Core Scientific (NASDAQ:CORZ) Trading Up 4.6%

Core Scientific, Inc. (NASDAQ:CORZ) was up 4.6% on Wednesday . The company traded as high as $12.02 and last traded at $12.01. Approximately 3,237,282 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 8,381,450 shares. The stock had previously closed at $11.48.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CORZ shares. Needham & Company LLC started coverage on shares of Core Scientific in a research report on Wednesday, September 4th. They issued a “buy” rating and a $16.00 price target for the company. BTIG Research boosted their price objective on shares of Core Scientific from $10.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, June 26th. HC Wainwright upped their target price on Core Scientific from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. B. Riley upgraded Core Scientific from a “neutral” rating to a “buy” rating and upped their target price for the stock from $0.50 to $13.00 in a research note on Wednesday, July 17th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $20.00 target price on shares of Core Scientific in a research note on Tuesday, September 3rd. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $14.88.

Core Scientific Stock Up 4.0 %

The stock has a 50 day moving average price of $10.07 and a 200 day moving average price of $6.90.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($4.51) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($4.47). The firm had revenue of $141.10 million during the quarter, compared to the consensus estimate of $128.58 million. Core Scientific’s revenue was up 11.2% compared to the same quarter last year. On average, sell-side analysts predict that Core Scientific, Inc. will post 0.01 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Todd M. Duchene sold 7,321 shares of the stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $9.39, for a total value of $68,744.19. Following the completion of the transaction, the insider now directly owns 359,877 shares in the company, valued at approximately $3,379,245.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Todd M. Duchene sold 7,321 shares of the stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $9.39, for a total value of $68,744.19. Following the completion of the sale, the insider now directly owns 359,877 shares in the company, valued at $3,379,245.03. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jarrod M. Patten acquired 5,021 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was bought at an average price of $9.68 per share, with a total value of $48,603.28. Following the completion of the acquisition, the director now directly owns 285,760 shares of the company’s stock, valued at $2,766,156.80. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 12,761 shares of company stock worth $127,080 and sold 27,655 shares worth $260,087. 32.00% of the stock is owned by corporate insiders.

Institutional Trading of Core Scientific

A number of large investors have recently bought and sold shares of the business. Barings LLC acquired a new stake in Core Scientific during the 1st quarter worth about $36,515,000. Vanguard Group Inc. acquired a new stake in Core Scientific during the 1st quarter worth about $21,973,000. Kensico Capital Management Corp acquired a new stake in Core Scientific during the 1st quarter worth about $18,513,000. Van ECK Associates Corp acquired a new stake in Core Scientific during the 2nd quarter worth about $12,239,000. Finally, Vident Advisory LLC acquired a new stake in shares of Core Scientific in the 1st quarter valued at about $4,047,000.

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.