Core Scientific (NASDAQ:CORZ) Sees Strong Trading Volume on Analyst Upgrade

Core Scientific, Inc. (NASDAQ:CORZ) saw strong trading volume on Wednesday after BTIG Research raised their price target on the stock from $10.00 to $15.00. BTIG Research currently has a buy rating on the stock. 7,762,675 shares were traded during mid-day trading, an increase of 28% from the previous session’s volume of 6,087,751 shares.The stock last traded at $9.72 and had previously closed at $9.27.

Separately, HC Wainwright raised their target price on Core Scientific from $5.00 to $11.00 and gave the company a “buy” rating in a research note on Tuesday.

Insider Activity

In other news, insider Todd M. Duchene sold 3,770 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $9.99, for a total value of $37,662.30. Following the completion of the transaction, the insider now owns 393,428 shares in the company, valued at approximately $3,930,345.72. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 32.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Barings LLC bought a new stake in shares of Core Scientific in the 1st quarter worth $36,515,000. Vanguard Group Inc. bought a new stake in shares of Core Scientific in the first quarter worth $21,973,000. Kensico Capital Management Corp purchased a new position in Core Scientific during the first quarter valued at $18,513,000. Vident Advisory LLC purchased a new position in Core Scientific during the first quarter valued at $4,047,000. Finally, Blair William & Co. IL purchased a new position in Core Scientific during the first quarter valued at $1,156,000.

Core Scientific Trading Up 7.3 %

The company has a 50-day moving average of $5.51 and a two-hundred day moving average of $3.66.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings data on Wednesday, May 8th. The company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.05 by $0.14. The business had revenue of $179.29 million during the quarter, compared to analysts’ expectations of $139.60 million. As a group, equities analysts anticipate that Core Scientific, Inc. will post -0.17 EPS for the current fiscal year.

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.