Core Scientific (NASDAQ:CORZ) Shares Up 7.4% on Analyst Upgrade

Core Scientific, Inc. (NASDAQ:CORZ) shares rose 7.4% on Monday after BTIG Research raised their price target on the stock from $19.00 to $20.00. BTIG Research currently has a buy rating on the stock. Core Scientific traded as high as $16.81 and last traded at $16.70. Approximately 3,817,931 shares were traded during mid-day trading, a decline of 58% from the average daily volume of 9,030,431 shares. The stock had previously closed at $15.55.

A number of other analysts also recently commented on the company. Sanford C. Bernstein restated an “outperform” rating and set a $17.00 price objective on shares of Core Scientific in a report on Tuesday, September 10th. Compass Point upped their price objective on Core Scientific from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Canaccord Genuity Group restated a “buy” rating and set a $17.00 price objective on shares of Core Scientific in a report on Thursday, November 7th. Roth Mkm initiated coverage on Core Scientific in a report on Friday, November 15th. They set a “buy” rating and a $25.50 price objective for the company. Finally, Jefferies Financial Group began coverage on Core Scientific in a report on Monday, October 28th. They set a “buy” rating and a $19.00 price objective for the company. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $18.46.

Insider Buying and Selling at Core Scientific

In other Core Scientific news, insider Todd M. Duchene sold 25,000 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $17.10, for a total value of $427,500.00. Following the completion of the transaction, the insider now directly owns 1,661,474 shares of the company’s stock, valued at $28,411,205.40. This represents a 1.48 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Yadin Rozov sold 105,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $18.11, for a total transaction of $1,901,550.00. Following the completion of the transaction, the director now directly owns 345,239 shares of the company’s stock, valued at approximately $6,252,278.29. The trade was a 23.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 32.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Core Scientific

Several large investors have recently modified their holdings of the stock. Rise Advisors LLC lifted its position in shares of Core Scientific by 14.3% during the third quarter. Rise Advisors LLC now owns 8,000 shares of the company’s stock worth $95,000 after purchasing an additional 1,000 shares during the last quarter. Banque Cantonale Vaudoise bought a new position in shares of Core Scientific during the second quarter worth about $28,000. Sunbelt Securities Inc. bought a new position in shares of Core Scientific during the second quarter worth about $33,000. Vontobel Holding Ltd. lifted 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 purchasing an additional 3,591 shares during the last quarter. Finally, Harvest Portfolios Group Inc. lifted its position in shares of Core Scientific by 10.1% during the third quarter. Harvest Portfolios Group Inc. now owns 55,881 shares of the company’s stock worth $663,000 after purchasing an additional 5,109 shares during the last quarter.

Core Scientific Price Performance

The firm’s 50-day moving average price is $15.08 and its 200 day moving average price is $11.75. The firm has a market cap of $4.62 billion and a P/E ratio of -3.02.

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.