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

Core Scientific, Inc. (NASDAQ:CORZ)’s share price rose 7.4% during trading 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 traded hands 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.

Several other research firms have also commented on CORZ. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $17.00 price objective 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 price target for the company. HC Wainwright increased their price objective on shares of Core Scientific from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Macquarie boosted their target price on Core Scientific from $16.00 to $19.00 and gave the company an “outperform” rating in a research report on Thursday, November 14th. Finally, Roth Mkm started coverage on Core Scientific in a report on Friday, November 15th. They issued a “buy” rating and a $25.50 price target on the stock. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $18.46.

Insider Activity

In other news, insider Todd M. Duchene sold 25,000 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $17.10, for a total transaction of $427,500.00. Following the sale, the insider now directly owns 1,661,474 shares of the company’s stock, valued at $28,411,205.40. The trade was a 1.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Yadin Rozov sold 105,000 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $18.11, for a total value of $1,901,550.00. Following the completion of the transaction, the director now directly owns 345,239 shares in the company, 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. Corporate insiders own 32.00% of the company’s stock.

Institutional Investors Weigh In On Core Scientific

A number of institutional investors and hedge funds have recently modified their holdings of CORZ. ORG Wealth Partners LLC purchased a new position in shares of Core Scientific during the third quarter worth $106,266,000. Parsifal Capital Management LP grew its position in Core Scientific by 3.9% during the 3rd quarter. Parsifal Capital Management LP now owns 5,412,825 shares of the company’s stock worth $64,196,000 after purchasing an additional 204,314 shares during the period. Geode Capital Management LLC raised its stake in shares of Core Scientific by 26.7% during the 3rd quarter. Geode Capital Management LLC now owns 5,276,573 shares of the company’s stock valued at $62,594,000 after buying an additional 1,113,285 shares during the last quarter. State Street Corp raised its stake in shares of Core Scientific by 17.0% during the 3rd quarter. State Street Corp now owns 4,006,922 shares of the company’s stock valued at $47,522,000 after buying an additional 583,493 shares during the last quarter. Finally, Taconic Capital Advisors LP lifted its holdings in shares of Core Scientific by 178.7% in the 3rd quarter. Taconic Capital Advisors LP now owns 2,717,462 shares of the company’s stock valued at $32,229,000 after buying an additional 1,742,462 shares during the period.

Core Scientific Stock Down 3.2 %

The stock has a market cap of $4.48 billion and a PE ratio of -2.96. The business has a 50 day moving average price of $15.17 and a 200 day moving average price of $11.83.

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.