Core Scientific, Inc. (NASDAQ:CORZ) Sees Large Growth in Short Interest

Core Scientific, Inc. (NASDAQ:CORZ) was the target of a significant growth in short interest in December. As of December 31st, there was short interest totalling 44,670,000 shares, a growth of 13.2% from the December 15th total of 39,460,000 shares. Approximately 18.5% of the company’s stock are short sold. Based on an average trading volume of 10,740,000 shares, the short-interest ratio is currently 4.2 days.

Core Scientific Stock Up 2.5 %

Shares of NASDAQ:CORZ opened at $15.00 on Monday. The business’s 50 day moving average is $15.63 and its 200 day moving average is $12.81. The stock has a market cap of $4.19 billion and a P/E ratio of -2.77. Core Scientific has a 52-week low of $2.61 and a 52-week high of $18.63.

Wall Street Analysts Forecast Growth

CORZ has been the subject of several research reports. Jefferies Financial Group started coverage on shares of Core Scientific in a research report on Monday, October 28th. They set a “buy” rating and a $19.00 price target for the company. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 price target on shares of Core Scientific in a research report on Friday. 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 research report on Thursday, November 7th. B. Riley raised their target price on Core Scientific from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $17.00 target price on shares of Core Scientific in a research report on Thursday, November 7th. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $18.46.

Insider Buying and Selling

In other Core Scientific news, insider Todd M. Duchene sold 129,861 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $14.24, for a total transaction of $1,849,220.64. Following the completion of the sale, the insider now directly owns 2,051,649 shares in the company, valued at approximately $29,215,481.76. This trade represents a 5.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Adam Taylor Sullivan sold 88,380 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total transaction of $1,258,531.20. Following the completion of the transaction, the chief executive officer now owns 4,128,505 shares of the company’s stock, valued at approximately $58,789,911.20. The trade was a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 348,241 shares of company stock valued at $5,436,802 over the last quarter.

Hedge Funds Weigh In On Core Scientific

A number of hedge funds and other institutional investors have recently modified their holdings of CORZ. Rhumbline Advisers bought a new stake in Core Scientific during the second quarter valued at about $2,233,000. Victory Capital Management Inc. bought a new position in shares of Core Scientific during the 2nd quarter worth approximately $175,000. Renaissance Technologies LLC bought a new position in shares of Core Scientific during the 2nd quarter worth approximately $2,213,000. Amalgamated Bank purchased a new stake in Core Scientific during the second quarter valued at approximately $115,000. Finally, Blair William & Co. IL boosted its stake in Core Scientific by 59.0% in the second quarter. Blair William & Co. IL now owns 519,013 shares of the company’s stock valued at $4,827,000 after acquiring an additional 192,580 shares in the last quarter.

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.