Core Scientific (NASDAQ:CORZ) Hits New 52-Week High – What’s Next?

Core Scientific, Inc. (NASDAQ:CORZ) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $18.11 and last traded at $17.79, with a volume of 5163933 shares changing hands. The stock had previously closed at $17.26.

Analyst Ratings Changes

Several research firms recently issued reports on CORZ. Sanford C. Bernstein reissued an “outperform” rating and set a $17.00 price target on shares of Core Scientific in a report on Tuesday, September 10th. Roth Mkm started coverage on shares of Core Scientific in a research report on Friday, November 15th. They set a “buy” rating and a $25.50 target price on the stock. HC Wainwright upped their price target on shares of Core Scientific from $15.00 to $17.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Jefferies Financial Group assumed coverage on Core Scientific in a research report on Monday, October 28th. They set a “buy” rating and a $19.00 price objective for the company. Finally, BTIG Research increased their target price on Core Scientific from $15.00 to $19.00 and gave the company a “buy” rating in a report on Friday, November 15th. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $18.38.

Core Scientific Price Performance

The stock has a fifty day moving average of $13.52 and a two-hundred day moving average of $10.22.

Insider Buying and Selling at Core Scientific

In other news, insider Todd M. Duchene sold 25,000 shares of Core Scientific stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $17.10, for a total transaction of $427,500.00. Following the sale, the insider now owns 1,661,474 shares in the company, valued at $28,411,205.40. This trade represents a 1.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jarrod M. Patten bought 4,000 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The stock was purchased at an average price of $9.70 per share, with a total value of $38,800.00. Following the completion of the purchase, the director now directly owns 279,239 shares of the company’s stock, valued at approximately $2,708,618.30. This trade represents a 1.45 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 12,761 shares of company stock valued at $127,080 over the last ninety days. Corporate insiders own 32.00% of the company’s stock.

Hedge Funds Weigh In On Core Scientific

Institutional investors have recently added to or reduced their stakes in the company. Rise Advisors LLC lifted its stake in shares of Core Scientific by 14.3% in the third quarter. Rise Advisors LLC now owns 8,000 shares of the company’s stock worth $95,000 after acquiring an additional 1,000 shares in the last quarter. Banque Cantonale Vaudoise acquired a new position in shares of Core Scientific in the 2nd quarter valued at approximately $28,000. Sunbelt Securities Inc. purchased a new position in shares of Core Scientific during the 2nd quarter valued at approximately $33,000. Vontobel Holding Ltd. grew its position in shares of Core Scientific by 10.4% during the third quarter. Vontobel Holding Ltd. now owns 38,089 shares of the company’s stock worth $452,000 after buying an additional 3,591 shares in the last quarter. Finally, Harvest Portfolios Group Inc. increased its stake in shares of Core Scientific by 10.1% in the third quarter. Harvest Portfolios Group Inc. now owns 55,881 shares of the company’s stock worth $663,000 after buying an additional 5,109 shares during the last quarter.

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.