Core Scientific (NASDAQ:CORZ) Trading Up 5.3% – Should You Buy?

Shares of Core Scientific, Inc. (NASDAQ:CORZ) were up 5.3% on Wednesday . The company traded as high as $8.17 and last traded at $8.45. Approximately 367,460 shares traded hands during mid-day trading, a decline of 97% from the average daily volume of 14,116,189 shares. The stock had previously closed at $8.02.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on CORZ shares. Keefe, Bruyette & Woods started coverage on shares of Core Scientific in a report on Monday, January 27th. They issued an “outperform” rating and a $22.00 price objective on the stock. Needham & Company LLC dropped their price objective on shares of Core Scientific from $18.00 to $17.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Craig Hallum started coverage on shares of Core Scientific in a report on Tuesday, January 21st. They issued a “buy” rating and a $24.00 price objective on the stock. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Core Scientific in a report on Wednesday, March 12th. Finally, HC Wainwright reissued a “buy” rating and set a $17.00 target price on shares of Core Scientific in a research note on Tuesday, March 11th. Fifteen 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 data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $19.07.

Core Scientific Price Performance

The firm has a market capitalization of $2.50 billion, a price-to-earnings ratio of -1.58 and a beta of 6.83. The firm’s fifty day moving average is $11.83 and its 200 day moving average is $13.21.

Core Scientific (NASDAQ:CORZ) last posted its earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.09. The business had revenue of $94.93 million during the quarter, compared to analyst estimates of $97.07 million. Equities research analysts forecast that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Insider Activity

In related news, Director Todd A. Becker sold 134,250 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $10.75, for a total transaction of $1,443,187.50. Following the transaction, the director now owns 195,687 shares of the company’s stock, valued at approximately $2,103,635.25. The trade was a 40.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Jordan Levy bought 62,500 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The shares were bought at an average cost of $8.01 per share, for a total transaction of $500,625.00. Following the transaction, the director now directly owns 306,887 shares of the company’s stock, valued at $2,458,164.87. This trade represents a 25.57 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 748,282 shares of company stock valued at $10,978,104 over the last 90 days. 32.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Core Scientific

A number of institutional investors and hedge funds have recently bought and sold shares of CORZ. Wellington Shields & Co. LLC bought a new position in Core Scientific during the fourth quarter worth $26,000. First Horizon Advisors Inc. acquired a new stake in Core Scientific during the fourth quarter worth $34,000. Newbridge Financial Services Group Inc. acquired a new stake in Core Scientific during the fourth quarter worth $42,000. Vestcor Inc acquired a new stake in Core Scientific during the fourth quarter worth $66,000. Finally, US Bancorp DE acquired a new stake in Core Scientific during the fourth quarter worth $99,000.

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.