Core Scientific (NASDAQ:CORZ) Sets New 52-Week High Following Analyst Upgrade

Core Scientific, Inc. (NASDAQ:CORZ)’s share price hit a new 52-week high on Monday after B. Riley raised their price target on the stock from $13.00 to $14.00. B. Riley currently has a buy rating on the stock. Core Scientific traded as high as $13.40 and last traded at $13.40, with a volume of 194991 shares. The stock had previously closed at $13.22.

Several other equities analysts also recently issued reports on CORZ. Macquarie started coverage on shares of Core Scientific in a research note on Wednesday, September 25th. They issued an “outperform” rating and a $16.00 price objective for the company. Canaccord Genuity Group started coverage on shares of Core Scientific in a research note on Monday, September 23rd. They issued a “buy” rating and a $16.00 price objective for the company. Canaccord Genuity Group started coverage on shares of Core Scientific in a research note on Monday, September 23rd. They issued a “buy” rating and a $16.00 price objective for the company. BTIG Research upped their price objective on shares of Core Scientific from $10.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, June 26th. Finally, Needham & Company LLC assumed coverage on shares of Core Scientific in a research note on Wednesday, September 4th. They set a “buy” rating and a $16.00 target price for the company. Eleven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $15.27.

Insider Activity at Core Scientific

In related news, Director Jarrod M. Patten bought 4,000 shares of the company’s stock in a transaction on Wednesday, August 28th. The stock was bought at an average cost of $9.70 per share, with a total value of $38,800.00. Following the completion of the acquisition, the director now owns 279,239 shares in the company, valued at approximately $2,708,618.30. This represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Jarrod M. Patten bought 4,000 shares of the company’s stock in a transaction on Wednesday, August 28th. The stock was bought at an average cost of $9.70 per share, with a total value of $38,800.00. Following the completion of the acquisition, the director now owns 279,239 shares in the company, valued at approximately $2,708,618.30. This represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jarrod M. Patten bought 5,021 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was bought at an average cost of $9.68 per share, with a total value of $48,603.28. Following the completion of the acquisition, the director now owns 285,760 shares of the company’s stock, valued at $2,766,156.80. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 12,761 shares of company stock worth $127,080 over the last 90 days. Company insiders own 32.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CORZ. Banque Cantonale Vaudoise acquired a new position in Core Scientific in the 2nd quarter valued at $28,000. Sunbelt Securities Inc. acquired a new position in Core Scientific in the 2nd quarter valued at $33,000. Rise Advisors LLC acquired a new position in Core Scientific in the 2nd quarter valued at $65,000. Aspect Partners LLC acquired a new position in Core Scientific in the 1st quarter valued at $29,000. Finally, Hexagon Capital Partners LLC acquired a new position in Core Scientific in the 1st quarter valued at $34,000.

Core Scientific Stock Down 1.9 %

The company has a fifty day simple moving average of $10.90 and a two-hundred day simple moving average of $8.07.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings data 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 analyst estimates of $128.58 million. Core Scientific’s quarterly revenue was up 11.2% compared to the same quarter last year. Equities research analysts anticipate that Core Scientific, Inc. will post 0.01 earnings per share for the current fiscal year.

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.