Core Scientific, Inc. (NASDAQ:CORZ) Sees Large Growth in Short Interest

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) was the recipient of a large increase in short interest during the month of December. As of December 31st, there was short interest totalling 44,670,000 shares, an increase of 13.2% from the December 15th total of 39,460,000 shares. Based on an average daily volume of 10,740,000 shares, the days-to-cover ratio is presently 4.2 days. Currently, 18.5% of the shares of the company are short sold.

Core Scientific Price Performance

Core Scientific stock traded up $0.37 during mid-day trading on Friday, hitting $15.00. The company's stock had a trading volume of 8,879,625 shares, compared to its average volume of 8,324,011. Core Scientific has a 52-week low of $2.61 and a 52-week high of $18.63. The company has a market cap of $4.19 billion and a PE ratio of -2.77. The firm's 50 day moving average is $15.63 and its 200 day moving average is $12.81.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CORZ. Needham & Company LLC reaffirmed a "buy" rating and set a $18.00 price target on shares of Core Scientific in a research note on Friday. Roth Mkm assumed coverage on Core Scientific in a report on Friday, November 15th. They set a "buy" rating and a $25.50 target price on the stock. HC Wainwright upped their price target on shares of Core Scientific from $15.00 to $17.00 and gave the company a "buy" rating in a report on Thursday, November 7th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $17.00 price objective on shares of Core Scientific in a research note on Thursday, November 7th. Finally, BTIG Research increased their target price on shares of Core Scientific from $19.00 to $20.00 and gave the company a "buy" rating in a research note on Monday, December 16th. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $18.46.

Insider Activity at Core Scientific

In other Core Scientific news, CEO Adam Taylor Sullivan sold 88,380 shares of the firm's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $14.24, for a total transaction of $1,258,531.20. Following the transaction, the chief executive officer now owns 4,128,505 shares of the company's stock, valued at approximately $58,789,911.20. This trade represents a 2.10 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Todd M. Duchene sold 25,000 shares of the business's stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $17.10, for a total transaction of $427,500.00. Following the sale, the insider now owns 1,661,474 shares in the company, valued at $28,411,205.40. This trade represents a 1.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 348,241 shares of company stock worth $5,436,802 in the last ninety days.

Institutional Trading of Core Scientific

Several institutional investors have recently made changes to their positions in the stock. Sunbelt Securities Inc. purchased a new stake in Core Scientific in the 2nd quarter worth approximately $33,000. Divisadero Street Capital Management LP acquired a new position in shares of Core Scientific in the second quarter worth $93,000. Rise Advisors LLC raised its holdings in shares of Core Scientific by 14.3% during the third quarter. Rise Advisors LLC now owns 8,000 shares of the company's stock worth $95,000 after acquiring an additional 1,000 shares in the last quarter. Xponance Inc. acquired a new stake in Core Scientific during the second quarter valued at $104,000. Finally, Amalgamated Bank purchased a new position in Core Scientific in the second quarter valued at about $115,000.

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.