Core Scientific (NASDAQ:CORZ) Hits New 52-Week High on Analyst Upgrade

Core Scientific, Inc. (NASDAQ:CORZ) shares hit a new 52-week high during trading on Thursday after Compass Point raised their price target on the stock from $18.00 to $20.00. Compass Point currently has a buy rating on the stock. Core Scientific traded as high as $14.06 and last traded at $13.86, with a volume of 3006188 shares changing hands. The stock had previously closed at $13.52.

Other equities research analysts have also issued reports about the company. Needham & Company LLC raised their target price on Core Scientific from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Wednesday. HC Wainwright raised their price objective on shares of Core Scientific from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. Sanford C. Bernstein reiterated an “outperform” rating and issued a $17.00 target price on shares of Core Scientific in a research note on Tuesday, September 10th. Cantor Fitzgerald reissued an “overweight” rating and set a $20.00 target price on shares of Core Scientific in a research report on Thursday, October 3rd. Finally, Macquarie started coverage on shares of Core Scientific in a report on Wednesday, September 25th. They issued an “outperform” rating and a $16.00 price target on the stock. Eleven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $16.50.

Insider Buying and Selling at Core Scientific

In other news, CFO Denise Marie Brucia Sterling sold 8,752 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $9.41, for a total value of $82,356.32. Following the completion of the transaction, the chief financial officer now directly owns 122,217 shares of the company’s stock, valued at $1,150,061.97. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Denise Marie Brucia Sterling sold 8,752 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.41, for a total value of $82,356.32. Following the sale, the chief financial officer now directly owns 122,217 shares of the company’s stock, valued at approximately $1,150,061.97. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jarrod M. Patten acquired 5,021 shares of Core Scientific stock in a transaction that occurred on Tuesday, September 3rd. The shares were purchased at an average cost of $9.68 per share, with a total value of $48,603.28. Following the purchase, the director now owns 285,760 shares of the company’s stock, valued at $2,766,156.80. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 12,761 shares of company stock valued at $127,080 in the last 90 days. 32.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Fiduciary Alliance LLC bought a new stake in Core Scientific during the first quarter valued at $84,000. Hexagon Capital Partners LLC bought a new stake in shares of Core Scientific during the 1st quarter valued at about $34,000. Capstone Investment Advisors LLC purchased a new position in shares of Core Scientific during the first quarter worth about $307,000. Concurrent Investment Advisors LLC bought a new position in shares of Core Scientific in the first quarter worth approximately $417,000. Finally, Barings LLC purchased a new stake in Core Scientific in the first quarter valued at approximately $36,515,000.

Core Scientific Stock Performance

The firm’s 50-day simple moving average is $11.57 and its 200-day simple moving average is $8.61.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($4.51) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($4.47). The firm had revenue of $141.10 million during the quarter, compared to analysts’ expectations of $128.58 million. Core Scientific’s revenue was up 11.2% compared to the same quarter last year. On average, equities research analysts anticipate that Core Scientific, Inc. will post 0.01 EPS for the current 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.