Core Scientific (NASDAQ:CORZ) Shares Up 6.4% – Should You Buy?

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price traded up 6.4% during trading on Tuesday . The stock traded as high as $16.65 and last traded at $16.60. 3,778,559 shares changed hands during mid-day trading, a decline of 57% from the average session volume of 8,860,104 shares. The stock had previously closed at $15.60.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Canaccord Genuity Group reiterated a “buy” rating and issued a $17.00 price objective on shares of Core Scientific in a research note on Thursday, November 7th. BTIG Research increased their target price on shares of Core Scientific from $15.00 to $19.00 and gave the company a “buy” rating in a research report on Friday. Needham & Company LLC increased their target price on shares of Core Scientific from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. B. Riley increased their target price on shares of Core Scientific from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Compass Point increased their target price on shares of Core Scientific from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Thirteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $18.38.

Core Scientific Stock Performance

The firm has a market capitalization of $4.60 billion and a PE ratio of -3.04. The company’s 50 day simple moving average is $13.11 and its 200-day simple moving average is $10.03.

Insiders Place Their Bets

In other news, Director Jarrod M. Patten purchased 5,021 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were acquired at an average price of $9.68 per share, with a total value of $48,603.28. Following the acquisition, the director now directly owns 285,760 shares in the company, valued at approximately $2,766,156.80. The trade was a 1.79 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have bought 12,761 shares of company stock worth $127,080 in the last three months.

Institutional Investors Weigh In On Core Scientific

Hedge funds have recently bought and sold shares of the business. ORG Wealth Partners LLC purchased a new position in shares of Core Scientific during the third quarter valued at approximately $106,266,000. Vanguard Group Inc. bought a new position in shares of Core Scientific in the first quarter worth approximately $21,973,000. Rush Island Management LP bought a new position in shares of Core Scientific in the third quarter worth approximately $32,221,000. Kensico Capital Management Corp bought a new position in shares of Core Scientific during the first quarter worth $18,513,000. Finally, Taconic Capital Advisors LP boosted its position in shares of Core Scientific by 178.7% during the third quarter. Taconic Capital Advisors LP now owns 2,717,462 shares of the company’s stock worth $32,229,000 after acquiring an additional 1,742,462 shares during 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.