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

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price reached a new 52-week high on Thursday . The stock traded as high as $27.70 and last traded at $27.20, with a volume of 16228489 shares trading hands. The stock had previously closed at $26.37.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Jefferies Financial Group lifted their target price on shares of Core Scientific from $24.00 to $37.00 and gave the company a “buy” rating in a report on Thursday, May 14th. HC Wainwright reaffirmed a “buy” rating and set a $25.00 target price on shares of Core Scientific in a report on Tuesday, March 3rd. Canaccord Genuity Group set a $30.00 target price on shares of Core Scientific in a report on Friday, May 8th. BTIG Research lifted their price target on shares of Core Scientific from $23.00 to $33.00 and gave the company a “buy” rating in a research note on Wednesday, May 13th. Finally, B. Riley Financial upped their price objective on shares of Core Scientific from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Core Scientific currently has an average rating of “Moderate Buy” and an average price target of $28.33.

Core Scientific Stock Performance

The firm’s 50-day moving average price is $19.99 and its two-hundred day moving average price is $17.89. The stock has a market cap of $8.65 billion, a price-to-earnings ratio of -23.86 and a beta of 5.45.

Core Scientific (NASDAQ:CORZ) last posted 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 business had revenue of $115.24 million for the quarter, compared to the consensus estimate of $117.04 million. Core Scientific’s revenue was up 44.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.25 earnings per share. As a group, sell-side analysts expect that Core Scientific, Inc. will post 0.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $20.86, for a total value of $208,600.00. Following the transaction, the insider directly owned 1,980,348 shares in the company, valued at $41,310,059.28. This represents a 0.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold 50,000 shares of company stock valued at $933,400 in the last 90 days. Corporate insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Core Scientific

Several hedge funds have recently added to or reduced their stakes in the stock. Glenmede Trust Co. NA increased its stake in Core Scientific by 147.2% in the first quarter. Glenmede Trust Co. NA now owns 53,640 shares of the company’s stock valued at $802,000 after purchasing an additional 31,943 shares during the last quarter. Segall Bryant & Hamill LLC boosted its holdings in shares of Core Scientific by 108.2% in the first quarter. Segall Bryant & Hamill LLC now owns 2,305,498 shares of the company’s stock valued at $34,490,000 after acquiring an additional 1,198,020 shares during the period. Bank of America Corp DE boosted its holdings in shares of Core Scientific by 412.5% in the first quarter. Bank of America Corp DE now owns 4,806,363 shares of the company’s stock valued at $71,903,000 after acquiring an additional 3,868,535 shares during the period. Anson Funds Management LP acquired a new stake in shares of Core Scientific in the first quarter valued at approximately $4,578,000. Finally, Amundi acquired a new stake in shares of Core Scientific in the first quarter valued at approximately $153,000.

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.