Core Scientific (NASDAQ:CORZ) Shares Gap Up – Here’s What Happened

Shares of Core Scientific, Inc. (NASDAQ:CORZ) gapped up before the market opened on Wednesday . The stock had previously closed at $16.47, but opened at $17.08. Core Scientific shares last traded at $16.95, with a volume of 2,931,865 shares trading hands.

Analyst Ratings Changes

A number of equities research analysts have issued reports on CORZ shares. HC Wainwright boosted their target price on shares of Core Scientific from $15.00 to $17.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Roth Capital upgraded Core Scientific to a “strong-buy” rating in a research note on Thursday, November 14th. B. Riley upped their price target on Core Scientific from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Canaccord Genuity Group started coverage on shares of Core Scientific in a research report on Monday, September 23rd. They issued a “buy” rating and a $16.00 price objective for the company. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $17.00 target price on shares of Core Scientific in a research note on Thursday, November 7th. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $18.38.

Core Scientific Stock Up 4.3 %

The firm’s 50-day moving average is $13.24 and its 200-day moving average is $10.12. The company has a market cap of $4.79 billion and a PE ratio of -3.25.

Insider Transactions at Core Scientific

In other Core Scientific news, Director Jarrod M. Patten acquired 5,021 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were acquired at an average price of $9.68 per share, for a total transaction of $48,603.28. Following the completion of the acquisition, the director now owns 285,760 shares in the company, valued at $2,766,156.80. This trade represents a 1.79 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last quarter, insiders bought 12,761 shares of company stock valued at $127,080.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Neo Ivy Capital Management purchased a new position in shares of Core Scientific in the 3rd quarter worth about $194,000. Geode Capital Management LLC lifted its stake in shares of Core Scientific by 26.7% in the third quarter. Geode Capital Management LLC now owns 5,276,573 shares of the company’s stock worth $62,594,000 after buying an additional 1,113,285 shares in the last quarter. Sender Co & Partners Inc. purchased a new stake in shares of Core Scientific during the third quarter valued at approximately $2,426,000. Y Intercept Hong Kong Ltd bought a new stake in shares of Core Scientific during the third quarter valued at approximately $1,459,000. Finally, Anson Funds Management LP bought a new position in Core Scientific in the 3rd quarter valued at approximately $3,641,000.

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.