Insider Buying: Core Scientific, Inc. (NASDAQ:CORZ) Director Purchases 110,000 Shares of Stock

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) Director Yadin Rozov bought 110,000 shares of the business's stock in a transaction dated Wednesday, May 28th. The shares were purchased at an average price of $10.87 per share, for a total transaction of $1,195,700.00. Following the transaction, the director now directly owns 475,687 shares of the company's stock, valued at approximately $5,170,717.69. This represents a 30.08% increase in their position. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink.

Core Scientific Stock Performance

Core Scientific stock traded up $0.05 during trading on Friday, reaching $10.74. 19,587,009 shares of the company's stock were exchanged, compared to its average volume of 13,414,476. The company's 50-day moving average is $8.55 and its two-hundred day moving average is $11.66. The firm has a market cap of $3.20 billion, a price-to-earnings ratio of -1.99 and a beta of 6.66. Core Scientific, Inc. has a 52-week low of $4.74 and a 52-week high of $18.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.10) earnings per share for the quarter, beating analysts' consensus estimates of ($0.12) by $0.02. The firm had revenue of $79.53 million during the quarter, compared to analysts' expectations of $92.04 million. During the same period in the previous year, the company earned $0.78 earnings per share. The business's quarterly revenue was down 55.6% on a year-over-year basis. Analysts anticipate that Core Scientific, Inc. will post 0.52 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CORZ. JMP Securities initiated coverage on Core Scientific in a research report on Thursday, May 22nd. They issued a "market outperform" rating and a $15.00 price target on the stock. Citizens Jmp raised Core Scientific to a "strong-buy" rating and set a $15.00 price target on the stock in a research note on Thursday, May 22nd. Citigroup started coverage on Core Scientific in a research note on Thursday, May 22nd. They issued an "outperform" rating on the stock. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $17.00 target price on shares of Core Scientific in a research note on Friday, May 9th. Finally, Compass Point cut their price target on Core Scientific from $26.00 to $20.00 and set a "buy" rating for the company in a report on Tuesday, February 25th. Eighteen research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $18.33.

Hedge Funds Weigh In On Core Scientific

Several large investors have recently modified their holdings of the stock. Rhumbline Advisers lifted its position in shares of Core Scientific by 1.6% during the first quarter. Rhumbline Advisers now owns 257,142 shares of the company's stock worth $1,862,000 after purchasing an additional 4,171 shares during the last quarter. Anson Funds Management LP acquired a new stake in Core Scientific during the first quarter worth about $689,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Core Scientific by 180.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,109,387 shares of the company's stock worth $8,032,000 after acquiring an additional 714,388 shares during the period. Arete Wealth Advisors LLC raised its stake in Core Scientific by 39.1% during the first quarter. Arete Wealth Advisors LLC now owns 22,942 shares of the company's stock worth $166,000 after acquiring an additional 6,453 shares during the period. Finally, Clearline Capital LP raised its stake in Core Scientific by 157.8% during the first quarter. Clearline Capital LP now owns 5,403,963 shares of the company's stock worth $39,125,000 after acquiring an additional 3,308,100 shares during the period.

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.