Core Scientific (NASDAQ:CORZ) Shares Up 6.5% – Here’s Why

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

Analyst Ratings Changes

A number of research firms have recently weighed in on CORZ. HC Wainwright boosted their target price on Core Scientific from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Roth Capital raised Core Scientific to a “strong-buy” rating in a research note on Thursday, November 14th. B. Riley lifted their target price on shares of Core Scientific from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Jefferies Financial Group assumed coverage on shares of Core Scientific in a report on Monday, October 28th. They set a “buy” rating and a $19.00 price target for the company. Finally, Macquarie raised their price target on shares of Core Scientific from $16.00 to $19.00 and gave the stock an “outperform” rating in a report on Thursday, November 14th. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Core Scientific has a consensus rating of “Buy” and a consensus price target of $18.46.

Core Scientific Stock Up 6.5 %

The firm has a market cap of $4.18 billion and a P/E ratio of -2.77. The business has a fifty day simple moving average of $15.38 and a 200-day simple moving average of $12.13.

Insider Buying and Selling

In other news, Director Yadin Rozov sold 105,000 shares of Core Scientific stock in a transaction dated 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 transaction, the director now owns 345,239 shares of the company’s stock, valued at $6,252,278.29. The trade was a 23.32 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Todd M. Duchene sold 25,000 shares of the stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $17.10, for a total transaction of $427,500.00. Following the sale, the insider now directly owns 1,661,474 shares in the company, valued at $28,411,205.40. This trade represents a 1.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 32.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Banque Cantonale Vaudoise bought a new position in Core Scientific in the 2nd quarter valued at approximately $28,000. Sunbelt Securities Inc. purchased a new position in shares of Core Scientific in the second quarter worth $33,000. Rise Advisors LLC boosted its position in shares of Core Scientific by 14.3% during the third quarter. Rise Advisors LLC now owns 8,000 shares of the company’s stock valued at $95,000 after buying an additional 1,000 shares during the last quarter. Divisadero Street Capital Management LP bought a new stake in Core Scientific in the 2nd quarter worth about $93,000. Finally, Arkadios Wealth Advisors purchased a new position in Core Scientific in the 3rd quarter worth about $119,000.

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.