Core Scientific (NASDAQ:CORZ) Hits New 1-Year High After Analyst Upgrade

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price reached a new 52-week high on Thursday after Compass Point raised their price target on the stock from $18.00 to $20.00. Compass Point currently has a buy rating on the stock. Core Scientific traded as high as $14.06 and last traded at $13.86, with a volume of 3006188 shares trading hands. The stock had previously closed at $13.52.

Several other equities research analysts have also recently weighed in on CORZ. B. Riley increased their price target on shares of Core Scientific from $13.00 to $14.00 and gave the company a “buy” rating in a research report on Friday, October 11th. Macquarie started coverage on shares of Core Scientific in a report on Wednesday, September 25th. They set an “outperform” rating and a $16.00 target price for the company. Needham & Company LLC boosted their price target on Core Scientific from $16.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday. LADENBURG THALM/SH SH reaffirmed a “buy” rating and set a $14.50 price target on shares of Core Scientific in a research report on Tuesday, July 2nd. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $20.00 price objective on shares of Core Scientific in a research report on Thursday, October 3rd. Eleven analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $16.50.

Insiders Place Their Bets

In other news, Director Jarrod M. Patten bought 4,000 shares of the stock in a transaction dated Wednesday, August 28th. The stock was bought at an average price of $9.70 per share, for a total transaction of $38,800.00. Following the purchase, the director now directly owns 279,239 shares in the company, valued at $2,708,618.30. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Jarrod M. Patten purchased 4,000 shares of Core Scientific stock in a transaction that occurred on Wednesday, August 28th. The shares were bought at an average cost of $9.70 per share, with a total value of $38,800.00. Following the completion of the purchase, the director now directly owns 279,239 shares in the company, valued at approximately $2,708,618.30. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Todd M. Duchene sold 11,582 shares of the firm’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $9.41, for a total value of $108,986.62. Following the transaction, the insider now directly owns 1,686,474 shares of the company’s stock, valued at $15,869,720.34. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have bought 12,761 shares of company stock worth $127,080. Company insiders own 32.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. P Schoenfeld Asset Management LP bought a new position in shares of Core Scientific during the second quarter valued at approximately $4,185,000. Vanguard Group Inc. bought a new position in Core Scientific during the 1st quarter valued at approximately $21,973,000. Hexagon Capital Partners LLC purchased a new position in Core Scientific during the first quarter valued at $34,000. Blair William & Co. IL bought a new stake in Core Scientific in the first quarter worth $1,156,000. Finally, DeepCurrents Investment Group LLC boosted its holdings in Core Scientific by 157.7% in the second quarter. DeepCurrents Investment Group LLC now owns 255,162 shares of the company’s stock worth $2,373,000 after acquiring an additional 156,162 shares in the last quarter.

Core Scientific Stock Down 2.3 %

The business has a 50 day moving average price of $11.57 and a 200 day moving average price of $8.61.

Core Scientific (NASDAQ:CORZ) last announced 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 company had revenue of $141.10 million for the quarter, compared to the consensus estimate of $128.58 million. The company’s quarterly revenue was up 11.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Core Scientific, Inc. will post 0.01 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.