Core Scientific (NASDAQ:CORZ) Trading 3.8% Higher on Insider Buying Activity

Core Scientific, Inc. (NASDAQ:CORZ) shares traded up 3.8% during mid-day trading on Wednesday following insider buying activity. The company traded as high as $9.86 and last traded at $9.76. 1,026,498 shares traded 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 firm’s stock in a transaction on Tuesday, September 3rd. The shares were bought at an average cost of $9.68 per share, for a total transaction of $48,603.28. Following the acquisition, the director now directly owns 285,760 shares of the company’s stock, valued at approximately $2,766,156.80. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jarrod M. Patten bought 4,000 shares of the firm’s stock in a transaction on Wednesday, August 28th. The stock was purchased at an average price of $9.70 per share, for a total transaction of $38,800.00. Following the completion of the acquisition, the director now directly owns 279,239 shares in the company, valued at $2,708,618.30. The disclosure for this purchase can be found here.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Sanford C. Bernstein assumed coverage on shares of Core Scientific in a report on Wednesday, July 10th. They issued an “outperform” rating and a $17.00 price objective on the stock. LADENBURG THALM/SH SH restated a “buy” rating and issued a $14.50 price objective on shares of Core Scientific in a report on Tuesday, July 2nd. Needham & Company LLC assumed coverage on shares of Core Scientific in a report on Wednesday. They issued a “buy” rating and a $16.00 price objective on the stock. HC Wainwright upped their price objective on shares of Core Scientific from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. Finally, B. Riley upgraded shares of Core Scientific from a “neutral” rating to a “buy” rating and increased their target price for the stock from $0.50 to $13.00 in a report on Wednesday, July 17th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, Core Scientific has an average rating of “Buy” and a consensus target price of $14.88.

Core Scientific Stock Performance

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

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

Institutional Trading of Core Scientific

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Banque Cantonale Vaudoise acquired a new position in Core Scientific during the second quarter worth about $28,000. Aspect Partners LLC acquired a new position in Core Scientific during the first quarter worth about $29,000. Sunbelt Securities Inc. acquired a new position in Core Scientific during the second quarter worth about $33,000. Hexagon Capital Partners LLC acquired a new position in Core Scientific during the first quarter worth about $34,000. Finally, Lindbrook Capital LLC acquired a new position in Core Scientific during the first quarter worth about $65,000.

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.