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

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

Core Scientific Stock Down 2.4 %

NASDAQ CORZ traded down $0.30 during mid-day trading on Monday, hitting $11.97. The stock had a trading volume of 2,669,410 shares, compared to its average volume of 12,471,897. The company has a 50 day simple moving average of $15.03 and a 200 day simple moving average of $13.04. The company has a market cap of $3.34 billion and a price-to-earnings ratio of -2.17. Core Scientific has a 52-week low of $2.61 and a 52-week high of $18.63.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). The firm had revenue of $95.35 million during the quarter, compared to analyst estimates of $94.80 million. As a group, equities analysts anticipate that Core Scientific will post 0.5 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Compass Point boosted their target price on Core Scientific from $18.00 to $20.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Roth Capital raised shares of Core Scientific to a “strong-buy” rating in a research note on Thursday, November 14th. Macquarie upped their price objective on shares of Core Scientific from $16.00 to $19.00 and gave the stock an “outperform” rating in a research report on Thursday, November 14th. B. Riley lifted their target price on shares of Core Scientific from $16.00 to $17.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, BTIG Research increased their price target on shares of Core Scientific from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Fifteen 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 company presently has a consensus rating of “Buy” and a consensus price target of $19.07.

Insiders Place Their Bets

In other Core Scientific news, CEO Adam Taylor Sullivan sold 369,712 shares of the firm’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $16.24, for a total transaction of $6,004,122.88. Following the transaction, the chief executive officer now directly owns 3,758,793 shares of the company’s stock, valued at approximately $61,042,798.32. This trade represents a 8.96 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Todd M. Duchene sold 129,861 shares of the company’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 of the company’s stock, valued at $29,215,481.76. The trade was a 5.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 744,032 shares of company stock valued at $11,863,966 over the last quarter.

Hedge Funds Weigh In On Core Scientific

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CORZ. ORG Wealth Partners LLC increased its stake in shares of Core Scientific by 0.3% during the 4th quarter. ORG Wealth Partners LLC now owns 8,986,651 shares of the company’s stock worth $126,262,000 after purchasing an additional 26,649 shares in the last quarter. Parsifal Capital Management LP grew its holdings in Core Scientific by 3.9% during the 3rd quarter. Parsifal Capital Management LP now owns 5,412,825 shares of the company’s stock valued at $64,196,000 after buying an additional 204,314 shares during the last quarter. Geode Capital Management LLC increased its position in Core Scientific by 26.7% during the third quarter. Geode Capital Management LLC now owns 5,276,573 shares of the company’s stock worth $62,594,000 after buying an additional 1,113,285 shares in the last quarter. State Street Corp raised its holdings in shares of Core Scientific by 17.0% in the third quarter. State Street Corp now owns 4,006,922 shares of the company’s stock worth $47,522,000 after acquiring an additional 583,493 shares during the last quarter. Finally, Taconic Capital Advisors LP lifted its position in shares of Core Scientific by 178.7% in the third quarter. Taconic Capital Advisors LP now owns 2,717,462 shares of the company’s stock valued at $32,229,000 after acquiring 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.