Core Scientific (NASDAQ:CORZ) Hits New 12-Month High – Here’s What Happened

Core Scientific, Inc. (NASDAQ:CORZ)’s share price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $19.30 and last traded at $19.14, with a volume of 5262199 shares traded. The stock had previously closed at $18.04.

Analysts Set New Price Targets

CORZ has been the subject of several recent analyst reports. Roth Capital cut their price objective on shares of Core Scientific from $20.00 to $17.00 and set a “neutral” rating for the company in a research report on Friday, August 22nd. Jefferies Financial Group raised their price objective on shares of Core Scientific from $16.00 to $22.00 and gave the stock a “buy” rating in a research report on Monday, August 18th. Roth Mkm restated a “buy” rating and set a $20.00 price objective on shares of Core Scientific in a research report on Thursday, June 26th. Compass Point initiated coverage on shares of Core Scientific in a research report on Monday, September 15th. They set a “buy” rating for the company. Finally, Needham & Company LLC cut shares of Core Scientific from a “moderate buy” rating to a “hold” rating and set a $18.00 price objective for the company. in a research report on Thursday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Core Scientific presently has an average rating of “Hold” and an average price target of $18.71.

Core Scientific Price Performance

The company has a market cap of $5.69 billion, a PE ratio of -33.07 and a beta of 6.58. The company’s 50 day simple moving average is $15.47 and its two-hundred day simple moving average is $12.50.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings data on Friday, August 8th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.03. The business had revenue of $78.63 million during the quarter, compared to analysts’ expectations of $82.09 million. Core Scientific’s revenue for the quarter was down 44.3% compared to the same quarter last year. Sell-side analysts expect that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Institutional Investors Weigh In On Core Scientific

Hedge funds have recently added to or reduced their stakes in the business. Sanders Morris Harris LLC raised its holdings in shares of Core Scientific by 2,786.5% in the 3rd quarter. Sanders Morris Harris LLC now owns 308,855 shares of the company’s stock valued at $5,190,000 after purchasing an additional 298,155 shares in the last quarter. Osaic Holdings Inc. raised its holdings in shares of Core Scientific by 112.1% in the 2nd quarter. Osaic Holdings Inc. now owns 2,017 shares of the company’s stock valued at $34,000 after purchasing an additional 1,066 shares in the last quarter. Orion Porfolio Solutions LLC raised its holdings in shares of Core Scientific by 12.5% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 14,773 shares of the company’s stock valued at $252,000 after purchasing an additional 1,640 shares in the last quarter. Tactive Advisors LLC acquired a new stake in shares of Core Scientific in the 2nd quarter valued at $253,000. Finally, Castleark Management LLC acquired a new stake in shares of Core Scientific in the 2nd quarter valued at $7,648,000.

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.