Core Scientific (NASDAQ:CORZ) Shares Up 6.4% – Here’s What Happened

Core Scientific, Inc. (NASDAQ:CORZ)’s share price traded up 6.4% during trading on Tuesday . The company traded as high as $16.65 and last traded at $16.60. 3,778,559 shares were traded during mid-day trading, a decline of 57% from the average session volume of 8,860,104 shares. The stock had previously closed at $15.60.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CORZ shares. Sanford C. Bernstein reiterated an “outperform” rating and set a $17.00 price objective on shares of Core Scientific in a report on Tuesday, September 10th. Compass Point lifted their price objective on shares of Core Scientific from $18.00 to $20.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Jefferies Financial Group initiated coverage on Core Scientific in a report on Monday, October 28th. They set a “buy” rating and a $19.00 target price on the stock. BTIG Research raised their price target on Core Scientific from $15.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Finally, Macquarie upped their price objective on Core Scientific from $16.00 to $19.00 and gave the stock an “outperform” rating in a research note on Thursday, November 14th. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $18.38.

Core Scientific Stock Up 1.7 %

The firm has a 50 day moving average of $13.38 and a 200-day moving average of $10.17. The firm has a market capitalization of $4.90 billion and a P/E ratio of -3.19.

Insider Transactions at Core Scientific

In other Core Scientific news, Director Jarrod M. Patten bought 5,021 shares of Core Scientific stock in a transaction on Tuesday, September 3rd. The shares were purchased at an average price of $9.68 per share, with a total value of $48,603.28. Following the acquisition, the director now owns 285,760 shares in the company, valued at $2,766,156.80. This trade represents a 1.79 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Todd M. Duchene sold 25,000 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $17.10, for a total value of $427,500.00. Following the transaction, the insider now directly owns 1,661,474 shares of the company’s stock, valued at $28,411,205.40. This trade represents a 1.48 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have purchased 12,761 shares of company stock valued at $127,080. 32.00% of the stock is owned by corporate insiders.

Institutional Trading of Core Scientific

Several large investors have recently bought and sold shares of CORZ. Banque Cantonale Vaudoise acquired a new position in Core Scientific during the second quarter worth about $28,000. Sunbelt Securities Inc. acquired a new position in Core Scientific during the 2nd quarter worth approximately $33,000. Rise Advisors LLC bought a new position in Core Scientific in the 2nd quarter valued at approximately $65,000. Aspect Partners LLC acquired a new stake in Core Scientific in the first quarter valued at approximately $29,000. Finally, Divisadero Street Capital Management LP bought a new stake in shares of Core Scientific during the second quarter worth $93,000.

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.