Core Scientific, Inc. (NASDAQ:CORZ) Sees Significant Growth in Short Interest

Core Scientific, Inc. (NASDAQ:CORZ) was the recipient of a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 35,610,000 shares, an increase of 10.4% from the August 15th total of 32,260,000 shares. Currently, 17.4% of the shares of the company are short sold. Based on an average daily trading volume, of 13,330,000 shares, the short-interest ratio is currently 2.7 days.

Core Scientific Stock Up 6.0 %

Core Scientific stock traded up $0.69 during mid-day trading on Wednesday, reaching $12.17. 12,831,827 shares of the company were exchanged, compared to its average volume of 8,433,045. The business has a fifty day moving average of $10.07 and a 200 day moving average of $6.90. Core Scientific has a 12-month low of $2.61 and a 12-month high of $12.48.

Core Scientific (NASDAQ:CORZ) last issued 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 firm had revenue of $141.10 million during the quarter, compared to analyst estimates of $128.58 million. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. On average, analysts forecast that Core Scientific will post 0.01 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. HC Wainwright lifted their target price on Core Scientific from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. BTIG Research boosted their price objective on Core Scientific from $10.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, June 26th. LADENBURG THALM/SH SH reissued a “buy” rating and set a $14.50 price objective on shares of Core Scientific in a research note on Tuesday, July 2nd. Sanford C. Bernstein reissued an “outperform” rating and set a $17.00 price objective on shares of Core Scientific in a research note on Tuesday, September 10th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $20.00 price objective on shares of Core Scientific in a research note on Tuesday, September 3rd. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $14.88.

Insider Transactions at Core Scientific

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

Hedge Funds Weigh In On Core Scientific

A number of large investors have recently made changes to their positions in CORZ. Fiduciary Alliance LLC acquired a new position in shares of Core Scientific during the first quarter worth $84,000. Hexagon Capital Partners LLC acquired a new position in shares of Core Scientific in the 1st quarter valued at $34,000. Lindbrook Capital LLC acquired a new position in shares of Core Scientific in the 1st quarter valued at $65,000. Perigon Wealth Management LLC acquired a new position in shares of Core Scientific in the 1st quarter valued at $688,000. Finally, Capstone Investment Advisors LLC acquired a new position in shares of Core Scientific in the 1st quarter valued at $307,000.

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.