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

Core Scientific, Inc. (NASDAQ:CORZ) shares hit a new 52-week high during trading on Wednesday . The stock traded as high as $24.35 and last traded at $23.8550, with a volume of 6466547 shares traded. The stock had previously closed at $22.19.

Analyst Upgrades and Downgrades

CORZ has been the subject of a number of analyst reports. Wall Street Zen raised shares of Core Scientific to a “sell” rating in a research report on Saturday, March 14th. Canaccord Genuity Group increased their price objective on shares of Core Scientific from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Wednesday, March 4th. BTIG Research upgraded Core Scientific from a “neutral” rating to a “buy” rating and set a $23.00 price objective for the company in a report on Tuesday, January 6th. LADENBURG THALM/SH SH lowered their target price on Core Scientific from $24.50 to $23.75 and set a “buy” rating on the stock in a research report on Tuesday, March 3rd. Finally, Needham & Company LLC upgraded Core Scientific from a “hold” rating to a “buy” rating and set a $23.00 target price on the stock in a report on Tuesday, March 3rd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $25.07.

Core Scientific Stock Up 8.8%

The stock’s fifty day moving average is $17.51 and its two-hundred day moving average is $17.43. The firm has a market capitalization of $7.62 billion, a price-to-earnings ratio of 20.66 and a beta of 5.45.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings data on Monday, March 2nd. The company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.69. The firm had revenue of $79.76 million during the quarter, compared to the consensus estimate of $118.45 million. The business’s revenue was down 16.0% on a year-over-year basis. During the same period last year, the business earned ($0.69) EPS. As a group, analysts anticipate that Core Scientific, Inc. will post 0.07 EPS for the current year.

Insider Transactions at Core Scientific

In other news, insider Todd M. Duchene sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $20.94, for a total value of $209,400.00. Following the completion of the sale, the insider directly owned 1,990,348 shares of the company’s stock, valued at $41,677,887.12. This trade represents a 0.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders sold a total of 40,000 shares of company stock valued at $724,800 in the last 90 days. 1.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Core Scientific

A number of large investors have recently added to or reduced their stakes in CORZ. Vanguard Group Inc. lifted its holdings in Core Scientific by 18.7% during the 4th quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock valued at $494,462,000 after purchasing an additional 5,359,710 shares during the last quarter. Situational Awareness LP increased its holdings in shares of Core Scientific by 42.5% in the fourth quarter. Situational Awareness LP now owns 28,756,478 shares of the company’s stock valued at $418,694,000 after purchasing an additional 8,575,944 shares during the last quarter. Jericho Capital Asset Management L.P. raised its position in shares of Core Scientific by 11.4% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 13,038,619 shares of the company’s stock valued at $189,842,000 after purchasing an additional 1,338,796 shares during the period. Value Aligned Research Advisors LLC bought a new position in shares of Core Scientific in the fourth quarter valued at about $117,786,000. Finally, Geode Capital Management LLC lifted its stake in shares of Core Scientific by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 7,651,002 shares of the company’s stock worth $111,417,000 after buying an additional 109,145 shares during the last quarter.

Core Scientific Company Profile

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.