Core Scientific (NASDAQ:CORZ) Reaches New 12-Month High on Analyst Upgrade

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price reached a new 52-week high during trading on Thursday after B. Riley raised their price target on the stock from $16.00 to $17.00. B. Riley currently has a buy rating on the stock. Core Scientific traded as high as $15.61 and last traded at $15.15, with a volume of 2509772 shares trading hands. The stock had previously closed at $14.33.

Other equities analysts have also recently issued research reports about the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $20.00 price objective on shares of Core Scientific in a research note on Thursday, October 3rd. Canaccord Genuity Group initiated coverage on Core Scientific in a report on Monday, September 23rd. They issued a “buy” rating and a $16.00 price target on the stock. Canaccord Genuity Group reissued a “buy” rating and issued a $17.00 target price on shares of Core Scientific in a research note on Thursday. Jefferies Financial Group assumed coverage on Core Scientific in a report on Monday, October 28th. They set a “buy” rating and a $19.00 target price for the company. Finally, Needham & Company LLC upped their price target on shares of Core Scientific from $17.00 to $18.00 and gave the company a “buy” rating in a report on Thursday. Twelve analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $17.21.

Insider Buying and Selling

In other news, CFO Denise Marie Brucia Sterling sold 8,752 shares of Core Scientific stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $9.41, for a total transaction of $82,356.32. Following the sale, the chief financial officer now owns 122,217 shares in the company, valued at $1,150,061.97. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Core Scientific news, CFO Denise Marie Brucia Sterling sold 8,752 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.41, for a total transaction of $82,356.32. Following the transaction, the chief financial officer now owns 122,217 shares of the company’s stock, valued at approximately $1,150,061.97. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Todd M. Duchene sold 11,582 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $9.41, for a total transaction of $108,986.62. Following the completion of the transaction, the insider now owns 1,686,474 shares of the company’s stock, valued at approximately $15,869,720.34. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have acquired 12,761 shares of company stock valued at $127,080 over the last quarter.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Banque Cantonale Vaudoise acquired a new stake in Core Scientific in the second quarter valued at $28,000. Aspect Partners LLC bought a new stake in shares of Core Scientific during the 1st quarter valued at about $29,000. Sunbelt Securities Inc. bought a new stake in Core Scientific in the 2nd quarter valued at about $33,000. Rise Advisors LLC bought a new position in shares of Core Scientific in the second quarter valued at approximately $65,000. Finally, Divisadero Street Capital Management LP bought a new position in shares of Core Scientific in the second quarter valued at approximately $93,000.

Core Scientific Stock Up 14.9 %

The firm has a 50 day moving average of $12.21 and a 200 day moving average of $9.30.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($4.51) EPS for the quarter, missing the consensus estimate of ($0.04) by ($4.47). The firm had revenue of $141.10 million during the quarter, compared to analysts’ expectations of $128.58 million. The company’s quarterly revenue was up 11.2% on a year-over-year basis. As a group, equities analysts expect that Core Scientific, Inc. will post 0.81 EPS for the current year.

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.