Core Scientific (NASDAQ:CORZ) Trading 5.3% Higher – Here’s Why

Shares of Core Scientific, Inc. (NASDAQ:CORZ) were up 5.3% on Wednesday . The company traded as high as $8.17 and last traded at $8.45. Approximately 367,460 shares were traded 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 Ratings Changes

A number of research firms have issued reports on CORZ. Cantor Fitzgerald cut their price target on Core Scientific from $24.00 to $21.00 and set an “overweight” rating for the company in a research note on Thursday, February 27th. Craig Hallum started coverage on shares of Core Scientific in a research report on Tuesday, January 21st. They set a “buy” rating and a $24.00 target price for the company. Keefe, Bruyette & Woods started coverage on shares of Core Scientific in a report on Monday, January 27th. They set an “outperform” rating and a $22.00 target price for the company. Compass Point dropped their price target on shares of Core Scientific from $26.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, February 25th. Finally, BTIG Research upped their price objective on Core Scientific from $19.00 to $20.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. Fifteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $19.07.

Core Scientific Trading Down 1.0 %

The company has a 50 day simple moving average of $11.61 and a two-hundred day simple moving average of $13.15. The firm has a market capitalization of $2.53 billion, a P/E ratio of -1.59 and a beta of 6.83.

Core Scientific (NASDAQ:CORZ) last issued its earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.09. The company had revenue of $94.93 million for the quarter, compared to the consensus estimate of $97.07 million. On average, sell-side analysts expect that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Insider Activity

In other news, CEO Adam Taylor Sullivan sold 88,380 shares of the company’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 4,128,505 shares of the company’s stock, valued at $58,789,911.20. This represents a 2.10 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Todd A. Becker sold 134,250 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $10.75, for a total transaction of $1,443,187.50. Following the completion of the transaction, the director now directly owns 195,687 shares of the company’s stock, valued at approximately $2,103,635.25. This trade represents a 40.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 748,282 shares of company stock worth $10,978,104 over the last 90 days. Corporate insiders own 32.00% of the company’s stock.

Institutional Trading of Core Scientific

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in Core Scientific by 54.3% during the fourth quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company’s stock worth $272,270,000 after acquiring an additional 6,819,406 shares during the last quarter. Beryl Capital Management LLC boosted its holdings in shares of Core Scientific by 24.3% in the 4th quarter. Beryl Capital Management LLC now owns 18,179,586 shares of the company’s stock worth $255,423,000 after purchasing an additional 3,548,396 shares during the period. Driehaus Capital Management LLC increased its position 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 purchasing an additional 5,424,901 shares during the last quarter. ORG Wealth Partners LLC raised its holdings in Core Scientific by 0.3% during the 4th quarter. ORG Wealth Partners LLC now owns 8,986,651 shares of the company’s stock valued at $126,262,000 after buying an additional 26,649 shares during the period. Finally, FMR LLC lifted its position in Core Scientific by 2,937.7% in the fourth quarter. FMR LLC now owns 7,436,229 shares of the company’s stock worth $104,479,000 after buying an additional 7,191,428 shares during the last quarter.

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.