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

Core Scientific, Inc. (NASDAQ:CORZ) hit a new 52-week high during trading on Thursday after Needham & Company LLC raised their price target on the stock from $17.00 to $18.00. Needham & Company LLC 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 traded. The stock had previously closed at $14.33.

A number of other analysts have also recently weighed in on the company. Canaccord Genuity Group started coverage on Core Scientific in a research report on Monday, September 23rd. They set a “buy” rating and a $16.00 price target on the stock. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $17.00 price objective on shares of Core Scientific in a research note on Tuesday, September 10th. B. Riley boosted their price target on shares of Core Scientific from $13.00 to $14.00 and gave the company a “buy” rating in a report on Friday, October 11th. Macquarie assumed coverage on shares of Core Scientific in a research note on Wednesday, September 25th. They issued an “outperform” rating and a $16.00 target price for the company. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $20.00 price target on shares of Core Scientific in a research note on Thursday, October 3rd. Twelve research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Core Scientific has a consensus rating of “Buy” and a consensus target price of $16.96.

Insider Activity at Core Scientific

In related news, insider Todd M. Duchene sold 11,582 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $9.41, for a total value of $108,986.62. Following the completion of the transaction, the insider now directly owns 1,686,474 shares in the company, valued at $15,869,720.34. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Core Scientific news, insider Todd M. Duchene sold 11,582 shares of the company’s stock in a transaction dated 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 owns 1,686,474 shares in the company, valued at $15,869,720.34. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Jarrod M. Patten purchased 5,021 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was acquired at an average price of $9.68 per share, with a total value of $48,603.28. Following the completion of the purchase, the director now directly owns 285,760 shares in the company, valued at $2,766,156.80. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 12,761 shares of company stock worth $127,080 in the last 90 days. Company insiders own 32.00% of the company’s stock.

Institutional Investors Weigh In On Core Scientific

A number of institutional investors have recently added to or reduced their stakes in the stock. Natixis Advisors LLC purchased a new stake in Core Scientific in the third quarter valued at approximately $252,000. Regal Partners Ltd raised its stake in shares of Core Scientific by 71.5% during the 3rd quarter. Regal Partners Ltd now owns 996,551 shares of the company’s stock worth $11,819,000 after buying an additional 415,363 shares during the period. Victory Capital Management Inc. raised its stake in shares of Core Scientific by 41.5% during the 3rd quarter. Victory Capital Management Inc. now owns 26,633 shares of the company’s stock worth $316,000 after buying an additional 7,814 shares during the period. CWA Asset Management Group LLC acquired a new position in Core Scientific in the 3rd quarter valued at $890,000. Finally, Harvest Portfolios Group Inc. grew its holdings in Core Scientific by 10.1% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 55,881 shares of the company’s stock valued at $663,000 after buying an additional 5,109 shares in the last quarter.

Core Scientific Trading Up 3.2 %

The business has a fifty day moving average price of $12.08 and a two-hundred day moving average price of $9.25.

Core Scientific (NASDAQ:CORZ) last issued its earnings results on Wednesday, August 7th. The company reported ($4.51) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($4.47). The firm had revenue of $141.10 million during the quarter, compared to analyst estimates of $128.58 million. The company’s revenue for the quarter was up 11.2% on a year-over-year basis. As a group, research analysts predict that Core Scientific, Inc. will post 0.81 earnings per share 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.