Core Scientific (NASDAQ:CORZ) Trading Up 8% – What’s Next?

Core Scientific, Inc. (NASDAQ:CORZ) shares were up 8% on Tuesday . The company traded as high as $8.63 and last traded at $8.65. Approximately 14,185,823 shares traded hands during trading, an increase of 33% from the average daily volume of 10,698,604 shares. The stock had previously closed at $8.01.

Analysts Set New Price Targets

Several brokerages have commented on CORZ. Macquarie lifted their price objective on shares of Core Scientific from $16.00 to $19.00 and gave the stock an “outperform” rating in a research report on Thursday, November 14th. Roth Capital raised shares of Core Scientific to a “strong-buy” rating in a research report on Thursday, November 14th. Needham & Company LLC lowered their price objective on shares of Core Scientific from $18.00 to $17.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Keefe, Bruyette & Woods began coverage on shares of Core Scientific in a research note on Monday, January 27th. They issued an “outperform” rating and a $22.00 target price for the company. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $17.00 target price on shares of Core Scientific in a research note on Wednesday. Fifteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $19.07.

Core Scientific Stock Performance

The firm has a market cap of $2.55 billion, a PE ratio of -1.60 and a beta of 6.83. The stock’s 50 day simple moving average is $12.21 and its 200 day simple moving average is $13.21.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings results on Wednesday, February 26th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.09. The company had revenue of $94.93 million during the quarter, compared to analysts’ expectations of $97.07 million. As a group, analysts anticipate that Core Scientific, Inc. will post 0.52 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Adam Taylor Sullivan sold 369,712 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $16.24, for a total value of $6,004,122.88. Following the completion of the sale, the chief executive officer now directly owns 3,758,793 shares in the company, valued at approximately $61,042,798.32. The trade was a 8.96 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Jordan Levy purchased 62,500 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were purchased at an average price of $8.01 per share, with a total value of $500,625.00. Following the completion of the acquisition, the director now directly owns 306,887 shares in the company, valued at $2,458,164.87. The trade was a 25.57 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 748,282 shares of company stock valued at $10,978,104 in the last quarter. Corporate insiders own 32.00% of the company’s stock.

Hedge Funds Weigh In On Core Scientific

A number of hedge funds have recently modified their holdings of CORZ. FMR LLC raised its position in Core Scientific by 2,937.7% during the 4th quarter. FMR LLC now owns 7,436,229 shares of the company’s stock valued at $104,479,000 after purchasing an additional 7,191,428 shares during the last quarter. Vanguard Group Inc. raised its holdings in Core Scientific by 54.3% in the 4th quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company’s stock worth $272,270,000 after purchasing an additional 6,819,406 shares in the last quarter. Helix Partners Management LP purchased a new stake in shares of Core Scientific in the 4th quarter worth about $86,498,000. Driehaus Capital Management LLC boosted its stake in shares of Core Scientific by 112.1% during the 4th quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company’s stock valued at $144,212,000 after purchasing an additional 5,424,901 shares in the last quarter. Finally, Fred Alger Management LLC purchased a new position in shares of Core Scientific during the fourth quarter valued at about $62,011,000.

About Core Scientific

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.