Core Scientific (NASDAQ:CORZ) Hits New 1-Year High – Here’s What Happened

Core Scientific, Inc. (NASDAQ:CORZ)’s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $25.07 and last traded at $24.8590, with a volume of 7274574 shares. The stock had previously closed at $24.00.

Analyst Ratings Changes

CORZ has been the topic of several recent analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Core Scientific in a research report on Monday, April 20th. Canaccord Genuity Group set a $30.00 target price on shares of Core Scientific in a research report on Friday, May 8th. Wall Street Zen upgraded shares of Core Scientific to a “sell” rating in a research report on Saturday, March 14th. BTIG Research upped their target price on shares of Core Scientific from $23.00 to $33.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Keefe, Bruyette & Woods increased their price target on shares of Core Scientific from $19.00 to $25.00 and gave the company a “moderate buy” rating in a research report on Tuesday, January 27th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $28.14.

Core Scientific Trading Up 3.1%

The stock’s 50 day moving average price is $18.21 and its 200 day moving average price is $17.62. The firm has a market cap of $7.86 billion, a PE ratio of -21.70 and a beta of 5.45.

Core Scientific (NASDAQ:CORZ) last issued its earnings results on Wednesday, May 6th. The company reported ($1.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($1.04). The firm had revenue of $115.24 million for the quarter, compared to analyst estimates of $117.04 million. During the same quarter in the previous year, the company posted $1.25 earnings per share. The company’s revenue for the quarter was up 44.9% on a year-over-year basis. Analysts forecast that Core Scientific, Inc. will post 0.11 earnings per share for the current year.

Insider Buying and Selling at Core Scientific

In other news, insider Todd M. Duchene sold 10,000 shares of the business’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $20.86, for a total value of $208,600.00. Following the completion of the sale, the insider owned 1,980,348 shares of the company’s stock, valued at approximately $41,310,059.28. The trade was a 0.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last ninety days, insiders have sold 50,000 shares of company stock valued at $933,400. 1.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Core Scientific

Several hedge funds and other institutional investors have recently modified their holdings of CORZ. FNY Investment Advisers LLC acquired a new stake in shares of Core Scientific during the fourth quarter valued at approximately $1,252,000. Kintayl Capital LP acquired a new stake in shares of Core Scientific during the third quarter valued at approximately $10,227,000. Universal Beteiligungs und Servicegesellschaft mbH raised its holdings in shares of Core Scientific by 39.9% during the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 452,806 shares of the company’s stock valued at $8,123,000 after acquiring an additional 129,133 shares during the period. Vanguard Group Inc. raised its holdings in shares of Core Scientific by 18.7% during the fourth quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock valued at $494,462,000 after acquiring an additional 5,359,710 shares during the period. Finally, Y Intercept Hong Kong Ltd raised its holdings in shares of Core Scientific by 87.4% during the third quarter. Y Intercept Hong Kong Ltd now owns 668,435 shares of the company’s stock valued at $11,992,000 after acquiring an additional 311,813 shares during the period.

About Core Scientific

Core Scientific, Inc (NASDAQ: CORZ) is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific’s service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.