BTIG Research Forecasts Strong Price Appreciation for Core Scientific (NASDAQ:CORZ) Stock

Core Scientific (NASDAQ:CORZ) had its price target upped by research analysts at BTIG Research from $19.00 to $20.00 in a report released on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. BTIG Research’s price target points to a potential upside of 19.76% from the stock’s previous close.

Other research analysts have also issued research reports about the company. Compass Point lifted their price target on Core Scientific from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. HC Wainwright boosted their price objective on shares of Core Scientific from $15.00 to $17.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Jefferies Financial Group started coverage on shares of Core Scientific in a research note on Monday, October 28th. They set a “buy” rating and a $19.00 target price for the company. B. Riley boosted their price target on shares of Core Scientific from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, Roth Mkm started coverage on shares of Core Scientific in a report on Friday, November 15th. They issued a “buy” rating and a $25.50 target price for the company. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $18.46.

Core Scientific Stock Performance

Shares of NASDAQ:CORZ traded up $1.15 during midday trading on Monday, hitting $16.70. The company’s stock had a trading volume of 3,606,506 shares, compared to its average volume of 9,029,072. The company has a market cap of $4.66 billion and a P/E ratio of -3.09. Core Scientific has a 12-month low of $2.61 and a 12-month high of $18.63. The business’s 50 day simple moving average is $15.08 and its 200 day simple moving average is $11.75.

Insider Buying and Selling

In other news, Director Yadin Rozov sold 105,000 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $18.11, for a total value of $1,901,550.00. Following the sale, the director now directly owns 345,239 shares in the company, valued at $6,252,278.29. This represents a 23.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Todd M. Duchene sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $17.10, for a total value of $427,500.00. Following the completion of the sale, the insider now directly owns 1,661,474 shares in the company, valued at approximately $28,411,205.40. The trade was a 1.48 % decrease in their position. The disclosure for this sale can be found here. Insiders own 32.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. ORG Wealth Partners LLC acquired a new stake in shares of Core Scientific in the third quarter worth approximately $106,266,000. Parsifal Capital Management LP increased its stake in Core Scientific by 3.9% during the third quarter. Parsifal Capital Management LP now owns 5,412,825 shares of the company’s stock worth $64,196,000 after acquiring an additional 204,314 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Core Scientific by 26.7% in the 3rd quarter. Geode Capital Management LLC now owns 5,276,573 shares of the company’s stock worth $62,594,000 after purchasing an additional 1,113,285 shares during the period. State Street Corp increased its position in Core Scientific by 17.0% during the 3rd quarter. State Street Corp now owns 4,006,922 shares of the company’s stock worth $47,522,000 after purchasing an additional 583,493 shares in the last quarter. Finally, Taconic Capital Advisors LP lifted its position in Core Scientific by 178.7% during the third quarter. Taconic Capital Advisors LP now owns 2,717,462 shares of the company’s stock valued at $32,229,000 after buying an additional 1,742,462 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.