Core Scientific (NASDAQ:CORZ) Shares Up 7.4% Following Analyst Upgrade

Core Scientific, Inc. (NASDAQ:CORZ) shares rose 7.4% during mid-day trading on Monday after BTIG Research raised their price target on the stock from $19.00 to $20.00. BTIG Research currently has a buy rating on the stock. Core Scientific traded as high as $16.81 and last traded at $16.70. Approximately 3,817,931 shares changed hands during mid-day trading, a decline of 58% from the average daily volume of 9,030,431 shares. The stock had previously closed at $15.55.

CORZ has been the topic of a number of other reports. HC Wainwright upped their target price on Core Scientific from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. B. Riley increased their price objective on shares of Core Scientific from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Canaccord Genuity Group reiterated a “buy” rating and set a $17.00 price objective on shares of Core Scientific in a research report on Thursday, November 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $20.00 target price on shares of Core Scientific in a research note on Thursday, October 3rd. Finally, Jefferies Financial Group assumed coverage on Core Scientific in a report on Monday, October 28th. They set a “buy” rating and a $19.00 price target on the stock. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $18.46.

Insider Activity

In related news, insider Todd M. Duchene sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $17.10, for a total value of $427,500.00. Following the completion of the sale, the insider now directly owns 1,661,474 shares in the company, valued at approximately $28,411,205.40. The trade was a 1.48 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Yadin Rozov sold 105,000 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $18.11, for a total value of $1,901,550.00. Following the transaction, the director now owns 345,239 shares in the company, valued at approximately $6,252,278.29. This trade represents a 23.32 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 32.00% of the company’s stock.

Institutional Investors Weigh In On Core Scientific

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

Core Scientific Stock Performance

The stock has a market cap of $4.66 billion and a P/E ratio of -3.09. The company has a 50-day simple moving average of $15.08 and a 200-day simple moving average of $11.75.

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.