Core Scientific (NASDAQ:CORZ) Shares Up 5.9%

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price rose 5.9% on Thursday . The company traded as high as $2.91 and last traded at $2.86. Approximately 508,386 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 3,221,217 shares. The stock had previously closed at $2.70.

Analyst Ratings Changes

Several research firms recently weighed in on CORZ. Compass Point upgraded shares of Core Scientific from a “neutral” rating to a “buy” rating and increased their price target for the company from $1.00 to $8.50 in a research report on Wednesday, January 31st. HC Wainwright reissued a “buy” rating and set a $5.00 target price on shares of Core Scientific in a research report on Wednesday, March 13th.

Core Scientific Price Performance

The stock has a 50-day simple moving average of $3.46 and a 200-day simple moving average of $1.95.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings results on Tuesday, March 12th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.17). The firm had revenue of $141.93 million during the quarter, compared to the consensus estimate of $133.10 million. As a group, equities analysts predict that Core Scientific, Inc. will post -0.17 EPS for the current fiscal year.

Insiders Place Their Bets

In other Core Scientific news, Director Eric Stanton Weiss purchased 15,000 shares of the stock in a transaction dated Friday, March 15th. The shares were bought at an average price of $3.03 per share, with a total value of $45,450.00. Following the completion of the transaction, the director now directly owns 15,000 shares in the company, valued at approximately $45,450. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Adam Taylor Sullivan acquired 65,300 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The shares were bought at an average cost of $3.06 per share, for a total transaction of $199,818.00. Following the purchase, the chief executive officer now owns 93,753 shares in the company, valued at approximately $286,884.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Eric Stanton Weiss acquired 15,000 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The shares were bought at an average cost of $3.03 per share, for a total transaction of $45,450.00. Following the acquisition, the director now directly owns 15,000 shares in the company, valued at approximately $45,450. The disclosure for this purchase can be found here. Company insiders own 32.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CORZ. BlackRock Inc. boosted its position in shares of Core Scientific by 14.5% in the third quarter. BlackRock Inc. now owns 16,542,226 shares of the company’s stock valued at $21,504,000 after acquiring an additional 2,090,976 shares during the period. Vanguard Group Inc. lifted its stake in Core Scientific by 205.1% in the 3rd quarter. Vanguard Group Inc. now owns 12,275,463 shares of the company’s stock worth $15,957,000 after purchasing an additional 8,251,891 shares in the last quarter. State Street Corp boosted its holdings in Core Scientific by 32.3% in the 3rd quarter. State Street Corp now owns 5,502,610 shares of the company’s stock valued at $7,153,000 after purchasing an additional 1,342,693 shares during the period. Pathstone Family Office LLC boosted its holdings in Core Scientific by 30.6% in the 4th quarter. Pathstone Family Office LLC now owns 2,667,377 shares of the company’s stock valued at $1,175,000 after purchasing an additional 625,662 shares during the period. Finally, Millennium Management LLC grew its position in shares of Core Scientific by 1,709.2% during the 4th quarter. Millennium Management LLC now owns 2,086,843 shares of the company’s stock valued at $157,000 after purchasing an additional 1,971,495 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.