Core Scientific (NASDAQ:CORZ) Sees Strong Trading Volume – Here’s Why

Shares of Core Scientific, Inc. (NASDAQ:CORZ) saw unusually-high trading volume on Thursday . Approximately 11,755,695 shares changed hands during mid-day trading, an increase of 5% from the previous session’s volume of 11,216,172 shares.The stock last traded at $8.00 and had previously closed at $7.63.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CORZ. BTIG Research upped their price target on shares of Core Scientific from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, December 16th. Craig Hallum initiated coverage on shares of Core Scientific in a research report on Tuesday, January 21st. They issued a “buy” rating and a $24.00 target price for the company. Keefe, Bruyette & Woods assumed coverage on Core Scientific in a report on Monday, January 27th. They set an “outperform” rating and a $22.00 price target on the stock. Needham & Company LLC decreased their price objective on Core Scientific from $18.00 to $17.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $17.00 target price on shares of Core Scientific in a research note on Tuesday, March 11th. Fifteen research 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, Core Scientific has an average rating of “Buy” and an average price target of $19.07.

Core Scientific Stock Performance

The stock’s fifty day simple moving average is $10.89 and its two-hundred day simple moving average is $13.08. The company has a market capitalization of $2.20 billion, a price-to-earnings ratio of -1.38 and a beta of 6.83.

Core Scientific (NASDAQ:CORZ) last released its earnings results on Wednesday, February 26th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.09. The business had revenue of $94.93 million for the quarter, compared to analyst estimates of $97.07 million. On average, equities analysts anticipate that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Jordan Levy purchased 62,500 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The stock was acquired at an average price of $8.01 per share, for a total transaction of $500,625.00. Following the transaction, the director now directly owns 306,887 shares of the company’s stock, valued at $2,458,164.87. This trade represents a 25.57 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Todd M. Duchene sold 129,861 shares of Core Scientific stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total value of $1,849,220.64. Following the completion of the transaction, the insider now directly owns 2,051,649 shares in the company, valued at $29,215,481.76. This represents a 5.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 748,282 shares of company stock worth $10,978,104 in the last three months. 32.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Core Scientific

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in Core Scientific by 54.3% during the 4th quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company’s stock valued at $272,270,000 after purchasing an additional 6,819,406 shares during the period. Beryl Capital Management LLC grew its holdings in shares of Core Scientific by 24.3% during the fourth quarter. Beryl Capital Management LLC now owns 18,179,586 shares of the company’s stock valued at $255,423,000 after buying an additional 3,548,396 shares in the last quarter. Driehaus Capital Management LLC raised its position in Core Scientific by 112.1% during the fourth quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company’s stock valued at $144,212,000 after buying an additional 5,424,901 shares during the period. ORG Wealth Partners LLC boosted its position in Core Scientific by 0.3% during the 4th quarter. ORG Wealth Partners LLC now owns 8,986,651 shares of the company’s stock worth $126,262,000 after acquiring an additional 26,649 shares during the period. Finally, FMR LLC grew its stake 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 acquiring an additional 7,191,428 shares in the last quarter.

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.