Core Scientific (NASDAQ:CORZ) Trading Up 3.8% Following Insider Buying Activity

Shares of Core Scientific, Inc. (NASDAQ:CORZ) traded up 3.8% on Wednesday following insider buying activity. The stock traded as high as $9.86 and last traded at $9.76. 1,026,498 shares changed hands during trading, a decline of 87% from the average session volume of 8,168,816 shares. The stock had previously closed at $9.40.

Specifically, Director Jarrod M. Patten bought 5,021 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was bought at an average cost of $9.68 per share, with a total value of $48,603.28. Following the purchase, the director now owns 285,760 shares of the company’s stock, valued at $2,766,156.80. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Jarrod M. Patten purchased 4,000 shares of the business’s stock in a transaction dated Wednesday, August 28th. The shares were purchased at an average cost of $9.70 per share, for a total transaction of $38,800.00. Following the purchase, the director now directly owns 279,239 shares of the company’s stock, valued at $2,708,618.30. The disclosure for this purchase can be found here.

Analysts Set New Price Targets

CORZ has been the subject of several recent research reports. LADENBURG THALM/SH SH reissued a “buy” rating and set a $14.50 price objective on shares of Core Scientific in a report on Tuesday, July 2nd. BTIG Research raised their price objective on shares of Core Scientific from $10.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, June 26th. B. Riley raised shares of Core Scientific from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $0.50 to $13.00 in a report on Wednesday, July 17th. Needham & Company LLC began coverage on Core Scientific in a research note on Wednesday. They issued a “buy” rating and a $16.00 price target on the stock. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $20.00 price objective on shares of Core Scientific in a research note on Tuesday. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $14.88.

Core Scientific Price Performance

The stock’s 50-day moving average is $9.98 and its 200 day moving average is $6.44.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($4.51) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($4.47). The firm had revenue of $141.10 million during the quarter, compared to the consensus estimate of $128.58 million. The company’s revenue for the quarter was up 11.2% on a year-over-year basis. On average, research analysts expect that Core Scientific, Inc. will post 0.01 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. acquired a new stake in shares of Core Scientific during the first quarter worth $21,973,000. Hexagon Capital Partners LLC acquired a new stake in shares of Core Scientific in the 1st quarter valued at about $34,000. Blair William & Co. IL bought a new stake in shares of Core Scientific in the first quarter valued at about $1,156,000. Vident Advisory LLC bought a new position in shares of Core Scientific during the first quarter worth about $4,047,000. Finally, Fiduciary Alliance LLC acquired a new stake in Core Scientific in the 1st quarter valued at approximately $84,000.

Core Scientific Company Profile

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.