Core Scientific (NASDAQ:CORZ) Trading 6.5% Higher – What’s Next?

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price was up 6.5% on Tuesday . The stock traded as high as $15.00 and last traded at $14.96. Approximately 4,000,596 shares traded hands during trading, a decline of 56% from the average daily volume of 9,163,187 shares. The stock had previously closed at $14.05.

Analysts Set New Price Targets

A number of research firms have weighed in on CORZ. Roth Capital upgraded shares of Core Scientific to a “strong-buy” rating in a research report on Thursday, November 14th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $20.00 target price on shares of Core Scientific in a report on Thursday, October 3rd. Roth Mkm assumed coverage on Core Scientific in a report on Friday, November 15th. They set a “buy” rating and a $25.50 price target on the stock. Needham & Company LLC upped their price objective on Core Scientific from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Macquarie lifted their target price on Core Scientific from $16.00 to $19.00 and gave the company an “outperform” rating in a research note on Thursday, November 14th. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Core Scientific has an average rating of “Buy” and an average target price of $18.46.

Core Scientific Price Performance

The firm has a market cap of $4.18 billion and a P/E ratio of -2.77. The company’s 50-day simple moving average is $15.38 and its 200 day simple moving average is $12.13.

Insider Activity at Core Scientific

In related news, insider Todd M. Duchene sold 25,000 shares of the stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $17.10, for a total transaction of $427,500.00. Following the sale, the insider now owns 1,661,474 shares in the company, valued at approximately $28,411,205.40. This represents a 1.48 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Yadin Rozov sold 105,000 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $18.11, for a total value of $1,901,550.00. Following the completion of the sale, the director now owns 345,239 shares of the company’s stock, valued at approximately $6,252,278.29. This represents a 23.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 32.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of CORZ. Sanctuary Advisors LLC lifted its stake in shares of Core Scientific by 130.1% during the 3rd quarter. Sanctuary Advisors LLC now owns 34,527 shares of the company’s stock worth $409,000 after acquiring an additional 19,522 shares during the last quarter. Neo Ivy Capital Management bought a new stake in shares of Core Scientific during the third quarter worth $194,000. Geode Capital Management LLC boosted its stake in shares of Core Scientific by 26.7% during the third quarter. Geode Capital Management LLC now owns 5,276,573 shares of the company’s stock valued at $62,594,000 after purchasing an additional 1,113,285 shares during the period. Sender Co & Partners Inc. bought a new position in shares of Core Scientific in the third quarter worth about $2,426,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in Core Scientific in the 3rd quarter worth about $1,459,000.

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.