Short Interest in Core Scientific, Inc. (NASDAQ:CORZ) Rises By 10.4%

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

Core Scientific Price Performance

Shares of CORZ stock traded up $0.55 during midday trading on Wednesday, reaching $12.03. 16,826,851 shares of the company traded hands, compared to its average volume of 8,464,199. The firm’s 50 day simple moving average is $10.07 and its two-hundred day simple moving average is $6.90. Core Scientific has a 1-year low of $2.61 and a 1-year high of $12.48.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($4.51) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($4.47). The company had revenue of $141.10 million during the quarter, compared to analysts’ expectations of $128.58 million. The firm’s revenue was up 11.2% compared to the same quarter last year. As a group, equities analysts expect that Core Scientific will post 0.01 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Jarrod M. Patten acquired 5,021 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was acquired at an average cost of $9.68 per share, with a total value of $48,603.28. Following the transaction, the director now owns 285,760 shares in the company, valued at $2,766,156.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, insider Todd M. Duchene sold 7,321 shares of the business’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $9.39, for a total value of $68,744.19. Following the completion of the sale, the insider now directly owns 359,877 shares of the company’s stock, valued at $3,379,245.03. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Jarrod M. Patten acquired 5,021 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were purchased at an average cost of $9.68 per share, for a total transaction of $48,603.28. Following the acquisition, the director now owns 285,760 shares of the company’s stock, valued at approximately $2,766,156.80. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 12,761 shares of company stock worth $127,080 and sold 27,655 shares worth $260,087. 32.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Core Scientific

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CORZ. Sanctuary Advisors LLC acquired a new position in shares of Core Scientific in the second quarter worth $140,000. Heritage Oak Wealth Advisors LLC acquired a new position in Core Scientific in the 2nd quarter valued at about $2,334,000. Point72 Asset Management L.P. purchased a new position in Core Scientific in the 2nd quarter valued at about $4,222,000. Sunbelt Securities Inc. acquired a new stake in shares of Core Scientific during the 2nd quarter worth about $33,000. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in shares of Core Scientific during the second quarter worth about $369,000.

Analyst Upgrades and Downgrades

CORZ has been the topic of a number of research reports. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $17.00 price target on shares of Core Scientific in a research report on Tuesday, September 10th. BTIG Research upped their price target on shares of Core Scientific from $10.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, June 26th. Cantor Fitzgerald reissued an “overweight” rating and set a $20.00 price objective on shares of Core Scientific in a research report on Tuesday, September 3rd. LADENBURG THALM/SH SH reaffirmed a “buy” rating and issued a $14.50 target price on shares of Core Scientific in a report on Tuesday, July 2nd. Finally, HC Wainwright raised their price target on Core Scientific from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $14.88.

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.