Core Scientific (NASDAQ:CORZ) Reaches New 12-Month High – Here’s Why

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price hit a new 52-week high during trading on Wednesday . The stock traded as high as $18.63 and last traded at $17.12, with a volume of 13614323 shares changing hands. The stock had previously closed at $18.11.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on CORZ shares. Roth Mkm initiated coverage on shares of Core Scientific in a research report on Friday, November 15th. They set a “buy” rating and a $25.50 target price for the company. Compass Point raised their price objective on shares of Core Scientific from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. BTIG Research boosted their target price on Core Scientific from $15.00 to $19.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Macquarie boosted 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. Finally, Needham & Company LLC raised their price target on Core Scientific from $17.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $18.38.

Core Scientific Trading Up 3.4 %

The company has a fifty day moving average price of $14.15 and a two-hundred day moving average price of $10.71. The firm has a market cap of $4.95 billion and a P/E ratio of -3.27.

Insider Activity at Core Scientific

In other Core Scientific news, Director Yadin Rozov sold 105,000 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $18.11, for a total transaction of $1,901,550.00. Following the sale, the director now directly owns 345,239 shares of the company’s stock, valued at approximately $6,252,278.29. This represents a 23.32 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Jarrod M. Patten purchased 5,021 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was purchased at an average price of $9.68 per share, with a total value of $48,603.28. Following the purchase, the director now owns 285,760 shares of the company’s stock, valued at approximately $2,766,156.80. The trade was a 1.79 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 32.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Core Scientific

A number of institutional investors and hedge funds have recently modified their holdings of CORZ. Banque Cantonale Vaudoise bought a new position in shares of Core Scientific during the 2nd quarter worth approximately $28,000. Sunbelt Securities Inc. bought a new position in Core Scientific during the second quarter worth $33,000. Rise Advisors LLC acquired a new position in shares of Core Scientific in the second quarter valued at $65,000. Divisadero Street Capital Management LP bought a new position in shares of Core Scientific in the second quarter valued at about $93,000. Finally, Xponance Inc. acquired a new stake in shares of Core Scientific during the 2nd quarter worth about $104,000.

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.