Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report)'s stock price was up 5.7% during mid-day trading on Tuesday . The stock traded as high as $7.62 and last traded at $7.65. Approximately 3,818,345 shares changed hands during 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 Analysts Forecast Growth
CORZ has been the subject of several research reports. 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. Needham & Company LLC reduced their price objective on Core Scientific from $18.00 to $17.00 and set a "buy" rating for the company in a research report on Thursday, February 27th. Canaccord Genuity Group restated a "buy" rating and set a $17.00 price objective on shares of Core Scientific in a research report on Wednesday, March 12th. HC Wainwright restated a "buy" rating and issued a $17.00 target price on shares of Core Scientific in a research note on Tuesday, March 11th. Finally, Keefe, Bruyette & Woods began coverage on shares of Core Scientific in a research note on Monday, January 27th. They set an "outperform" rating and a $22.00 price target on the stock. Fifteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $19.07.
Read Our Latest Stock Analysis on CORZ
Core Scientific Price Performance
The firm has a market capitalization of $2.12 billion, a P/E ratio of -1.33 and a beta of 6.80. The company's 50 day moving average price is $10.07 and its 200 day moving average price is $12.99.
Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its quarterly earnings data on Wednesday, February 26th. The company reported ($0.01) 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, research analysts anticipate that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.
Insiders Place Their Bets
In other Core Scientific news, CEO Adam Taylor Sullivan sold 369,712 shares of Core Scientific stock in a transaction on Friday, January 24th. The shares were sold at an average price of $16.24, for a total transaction of $6,004,122.88. Following the completion of the sale, the chief executive officer now owns 3,758,793 shares of the company's stock, valued at approximately $61,042,798.32. The trade was a 8.96 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Todd M. Duchene sold 25,277 shares of the stock in a transaction on Friday, January 24th. The shares were sold at an average price of $16.24, for a total value of $410,498.48. Following the completion of the transaction, the insider now directly owns 2,023,423 shares in the company, valued at approximately $32,860,389.52. This trade represents a 1.23 % 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 valued at $7,870,352. 32.00% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Core Scientific
A number of institutional investors have recently made changes to their positions in CORZ. The Manufacturers Life Insurance Company boosted its holdings in Core Scientific by 76.1% during the third quarter. The Manufacturers Life Insurance Company now owns 113,257 shares of the company's stock worth $1,343,000 after buying an additional 48,929 shares during the last quarter. FMR LLC bought a new position in Core Scientific during the 3rd quarter worth approximately $2,903,000. MetLife Investment Management LLC grew its holdings in Core Scientific by 129.1% during the third quarter. MetLife Investment Management LLC now owns 103,583 shares of the company's stock valued at $1,228,000 after purchasing an additional 58,365 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Core Scientific in the third quarter valued at approximately $348,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Core Scientific in the third quarter worth $2,651,000.
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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