Core Scientific (NASDAQ:CORZ) Reaches New 52-Week High After Analyst Upgrade

Shares of Core Scientific, Inc. (NASDAQ:CORZ) reached a new 52-week high during mid-day 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. The stock had previously closed at $14.33.

CORZ has been the subject of a number of other research reports. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $17.00 target price on shares of Core Scientific in a research note on Tuesday, September 10th. Jefferies Financial Group began coverage on shares of Core Scientific in a research note on Monday, October 28th. They set a “buy” rating and a $19.00 target price for the company. Canaccord Genuity Group began coverage on shares of Core Scientific in a report on Monday, September 23rd. They set a “buy” rating and a $16.00 price target on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $20.00 price target on shares of Core Scientific in a report on Thursday, October 3rd. Finally, Macquarie began coverage on shares of Core Scientific in a report on Wednesday, September 25th. They set an “outperform” rating and a $16.00 price target on the stock. Twelve research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $17.21.

Insider Buying and Selling

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

Institutional Trading of Core Scientific

Several institutional investors and hedge funds have recently modified their holdings of the company. Rise Advisors LLC raised its position in shares of Core Scientific by 14.3% during the 3rd quarter. Rise Advisors LLC now owns 8,000 shares of the company’s stock valued at $95,000 after purchasing an additional 1,000 shares during the period. Banque Cantonale Vaudoise bought a new stake in shares of Core Scientific during the 2nd quarter valued at $28,000. Sunbelt Securities Inc. bought a new stake in shares of Core Scientific during the 2nd quarter valued at $33,000. Vontobel Holding Ltd. raised its position in shares of Core Scientific by 10.4% during the 3rd quarter. Vontobel Holding Ltd. now owns 38,089 shares of the company’s stock valued at $452,000 after purchasing an additional 3,591 shares during the period. Finally, Harvest Portfolios Group Inc. raised its position in shares of Core Scientific by 10.1% during the 3rd quarter. Harvest Portfolios Group Inc. now owns 55,881 shares of the company’s stock valued at $663,000 after purchasing an additional 5,109 shares during the period.

Core Scientific Stock Performance

The company’s 50-day moving average price is $12.34 and its 200 day moving average price is $9.39.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($4.51) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($4.47). The business had revenue of $141.10 million for the quarter, compared to the consensus estimate of $128.58 million. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. On average, analysts anticipate that Core Scientific, Inc. will post 0.81 earnings per share for the current fiscal 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.