifteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $19.07.

Core Scientific Trading Up 7.7 %

The business’s fifty day moving average is $12.53 and its two-hundred day moving average is $13.29. The company has a market capitalization of $2.54 billion, a PE ratio of -1.60 and a beta of 6.83.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.09. The business had revenue of $94.93 million during the quarter, compared to analysts’ expectations of $97.07 million. As a group, equities research analysts anticipate that Core Scientific, Inc. will post 0.52 EPS for the current year.

Insider Buying and Selling at Core Scientific

In other Core Scientific news, CEO Adam Taylor Sullivan sold 369,712 shares of the business’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $16.24, for a total transaction of $6,004,122.88. Following the completion of the sale, the chief executive officer now directly owns 3,758,793 shares in the company, valued at approximately $61,042,798.32. The trade was a 8.96 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Todd M. Duchene sold 129,861 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total value of $1,849,220.64. Following the completion of the transaction, the insider now directly owns 2,051,649 shares in the company, valued at $29,215,481.76. The trade was a 5.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 748,282 shares of company stock worth $10,978,104. Company insiders own 32.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. FMR LLC raised its holdings in Core Scientific by 2,937.7% in the 4th quarter. FMR LLC now owns 7,436,229 shares of the company’s stock worth $104,479,000 after purchasing an additional 7,191,428 shares during the period. Vanguard Group Inc. raised its stake in shares of Core Scientific by 54.3% in the fourth quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company’s stock worth $272,270,000 after buying an additional 6,819,406 shares during the period. Helix Partners Management LP purchased a new position in shares of Core Scientific during the 4th quarter valued at about $86,498,000. Driehaus Capital Management LLC grew its stake in shares of Core Scientific by 112.1% during the 4th quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company’s stock valued at $144,212,000 after acquiring an additional 5,424,901 shares during the period. Finally, Fred Alger Management LLC purchased a new stake in Core Scientific in the 4th quarter worth approximately $62,011,000.

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.