Core Scientific (NASDAQ:CORZ) Hits New 1-Year High Following Analyst Upgrade

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report)'s stock price hit a new 52-week high on Thursday after B. Riley raised their price target on the stock from $16.00 to $17.00. B. Riley currently has a buy rating on the stock. Core Scientific traded as high as $15.61 and last traded at $15.15, with a volume of 2509772 shares traded. The stock had previously closed at $14.33.

A number of other research analysts also recently weighed in on the stock. Cantor Fitzgerald restated an "overweight" rating and set a $20.00 price objective on shares of Core Scientific in a research report on Thursday, October 3rd. Compass Point increased their price target on Core Scientific from $18.00 to $20.00 and gave the company a "buy" rating in a report on Wednesday, October 23rd. Needham & Company LLC lifted their price objective on Core Scientific from $17.00 to $18.00 and gave the stock a "buy" rating in a report on Thursday. Sanford C. Bernstein reiterated an "outperform" rating and set a $17.00 price objective on shares of Core Scientific in a research report on Tuesday, September 10th. Finally, Canaccord Genuity Group reissued a "buy" rating and issued a $17.00 target price on shares of Core Scientific in a research report on Thursday. Twelve equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and an average price target of $17.21.

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 shares were purchased at an average cost of $9.68 per share, for a total transaction of $48,603.28. Following the transaction, the director now directly owns 285,760 shares of the company's stock, valued at approximately $2,766,156.80. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Core Scientific news, Director Jarrod M. Patten bought 5,021 shares of the business's stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average price of $9.68 per share, for a total transaction of $48,603.28. Following the completion of the transaction, the director now owns 285,760 shares of the company's stock, valued at $2,766,156.80. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Todd M. Duchene sold 11,582 shares of the business's stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $9.41, for a total value of $108,986.62. Following the completion of the transaction, the insider now directly owns 1,686,474 shares in the company, valued at approximately $15,869,720.34. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders bought a total of 12,761 shares of company stock worth $127,080 over the last three months.

Hedge Funds Weigh In On Core Scientific

Hedge funds and other institutional investors have recently modified their holdings of the stock. Banque Cantonale Vaudoise purchased a new stake in Core Scientific in the 2nd quarter worth $28,000. Aspect Partners LLC bought a new stake in shares of Core Scientific in the first quarter worth about $29,000. Sunbelt Securities Inc. purchased a new stake in shares of Core Scientific in the second quarter worth about $33,000. Rise Advisors LLC bought a new position in Core Scientific during the second quarter valued at approximately $65,000. Finally, Divisadero Street Capital Management LP purchased a new position in Core Scientific during the 2nd quarter valued at approximately $93,000.

Core Scientific Stock Up 14.9 %

The stock has a 50 day simple moving average of $12.08 and a 200-day simple moving average of $9.25.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its earnings results on Wednesday, August 7th. The company reported ($4.51) earnings per share for the quarter, missing analysts' consensus estimates of ($0.04) by ($4.47). The company had revenue of $141.10 million for the quarter, compared to analysts' expectations of $128.58 million. The firm's revenue for the quarter was up 11.2% compared to the same quarter last year. On average, sell-side analysts expect that Core Scientific, Inc. will post 0.81 earnings per share for the current year.

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.