Core Scientific (NASDAQ:CORZ) Stock Price Up 5.7% – Here’s Why

Core Scientific, Inc. (NASDAQ:CORZ)’s share price rose 5.7% on Tuesday . The stock traded as high as $7.62 and last traded at $7.65. Approximately 3,818,345 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 11,586,358 shares. The stock had previously closed at $7.24.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on CORZ shares. Cantor Fitzgerald lowered their price objective on shares of Core Scientific from $24.00 to $21.00 and set an “overweight” rating for the company in a research report on Thursday, February 27th. Keefe, Bruyette & Woods assumed coverage on Core Scientific in a research note on Monday, January 27th. They issued an “outperform” rating and a $22.00 price target on the stock. BTIG Research boosted their price target on Core Scientific from $19.00 to $20.00 and gave the company a “buy” rating in a report on Monday, December 16th. Canaccord Genuity Group reiterated a “buy” rating and set a $17.00 price objective on shares of Core Scientific in a report on Wednesday, March 12th. Finally, Compass Point cut their target price on Core Scientific from $26.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, February 25th. Fifteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $19.07.

Core Scientific Price Performance

The stock has a market capitalization of $2.48 billion, a P/E ratio of -1.56 and a beta of 6.83. The company’s 50-day simple moving average is $10.43 and its 200-day simple moving average is $13.05.

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

Insider Transactions at Core Scientific

In related news, Director Jordan Levy bought 62,500 shares of the business’s stock in a transaction dated Thursday, March 6th. The stock was bought at an average price of $8.01 per share, for a total transaction of $500,625.00. Following the purchase, the director now owns 306,887 shares in the company, valued at $2,458,164.87. This represents a 25.57 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Adam Taylor Sullivan sold 369,712 shares of Core Scientific stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $16.24, for a total transaction of $6,004,122.88. Following the sale, the chief executive officer now directly owns 3,758,793 shares of the company’s stock, valued at $61,042,798.32. The trade was a 8.96 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 530,041 shares of company stock worth $7,870,352. 32.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Core Scientific

A number of large investors have recently made changes to their positions in CORZ. California State Teachers Retirement System grew its holdings in Core Scientific by 39.1% in the 4th quarter. California State Teachers Retirement System now owns 180,010 shares of the company’s stock valued at $2,529,000 after buying an additional 50,593 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of Core Scientific by 43.4% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 111,969 shares of the company’s stock valued at $1,573,000 after acquiring an additional 33,892 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Core Scientific in the fourth quarter valued at about $8,827,000. Neo Ivy Capital Management increased its position in Core Scientific by 731.2% during the fourth quarter. Neo Ivy Capital Management now owns 135,642 shares of the company’s stock worth $1,905,000 after acquiring an additional 119,324 shares during the period. Finally, Two Seas Capital LP raised its stake in Core Scientific by 9.2% in the 4th quarter. Two Seas Capital LP now owns 6,232,888 shares of the company’s stock worth $87,572,000 after purchasing an additional 527,097 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.