Insider Buying: Core Scientific (NASDAQ:CORZ) Director Buys 6,000 Shares

Core Scientific, Inc. (NASDAQ:CORZ) Director Elizabeth Crain acquired 6,000 shares of the business’s stock in a transaction dated Thursday, August 20th. The stock was bought at an average cost of $18.33 per share, with a total value of $109,980.00. Following the acquisition, the director owned 71,348 shares in the company, valued at $1,307,808.84. The trade was a 9.18% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Core Scientific Stock Down 3.0%

Shares of NASDAQ CORZ traded down $0.54 during midday trading on Monday, hitting $17.27. 10,402,290 shares of the company’s stock were exchanged, compared to its average volume of 12,772,292. Core Scientific, Inc. has a 12 month low of $13.14 and a 12 month high of $30.46. The firm has a market capitalization of $5.55 billion, a PE ratio of -3.91 and a beta of 5.59. The company’s 50 day moving average price is $22.97 and its 200 day moving average price is $21.01.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings results on Tuesday, July 28th. The company reported ($3.32) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The business had revenue of $164.20 million for the quarter, compared to analysts’ expectations of $144.83 million. On average, equities research analysts anticipate that Core Scientific, Inc. will post -1.36 EPS for the current year.

Hedge Funds Weigh In On Core Scientific

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Xponance LLC lifted its stake in shares of Core Scientific by 2.5% during the 4th quarter. Xponance LLC now owns 22,896 shares of the company’s stock valued at $333,000 after buying an additional 562 shares in the last quarter. Handelsbanken Fonder AB lifted its holdings in shares of Core Scientific by 0.7% in the second quarter. Handelsbanken Fonder AB now owns 94,500 shares of the company’s stock worth $2,418,000 after buying an additional 700 shares in the last quarter. Orion Porfolio Solutions LLC boosted its position in shares of Core Scientific by 5.2% during the third quarter. Orion Porfolio Solutions LLC now owns 15,539 shares of the company’s stock worth $279,000 after acquiring an additional 766 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Core Scientific by 34.5% during the second quarter. GAMMA Investing LLC now owns 3,049 shares of the company’s stock valued at $78,000 after purchasing an additional 782 shares in the last quarter. Finally, Bank of Montreal Can increased its holdings in shares of Core Scientific by 4.2% in the fourth quarter. Bank of Montreal Can now owns 21,592 shares of the company’s stock worth $314,000 after purchasing an additional 869 shares during the last quarter.

Analysts Set New Price Targets

Several brokerages have recently commented on CORZ. Compass Point reaffirmed a “buy” rating and set a $36.00 target price on shares of Core Scientific in a report on Wednesday, July 29th. Canaccord Genuity Group boosted their target price on shares of Core Scientific from $30.00 to $36.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Core Scientific in a research report on Friday, July 17th. Needham & Company LLC boosted their price objective on shares of Core Scientific from $29.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Finally, Loop Capital set a $40.00 price objective on Core Scientific in a research report on Friday, June 12th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Core Scientific presently has an average rating of “Moderate Buy” and a consensus target price of $32.18.

About Core Scientific

Core Scientific, Inc (NASDAQ: CORZ) is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific’s service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.