Core Scientific (NASDAQ:CORZ) Trading 6.5% Higher – What’s Next?

Shares of Core Scientific, Inc. (NASDAQ:CORZ) 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 changed hands during trading, a decline of 56% from the average daily volume of 9,163,187 shares. The stock had previously closed at $14.05.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Jefferies Financial Group started coverage on shares of Core Scientific in a research note on Monday, October 28th. They set a “buy” rating and a $19.00 target price for the company. HC Wainwright increased their target price on shares of Core Scientific from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Needham & Company LLC boosted their price target on Core Scientific from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. BTIG Research raised their price objective on Core Scientific from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, December 16th. Finally, Macquarie lifted their price objective on Core Scientific from $16.00 to $19.00 and gave the stock an “outperform” rating in a report on Thursday, November 14th. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $18.46.

Core Scientific Trading Up 6.5 %

The company has a 50 day moving average of $15.45 and a 200 day moving average of $12.20. The firm has a market cap of $4.18 billion and a price-to-earnings ratio of -2.77.

Insider Buying and Selling at Core Scientific

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Banque Cantonale Vaudoise acquired a new stake in Core Scientific in the 2nd quarter valued at about $28,000. Sunbelt Securities Inc. bought a new stake in shares of Core Scientific during the second quarter valued at approximately $33,000. Divisadero Street Capital Management LP acquired a new stake in shares of Core Scientific in the second quarter valued at approximately $93,000. Rise Advisors LLC raised its position in Core Scientific by 14.3% in the 3rd quarter. Rise Advisors LLC now owns 8,000 shares of the company’s stock worth $95,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Xponance Inc. bought a new position in Core Scientific in the 2nd quarter worth approximately $104,000.

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.