Core Scientific (NASDAQ:CORZ) Hits New 12-Month High – Here’s Why

Shares of Core Scientific, Inc. (NASDAQ:CORZ) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $18.63 and last traded at $17.12, with a volume of 13614323 shares trading hands. The stock had previously closed at $18.11.

Analyst Ratings Changes

A number of brokerages have issued reports on CORZ. Canaccord Genuity Group started coverage on shares of Core Scientific in a research note on Monday, September 23rd. They set a “buy” rating and a $16.00 price objective on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $20.00 price objective on shares of Core Scientific in a report on Thursday, October 3rd. Roth Capital raised shares of Core Scientific to a “strong-buy” rating in a research note on Thursday, November 14th. Macquarie boosted their price objective on shares of Core Scientific from $16.00 to $19.00 and gave the stock an “outperform” rating in a research note on Thursday, November 14th. Finally, Sanford C. Bernstein restated an “outperform” rating and set a $17.00 price objective on shares of Core Scientific in a research report on Tuesday, September 10th. Thirteen investment 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 currently has a consensus rating of “Buy” and an average target price of $18.38.

Core Scientific Stock Performance

The company’s 50 day simple moving average is $14.15 and its 200 day simple moving average is $10.71. The stock has a market cap of $4.95 billion and a PE ratio of -3.27.

Insider Transactions at Core Scientific

In other news, Director Yadin Rozov sold 105,000 shares of the firm’s 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 completion of the transaction, the director now directly owns 345,239 shares in the company, valued at approximately $6,252,278.29. This trade represents a 23.32 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jarrod M. Patten acquired 5,021 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average cost of $9.68 per share, with a total value of $48,603.28. Following the completion of the acquisition, the director now directly owns 285,760 shares in the company, valued at $2,766,156.80. The trade was a 1.79 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 32.00% of the company’s stock.

Institutional Trading of Core Scientific

Institutional investors have recently made changes to their positions in the stock. Banque Cantonale Vaudoise purchased a new stake in Core Scientific in the second quarter worth about $28,000. Sunbelt Securities Inc. purchased a new position in Core Scientific during the second quarter valued at $33,000. Rise Advisors LLC purchased a new stake in shares of Core Scientific in the 2nd quarter worth about $65,000. Divisadero Street Capital Management LP bought a new stake in Core Scientific in the second quarter worth $93,000. Finally, Arkadios Wealth Advisors bought 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.