Core Scientific (NASDAQ:CORZ) Trading Up 10.5% – Here’s What Happened

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price was up 10.5% on Monday . The company traded as high as $18.58 and last traded at $18.5750. Approximately 11,559,368 shares changed hands during mid-day trading, an increase of 1% from the average daily volume of 11,488,308 shares. The stock had previously closed at $16.81.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Citigroup upgraded shares of Core Scientific from a “market perform” rating to an “outperform” rating in a report on Thursday, December 18th. BTIG Research raised Core Scientific from a “neutral” rating to a “buy” rating and set a $23.00 target price for the company in a research report on Tuesday, January 6th. UBS Group set a $30.00 price target on Core Scientific in a report on Wednesday, October 22nd. Keefe, Bruyette & Woods increased their price objective on Core Scientific from $19.00 to $25.00 and gave the stock a “moderate buy” rating in a research note on Tuesday, January 27th. Finally, Craig Hallum set a $27.00 target price on Core Scientific in a research note on Friday, October 31st. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Core Scientific has a consensus rating of “Moderate Buy” and a consensus target price of $23.69.

Core Scientific Stock Up 10.4%

The company has a 50 day simple moving average of $16.86 and a 200-day simple moving average of $16.56.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Jericho Capital Asset Management L.P. purchased a new stake in shares of Core Scientific during the third quarter worth $209,895,000. Oaktree Capital Management LP purchased a new position in Core Scientific during the third quarter valued at approximately $114,829,000. Vanguard Group Inc. increased its holdings in shares of Core Scientific by 18.7% in the fourth quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock worth $494,462,000 after purchasing an additional 5,359,710 shares during the period. Situational Awareness LP increased its stake in Core Scientific by 76.8% in the 2nd quarter. Situational Awareness LP now owns 7,994,038 shares of the company’s stock worth $136,458,000 after acquiring an additional 3,472,460 shares during the last quarter. Finally, Marshall Wace LLP increased its position in shares of Core Scientific by 416.0% in the second quarter. Marshall Wace LLP now owns 3,098,737 shares of the company’s stock worth $52,895,000 after purchasing an additional 2,498,186 shares during the last quarter.

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.