Short Interest in Core Scientific, Inc. (NASDAQ:CORZ) Grows By 13.2%

Core Scientific, Inc. (NASDAQ:CORZ) was the recipient of a significant growth in short interest in December. As of December 31st, there was short interest totalling 44,670,000 shares, a growth of 13.2% from the December 15th total of 39,460,000 shares. Based on an average trading volume of 10,740,000 shares, the days-to-cover ratio is currently 4.2 days. Approximately 18.5% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

CORZ has been the subject of several research analyst reports. Roth Mkm assumed coverage on Core Scientific in a report on Friday, November 15th. They issued a “buy” rating and a $25.50 price objective for the company. Jefferies Financial Group assumed coverage on Core Scientific in a research report on Monday, October 28th. They issued a “buy” rating and a $19.00 target price on the stock. Macquarie raised their target price on Core Scientific from $16.00 to $19.00 and gave the stock an “outperform” rating in a research report on Thursday, November 14th. Needham & Company LLC reissued a “buy” rating and issued a $18.00 target price on shares of Core Scientific in a research report on Friday. Finally, B. Riley raised their target price on Core Scientific from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Core Scientific presently has an average rating of “Buy” and an average target price of $18.46.

Core Scientific Price Performance

Shares of CORZ stock traded up $0.37 during trading hours on Friday, reaching $15.00. 8,879,625 shares of the company traded hands, compared to its average volume of 8,324,011. The firm has a 50-day moving average price of $15.63 and a 200 day moving average price of $12.81. The company has a market cap of $4.19 billion and a P/E ratio of -2.77. Core Scientific has a 12-month low of $2.61 and a 12-month high of $18.63.

Insider Activity

In related news, insider Todd M. Duchene sold 25,000 shares of Core Scientific stock in a transaction dated 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. This trade represents a 1.48 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Adam Taylor Sullivan sold 88,380 shares of Core Scientific stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total value of $1,258,531.20. Following the completion of the sale, the chief executive officer now owns 4,128,505 shares of the company’s stock, valued at $58,789,911.20. The trade was a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 348,241 shares of company stock worth $5,436,802 over the last three months.

Institutional Trading of Core Scientific

Several institutional investors and hedge funds have recently added to or reduced their stakes in CORZ. ORG Wealth Partners LLC bought a new stake in Core Scientific during the 3rd quarter valued at approximately $106,266,000. Rush Island Management LP bought a new stake in Core Scientific in the 3rd quarter worth approximately $32,221,000. Taconic Capital Advisors LP boosted its holdings in Core Scientific by 178.7% during the 3rd quarter. Taconic Capital Advisors LP now owns 2,717,462 shares of the company’s stock valued at $32,229,000 after acquiring an additional 1,742,462 shares during the period. Mirabella Financial Services LLP purchased a new position in Core Scientific during the 3rd quarter valued at $18,383,000. Finally, Geode Capital Management LLC boosted its holdings in Core Scientific by 26.7% during the 3rd quarter. Geode Capital Management LLC now owns 5,276,573 shares of the company’s stock valued at $62,594,000 after acquiring an additional 1,113,285 shares during the period.

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.