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

Core Scientific, Inc. (NASDAQ:CORZ) was the recipient of a significant increase in short interest in the month of November. As of November 15th, there was short interest totalling 33,920,000 shares, an increase of 15.0% from the October 31st total of 29,490,000 shares. Based on an average trading volume of 10,510,000 shares, the short-interest ratio is presently 3.2 days. Approximately 14.2% of the shares of the stock are short sold.

Insider Transactions at Core Scientific

In related news, insider Todd M. Duchene sold 25,000 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $28,411,205.40. This represents a 1.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Yadin Rozov sold 105,000 shares of Core Scientific stock in a transaction 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 completion of the transaction, the director now 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 disclosure for this sale can be found here. Corporate insiders own 32.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Banque Cantonale Vaudoise acquired a new stake in Core Scientific during the 2nd quarter worth about $28,000. Sunbelt Securities Inc. bought a new position in shares of Core Scientific in the second quarter valued at approximately $33,000. Rise Advisors LLC purchased a new stake in Core Scientific during the second quarter worth about $65,000. Divisadero Street Capital Management LP purchased a new position in Core Scientific in the second quarter valued at approximately $93,000. Finally, Arkadios Wealth Advisors bought a new position in Core Scientific during the third quarter worth about $119,000.

Analysts Set New Price Targets

CORZ has been the subject of several analyst reports. Roth Capital upgraded shares of Core Scientific to a “strong-buy” rating in a research note on Thursday, November 14th. Compass Point upped their price objective on shares of Core Scientific from $18.00 to $20.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Jefferies Financial Group assumed coverage on shares of Core Scientific in a report on Monday, October 28th. They issued a “buy” rating and a $19.00 price objective on the stock. B. Riley lifted their target price on Core Scientific from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Needham & Company LLC increased their price target on Core Scientific from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Core Scientific currently has an average rating of “Buy” and a consensus target price of $18.38.

Core Scientific Stock Up 1.0 %

Shares of Core Scientific stock traded up $0.17 during trading on Friday, reaching $17.88. 4,656,935 shares of the company were exchanged, compared to its average volume of 10,479,526. The firm has a market capitalization of $4.99 billion and a price-to-earnings ratio of -3.30. The business has a 50-day moving average price of $14.27 and a 200-day moving average price of $10.91. Core Scientific has a twelve month low of $2.61 and a twelve month high of $18.63.

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.