Shares of Core Scientific, Inc. (NASDAQ:CORZ – Get Free Report) gapped down before the market opened on Wednesday. The stock had previously closed at $14.24, but opened at $13.11. Core Scientific shares last traded at $12.9260, with a volume of 3,974,783 shares traded.
Analysts Set New Price Targets
Several equities research analysts recently commented on CORZ shares. Keefe, Bruyette & Woods raised Core Scientific from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $25.00 to $28.00 in a research note on Thursday, July 30th. B. Riley Financial lowered their price objective on Core Scientific from $42.00 to $31.00 and set a “buy” rating on the stock in a report on Friday, October 30th. Weiss Ratings restated a “sell (d-)” rating on shares of Core Scientific in a report on Thursday, October 15th. Needham & Company LLC boosted their price objective on shares of Core Scientific from $29.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Finally, Wells Fargo & Company assumed coverage on shares of Core Scientific in a research report on Thursday, September 17th. They set an “overweight” rating and a $28.00 target price for the company. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Core Scientific presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.28.
Check Out Our Latest Report on Core Scientific
Core Scientific Price Performance
The company has a market cap of $4.10 billion, a price-to-earnings ratio of -2.89 and a beta of 5.56. The business has a 50 day simple moving average of $16.02 and a 200 day simple moving average of $19.58.
Insider Activity at Core Scientific
In other news, Director Elizabeth Crain purchased 6,000 shares of the firm’s stock in a transaction dated Thursday, August 20th. The stock was bought at an average price of $18.33 per share, with a total value of $109,980.00. Following the acquisition, the director directly owned 71,348 shares of the company’s stock, valued at approximately $1,307,808.84. This represents a 9.18% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Eric Weiss acquired 6,000 shares of the stock in a transaction dated Tuesday, September 15th. The shares were bought at an average cost of $16.33 per share, with a total value of $97,980.00. Following the transaction, the director directly owned 265,262 shares of the company’s stock, valued at $4,331,728.46. This represents a 2.31% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders have bought 19,000 shares of company stock worth $342,290 and have sold 90,000 shares worth $1,500,800. 1.70% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Core Scientific
Institutional investors and hedge funds have recently modified their holdings of the stock. Parkside Financial Bank & Trust lifted its holdings in Core Scientific by 1,371.3% during the 2nd quarter. Parkside Financial Bank & Trust now owns 1,177 shares of the company’s stock worth $30,000 after purchasing an additional 1,097 shares during the last quarter. CoreCap Advisors LLC bought a new position in Core Scientific during the 2nd quarter worth $36,000. Parallel Advisors LLC increased its position in Core Scientific by 125.0% during the 3rd quarter. Parallel Advisors LLC now owns 1,800 shares of the company’s stock worth $29,000 after buying an additional 1,000 shares during the period. Rakuten Securities Inc. bought a new stake in shares of Core Scientific in the second quarter valued at about $47,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Core Scientific in the third quarter valued at about $42,000.
Core Scientific Company Profile
Core Scientific, Inc is a digital infrastructure company that develops and operates data centers for high-performance computing. The company has historically focused on bitcoin mining, using specialized computing equipment and supporting infrastructure to validate transactions on the Bitcoin network. It also provides hosting and infrastructure services for other digital asset miners.
Core Scientific is expanding its business toward hosting high-performance computing and artificial intelligence workloads.
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