Core Scientific (NASDAQ:CORZ) Reaches New 52-Week High After Analyst Upgrade

Core Scientific, Inc. (NASDAQ:CORZ) hit a new 52-week high during mid-day trading on Thursday after B. Riley raised their price target on the stock from $16.00 to $17.00. B. Riley currently has a buy rating on the stock. Core Scientific traded as high as $15.61 and last traded at $15.15, with a volume of 2509772 shares trading hands. The stock had previously closed at $14.33.

A number of other research firms also recently weighed in on CORZ. Needham & Company LLC boosted their target price on shares of Core Scientific from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday. Jefferies Financial Group assumed coverage on shares of Core Scientific in a report on Monday, October 28th. They issued a “buy” rating and a $19.00 target price on the stock. Compass Point boosted their target price on shares of Core Scientific from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. HC Wainwright boosted their target price on shares of Core Scientific from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Canaccord Genuity Group assumed coverage on shares of Core Scientific in a report on Monday, September 23rd. They issued a “buy” rating and a $16.00 target price on the stock. Twelve equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $17.21.

Insider Activity at Core Scientific

In other Core Scientific news, insider Todd M. Duchene sold 11,582 shares of the company’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 $108,986.62. Following the completion of the sale, the insider now directly owns 1,686,474 shares in the company, valued at approximately $15,869,720.34. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Core Scientific news, insider Todd M. Duchene sold 11,582 shares of the company’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 $108,986.62. Following the completion of the sale, the insider now directly owns 1,686,474 shares in the company, valued at approximately $15,869,720.34. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jarrod M. Patten bought 5,021 shares of the stock in a transaction on Tuesday, September 3rd. The stock was purchased at an average price 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 approximately $2,766,156.80. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 12,761 shares of company stock worth $127,080 in the last quarter.

Institutional Investors Weigh In On Core Scientific

A number of hedge funds have recently made changes to their positions in CORZ. Banque Cantonale Vaudoise purchased a new stake in shares of Core Scientific during the 2nd quarter worth $28,000. Aspect Partners LLC purchased a new stake in shares of Core Scientific during the 1st quarter worth $29,000. Sunbelt Securities Inc. purchased a new stake in shares of Core Scientific during the 2nd quarter worth $33,000. Rise Advisors LLC purchased a new stake in shares of Core Scientific during the 2nd quarter worth $65,000. Finally, Divisadero Street Capital Management LP purchased a new stake in shares of Core Scientific during the 2nd quarter worth $93,000.

Core Scientific Stock Performance

The business has a 50 day moving average of $12.34 and a two-hundred day moving average of $9.39.

Core Scientific (NASDAQ:CORZ) last announced its earnings results on Wednesday, August 7th. The company reported ($4.51) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($4.47). The company had revenue of $141.10 million during the quarter, compared to the consensus estimate of $128.58 million. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year. As a group, analysts anticipate that Core Scientific, Inc. will post 0.81 earnings per share for the current fiscal year.

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.