Core Scientific (NASDAQ:CORZ) Shares Up 5.3% – Here’s Why

Core Scientific, Inc. (NASDAQ:CORZ) rose 5.3% during mid-day trading on Wednesday . The stock traded as high as $8.17 and last traded at $8.45. Approximately 367,460 shares changed hands during mid-day trading, a decline of 97% from the average daily volume of 14,116,189 shares. The stock had previously closed at $8.02.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Canaccord Genuity Group restated a “buy” rating and set a $17.00 target price on shares of Core Scientific in a research report on Wednesday, March 12th. Keefe, Bruyette & Woods initiated coverage on Core Scientific in a research report on Monday, January 27th. They issued an “outperform” rating and a $22.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and set a $17.00 target price on shares of Core Scientific in a research report on Tuesday, March 11th. BTIG Research upped their price target on shares of Core Scientific from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Finally, Cantor Fitzgerald reduced their price target on shares of Core Scientific from $24.00 to $21.00 and set an “overweight” rating on the stock in a research note on Thursday, February 27th. Fifteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Core Scientific presently has an average rating of “Buy” and a consensus target price of $19.07.

Core Scientific Stock Down 1.0 %

The business’s 50 day moving average is $11.61 and its 200 day moving average is $13.15. The company has a market cap of $2.53 billion, a P/E ratio of -1.59 and a beta of 6.83.

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

Insider Buying and Selling at Core Scientific

In related news, insider Todd M. Duchene sold 129,861 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $14.24, for a total transaction of $1,849,220.64. Following the completion of the sale, the insider now owns 2,051,649 shares of the company’s stock, valued at $29,215,481.76. This represents a 5.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Adam Taylor Sullivan sold 88,380 shares of Core Scientific stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total transaction of $1,258,531.20. Following the completion of the transaction, the chief executive officer now directly owns 4,128,505 shares in the company, valued at $58,789,911.20. This represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 748,282 shares of company stock valued at $10,978,104. 32.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Core Scientific

Institutional investors have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC raised its position in shares of Core Scientific by 25.6% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 98,077 shares of the company’s stock valued at $1,378,000 after purchasing an additional 20,000 shares during the last quarter. Highland Peak Capital LLC raised its holdings in shares of Core Scientific by 37.9% in the third quarter. Highland Peak Capital LLC now owns 413,584 shares of the company’s stock worth $4,905,000 after buying an additional 113,584 shares during the last quarter. Mirabella Financial Services LLP acquired a new stake in shares of Core Scientific during the third quarter worth $18,383,000. Capstone Investment Advisors LLC grew its holdings in shares of Core Scientific by 113.4% during the third quarter. Capstone Investment Advisors LLC now owns 55,000 shares of the company’s stock valued at $652,000 after buying an additional 29,230 shares during the last quarter. Finally, Seldon Capital LP acquired a new position in shares of Core Scientific in the 3rd quarter valued at $3,530,000.

About Core Scientific

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.