Core Scientific (NASDAQ:CORZ) Sees Large Volume Increase – Here’s What Happened

Shares of Core Scientific, Inc. (NASDAQ:CORZ) saw unusually-strong trading volume on Thursday . Approximately 11,755,695 shares were traded during mid-day trading, an increase of 5% from the previous session’s volume of 11,216,172 shares.The stock last traded at $8.00 and had previously closed at $7.63.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CORZ. Keefe, Bruyette & Woods initiated coverage on Core Scientific in a research report on Monday, January 27th. They set an “outperform” rating and a $22.00 price objective on the stock. Canaccord Genuity Group reissued a “buy” rating and issued a $17.00 price target on shares of Core Scientific in a research note on Wednesday, March 12th. HC Wainwright reiterated a “buy” rating and issued a $17.00 price objective on shares of Core Scientific in a report on Tuesday, March 11th. BTIG Research increased their target price on Core Scientific from $19.00 to $20.00 and gave the company a “buy” rating in a report on Monday, December 16th. Finally, Cantor Fitzgerald decreased their price target on Core Scientific from $24.00 to $21.00 and set an “overweight” rating on the stock in a research note on Thursday, February 27th. Fifteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $19.07.

Core Scientific Stock Performance

The stock has a fifty day simple moving average of $11.17 and a 200 day simple moving average of $13.13. The firm has a market cap of $2.30 billion, a P/E ratio of -1.44 and a beta of 6.83.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings data on Wednesday, February 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.09. The company had revenue of $94.93 million for the quarter, compared to analysts’ expectations of $97.07 million. Research analysts predict that Core Scientific, Inc. will post 0.52 earnings per share for the current year.

Insider Buying and Selling at Core Scientific

In other news, insider Todd M. Duchene sold 129,861 shares of Core Scientific stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total value of $1,849,220.64. Following the completion of the transaction, the insider now owns 2,051,649 shares in the company, valued at approximately $29,215,481.76. The trade was a 5.95 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jordan Levy acquired 62,500 shares of the company’s stock in a transaction on Thursday, March 6th. The shares were purchased at an average cost of $8.01 per share, with a total value of $500,625.00. Following the completion of the purchase, the director now directly owns 306,887 shares of the company’s stock, valued at $2,458,164.87. This trade represents a 25.57 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 748,282 shares of company stock worth $10,978,104 over the last 90 days. 32.00% of the stock is owned by insiders.

Institutional Trading of Core Scientific

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. boosted its holdings in Core Scientific by 41.5% during the 3rd quarter. Victory Capital Management Inc. now owns 26,633 shares of the company’s stock valued at $316,000 after acquiring an additional 7,814 shares during the period. Natixis Advisors LLC purchased a new stake in shares of Core Scientific during the third quarter valued at $252,000. Intech Investment Management LLC bought a new position in shares of Core Scientific in the third quarter worth about $315,000. Charles Schwab Investment Management Inc. increased its stake in Core Scientific by 44.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,932,462 shares of the company’s stock worth $22,919,000 after buying an additional 590,946 shares during the period. Finally, Dynamic Technology Lab Private Ltd lifted its holdings in Core Scientific by 48.8% during the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 34,786 shares of the company’s stock valued at $413,000 after buying an additional 11,412 shares in the last quarter.

About Core Scientific

Core Scientific, Inc provides digital asset mining services in North America. It operates through two segments, Mining and Hosting. The company offers blockchain infrastructure, software solutions, and services; and operates data center mining facilities. It also mines digital assets for its own account; and provides hosting services for other large bitcoin miners, which include deployment, monitoring, trouble shooting, optimization, and maintenance of its customers' digital asset mining equipment.