Core Scientific (NASDAQ:CORZ) Trading Up 5.3% - Here's Why

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report)'s stock price was up 5.3% on Wednesday . The company traded as high as $8.17 and last traded at $8.45. Approximately 367,460 shares traded hands during mid-day trading, a decline of 97% from the average daily volume of 14,116,189 shares. The stock had previously closed at $8.02.

Wall Street Analyst Weigh In

CORZ has been the topic of several research analyst reports. Compass Point lowered their target price on shares of Core Scientific from $26.00 to $20.00 and set a "buy" rating on the stock in a research note on Tuesday, February 25th. Keefe, Bruyette & Woods began coverage on shares of Core Scientific in a research report on Monday, January 27th. They set an "outperform" rating and a $22.00 price objective on the stock. Cantor Fitzgerald cut their target price 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. Canaccord Genuity Group reiterated a "buy" rating and set a $17.00 target price on shares of Core Scientific in a research note on Wednesday, March 12th. Finally, BTIG Research raised their price target on Core Scientific from $19.00 to $20.00 and gave the stock a "buy" rating in a research note on Monday, December 16th. Fifteen 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 currently has a consensus rating of "Buy" and a consensus price target of $19.07.

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Core Scientific Stock Performance

The stock has a 50-day moving average price of $11.50 and a two-hundred day moving average price of $13.18. The stock has a market capitalization of $2.50 billion, a PE ratio of -1.57 and a beta of 6.83.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its quarterly 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 firm had revenue of $94.93 million for the quarter, compared to analysts' expectations of $97.07 million. As a group, equities analysts predict that Core Scientific, Inc. will post 0.52 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Adam Taylor Sullivan sold 88,380 shares of Core Scientific stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total transaction of $1,258,531.20. Following the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jordan Levy purchased 62,500 shares of the company's stock in a transaction on Thursday, March 6th. The stock was acquired at an average price of $8.01 per share, with a total value of $500,625.00. Following the completion of the purchase, the director now directly owns 306,887 shares in the company, valued at $2,458,164.87. This trade represents a 25.57 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders sold 748,282 shares of company stock valued at $10,978,104. Company insiders own 32.00% of the company's stock.

Institutional Investors Weigh In On Core Scientific

Several institutional investors and hedge funds have recently modified their holdings of the stock. FMR LLC grew its stake in Core Scientific by 2,937.7% during the fourth quarter. FMR LLC now owns 7,436,229 shares of the company's stock valued at $104,479,000 after acquiring an additional 7,191,428 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Core Scientific by 54.3% during the 4th quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company's stock valued at $272,270,000 after purchasing an additional 6,819,406 shares during the last quarter. Helix Partners Management LP purchased a new position in shares of Core Scientific during the fourth quarter valued at about $86,498,000. Driehaus Capital Management LLC increased its holdings in shares of Core Scientific by 112.1% in the fourth quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company's stock worth $144,212,000 after purchasing an additional 5,424,901 shares during the last quarter. Finally, Fred Alger Management LLC purchased a new stake in shares of Core Scientific in the fourth quarter worth about $62,011,000.

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.