Core Scientific (NASDAQ:CORZ) Reaches New 52-Week High Following Analyst Upgrade

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) reached a new 52-week high during mid-day trading on Thursday after Compass Point raised their price target on the stock from $18.00 to $20.00. Compass Point currently has a buy rating on the stock. Core Scientific traded as high as $14.06 and last traded at $13.86, with a volume of 3006188 shares changing hands. The stock had previously closed at $13.52.

Several other research analysts have also recently issued reports on CORZ. BTIG Research raised their price objective on Core Scientific from $10.00 to $15.00 and gave the stock a "buy" rating in a research note on Wednesday, June 26th. Canaccord Genuity Group lifted their price objective on shares of Core Scientific from $16.00 to $17.00 and gave the company a "buy" rating in a research note on Wednesday. Needham & Company LLC increased their price objective on shares of Core Scientific from $16.00 to $17.00 and gave the stock a "buy" rating in a research note on Wednesday. LADENBURG THALM/SH SH restated a "buy" rating and set a $14.50 target price on shares of Core Scientific in a research report on Tuesday, July 2nd. Finally, B. Riley increased their price target on Core Scientific from $13.00 to $14.00 and gave the stock a "buy" rating in a research report on Friday, October 11th. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat, Core Scientific currently has an average rating of "Buy" and an average price target of $16.50.

Insider Buying and Selling

In other Core Scientific news, Director Jarrod M. Patten acquired 5,021 shares of the company's stock in a transaction on Tuesday, September 3rd. The shares were bought at an average cost of $9.68 per share, with a total value of $48,603.28. Following the completion of the acquisition, the director now owns 285,760 shares in the company, 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 Securities & Exchange Commission, which is available through this link. In related news, Director Jarrod M. Patten acquired 5,021 shares of the firm's stock in a transaction on Tuesday, September 3rd. The shares were acquired at an average cost of $9.68 per share, with a total value of $48,603.28. Following the completion of the acquisition, the director now directly owns 285,760 shares in the company, valued at approximately $2,766,156.80. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Todd M. Duchene sold 11,582 shares of the business's stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $9.41, for a total transaction of $108,986.62. Following the sale, the insider now directly owns 1,686,474 shares of the company's stock, valued at $15,869,720.34. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders acquired 12,761 shares of company stock valued at $127,080. 32.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Core Scientific

A number of hedge funds have recently made changes to their positions in CORZ. P Schoenfeld Asset Management LP purchased a new stake in shares of Core Scientific during the second quarter worth $4,185,000. Vanguard Group Inc. acquired a new stake in Core Scientific in the 1st quarter valued at about $21,973,000. Hexagon Capital Partners LLC purchased a new position in Core Scientific in the 1st quarter worth approximately $34,000. Blair William & Co. IL acquired a new position in shares of Core Scientific during the 1st quarter worth approximately $1,156,000. Finally, DeepCurrents Investment Group LLC grew its position in shares of Core Scientific by 157.7% in the second quarter. DeepCurrents Investment Group LLC now owns 255,162 shares of the company's stock valued at $2,373,000 after purchasing an additional 156,162 shares in the last quarter.

Core Scientific Price Performance

The firm has a fifty day moving average of $11.51 and a 200 day moving average of $8.54.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its earnings results on Wednesday, August 7th. The company reported ($4.51) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($4.47). The business had revenue of $141.10 million during the quarter, compared to the consensus estimate of $128.58 million. Core Scientific's revenue was up 11.2% compared to the same quarter last year. Research analysts forecast that Core Scientific, Inc. will post 0.01 EPS for the current year.

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.