Shares of Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) saw unusually-high trading volume on Thursday . Approximately 11,755,695 shares were traded 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 Ratings Changes
Several analysts recently weighed in on the company. BTIG Research upped their price objective on Core Scientific from $19.00 to $20.00 and gave the stock a "buy" rating in a research report on Monday, December 16th. Canaccord Genuity Group restated a "buy" rating and issued a $17.00 price target on shares of Core Scientific in a research report on Wednesday, March 12th. Needham & Company LLC reduced 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 note on Thursday, February 27th. Compass Point lowered their target price on Core Scientific from $26.00 to $20.00 and set a "buy" rating for the company in a research report on Tuesday, February 25th. Finally, Cantor Fitzgerald reduced their price target on Core Scientific from $24.00 to $21.00 and set an "overweight" rating on the stock in a research report on Thursday, February 27th. Fifteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $19.07.
Check Out Our Latest Research Report on CORZ
Core Scientific Stock Performance
The stock has a market capitalization of $2.13 billion, a P/E ratio of -1.34 and a beta of 6.83. The firm has a fifty day moving average price of $10.89 and a two-hundred day moving average price of $13.12.
Core Scientific (NASDAQ:CORZ - Get Free Report) last released its earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.09. The company had revenue of $94.93 million for the quarter, compared to analysts' expectations of $97.07 million. On average, research analysts anticipate that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.
Insider Activity
In related news, Director Todd A. Becker sold 134,250 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $10.75, for a total value of $1,443,187.50. Following the completion of the sale, the director now owns 195,687 shares in the company, valued at approximately $2,103,635.25. The trade was a 40.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Adam Taylor Sullivan sold 88,380 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total value of $1,258,531.20. Following the completion of the transaction, the chief executive officer now directly owns 4,128,505 shares in the company, valued at approximately $58,789,911.20. This trade represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 748,282 shares of company stock worth $10,978,104 over the last 90 days. Corporate insiders own 32.00% of the company's stock.
Institutional Investors Weigh In On Core Scientific
Several institutional investors and hedge funds have recently added to or reduced their stakes in CORZ. FMR LLC grew its holdings in shares of Core Scientific by 2,937.7% during the fourth quarter. FMR LLC now owns 7,436,229 shares of the company's stock worth $104,479,000 after buying an additional 7,191,428 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Core Scientific by 54.3% in the fourth quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company's stock valued at $272,270,000 after buying an additional 6,819,406 shares in the last quarter. Helix Partners Management LP acquired a new position in shares of Core Scientific during the fourth quarter worth about $86,498,000. Driehaus Capital Management LLC increased its holdings in shares of Core Scientific by 112.1% in the 4th quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company's stock valued at $144,212,000 after acquiring an additional 5,424,901 shares during the period. Finally, Fred Alger Management LLC purchased a new position in shares of Core Scientific during the fourth quarter worth about $62,011,000.
About Core Scientific
(
Get Free Report)
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.
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