Core Scientific (NASDAQ:CORZ) Trading Up 8% – What’s Next?

by · The Markets Daily

Core Scientific, Inc. (NASDAQ:CORZ – Get Free Report)’s stock price was up 8% during trading on Tuesday . The stock traded as high as $8.63 and last traded at $8.65. Approximately 14,185,823 shares changed hands during trading, an increase of 33% from the average daily volume of 10,698,604 shares. The stock had previously closed at $8.01.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on CORZ shares. Keefe, Bruyette & Woods started coverage on shares of Core Scientific in a research report on Monday, January 27th. They set an “outperform” rating and a $22.00 price target on the stock. Craig Hallum began coverage on shares of Core Scientific in a report on Tuesday, January 21st. They issued a “buy” rating and a $24.00 target price on the stock. Roth Capital raised shares of Core Scientific to a “strong-buy” rating in a report on Thursday, November 14th. Cantor Fitzgerald dropped their target price on shares of Core Scientific from $24.00 to $21.00 and set an “overweight” rating on the stock in a report on Thursday, February 27th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $17.00 target price on shares of Core Scientific in a report on Tuesday. Fifteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $19.07.

Read Our Latest Report on CORZ

Core Scientific Stock Performance

The stock’s fifty day moving average price is $12.21 and its two-hundred day moving average price is $13.21. The company has a market cap of $2.55 billion, a P/E ratio of -1.60 and a beta of 6.83.

Core Scientific (NASDAQ:CORZ – Get Free Report) last issued its quarterly earnings data on Wednesday, February 26th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.09. The company had revenue of $94.93 million during the quarter, compared to the consensus estimate of $97.07 million. On average, equities research analysts forecast that Core Scientific, Inc. will post 0.52 EPS for the current year.

Insider Transactions at Core Scientific

In other news, CEO Adam Taylor Sullivan sold 369,712 shares of the stock in a transaction on Friday, January 24th. The shares were sold at an average price of $16.24, for a total transaction of $6,004,122.88. Following the completion of the sale, the chief executive officer now directly owns 3,758,793 shares in the company, valued at $61,042,798.32. This represents a 8.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Todd M. Duchene sold 25,277 shares of the firm’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $16.24, for a total transaction of $410,498.48. Following the completion of the sale, the insider now owns 2,023,423 shares of the company’s stock, valued at $32,860,389.52. The trade was a 1.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 748,282 shares of company stock worth $10,978,104 over the last three months. 32.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Core Scientific

A number of large investors have recently bought and sold shares of the stock. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Core Scientific in the fourth quarter worth $8,827,000. Neo Ivy Capital Management grew its holdings in shares of Core Scientific by 731.2% during the fourth quarter. Neo Ivy Capital Management now owns 135,642 shares of the company’s stock valued at $1,905,000 after buying an additional 119,324 shares during the last quarter. Two Seas Capital LP grew its holdings in shares of Core Scientific by 9.2% during the fourth quarter. Two Seas Capital LP now owns 6,232,888 shares of the company’s stock valued at $87,572,000 after buying an additional 527,097 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Core Scientific by 76.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 394,999 shares of the company’s stock valued at $5,550,000 after buying an additional 171,461 shares during the last quarter. Finally, Voloridge Investment Management LLC grew its holdings in shares of Core Scientific by 4.5% during the fourth quarter. Voloridge Investment Management LLC now owns 4,048,932 shares of the company’s stock valued at $56,887,000 after buying an additional 175,587 shares during the last quarter.

About Core Scientific

(Get Free Report)

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.

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