Core Scientific (NASDAQ:CORZ) Trading 8% Higher - Here's Why

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report)'s share price shot up 8% on Thursday . The stock traded as high as $12.40 and last traded at $13.28. 3,108,824 shares changed hands during trading, a decline of 76% from the average session volume of 12,725,231 shares. The stock had previously closed at $12.30.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on CORZ shares. Needham & Company LLC increased their price objective on Core Scientific from $16.00 to $18.00 and gave the company a "buy" rating in a report on Tuesday, June 10th. Canaccord Genuity Group reiterated a "buy" rating and issued a $17.00 price target on shares of Core Scientific in a report on Friday, May 9th. HC Wainwright reissued a "buy" rating and set a $17.00 price target on shares of Core Scientific in a research report on Tuesday, March 11th. Cantor Fitzgerald dropped their price objective 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, JMP Securities assumed coverage on shares of Core Scientific in a research note on Thursday, May 22nd. They issued a "market outperform" rating and a $15.00 price objective on the stock. Eighteen analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Core Scientific currently has an average rating of "Buy" and an average target price of $18.44.

Core Scientific Stock Up 34.0%

The firm has a market cap of $4.91 billion, a price-to-earnings ratio of -3.28 and a beta of 6.30. The company's 50-day moving average price is $10.27 and its 200-day moving average price is $11.08.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its quarterly earnings results 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 company had revenue of $79.53 million during the quarter, compared to analysts' expectations of $92.04 million. During the same period in the prior year, the business posted $0.78 earnings per share. The company's quarterly revenue was down 55.6% compared to the same quarter last year. Analysts predict that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

Insider Activity at Core Scientific

In other Core Scientific news, insider Todd M. Duchene sold 60,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $11.33, for a total value of $679,800.00. Following the transaction, the insider now directly owns 2,100,102 shares of the company's stock, valued at $23,794,155.66. This trade represents a 2.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Yadin Rozov bought 110,000 shares of the company's stock in a transaction on Wednesday, May 28th. The stock was bought at an average price of $10.87 per share, with a total value of $1,195,700.00. Following the completion of the acquisition, the director now owns 475,687 shares in the company, valued at $5,170,717.69. This represents a 30.08% increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Core Scientific

Institutional investors have recently bought and sold shares of the company. FMR LLC raised its position in shares of Core Scientific by 2,937.7% during the 4th quarter. FMR LLC now owns 7,436,229 shares of the company's stock valued at $104,479,000 after buying an additional 7,191,428 shares during the period. Vanguard Group Inc. increased its stake in Core Scientific by 54.3% during the fourth quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company's stock worth $272,270,000 after acquiring an additional 6,819,406 shares during the last quarter. Helix Partners Management LP purchased a new stake in Core Scientific in the fourth quarter valued at $86,498,000. Driehaus Capital Management LLC lifted its stake in shares of Core Scientific by 112.1% in the 4th quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company's stock valued at $144,212,000 after purchasing an additional 5,424,901 shares during the last quarter. Finally, Situational Awareness LP purchased a new position in shares of Core Scientific during the 1st quarter worth $32,736,000.

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.

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