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

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

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Keefe, Bruyette & Woods initiated coverage on shares of Core Scientific in a research note on Monday, January 27th. They issued an “outperform” rating and a $22.00 target price on the stock. Compass Point dropped their price objective on Core Scientific from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, February 25th. Cantor Fitzgerald dropped their price objective on Core Scientific from $24.00 to $21.00 and set an “overweight” rating for the company in a report on Thursday, February 27th. Needham & Company LLC dropped their price objective on Core Scientific from $18.00 to $17.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Finally, HC Wainwright reissued a “buy” rating and set a $17.00 price objective on shares of Core Scientific in a report on Tuesday, March 11th. Fifteen equities research 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, Core Scientific has an average rating of “Buy” and a consensus price target of $19.07.

Core Scientific Trading Up 6.0 %

The firm has a market cap of $2.50 billion, a P/E ratio of -1.58 and a beta of 6.83. The business has a 50 day moving average of $11.83 and a two-hundred day moving average of $13.21.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings data on Wednesday, February 26th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.09. The firm had revenue of $94.93 million for the quarter, compared to the consensus estimate of $97.07 million. On average, sell-side analysts predict that Core Scientific, Inc. will post 0.52 EPS for the current year.

Insider Buying and Selling

In related news, insider Todd M. Duchene sold 129,861 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total value of $1,849,220.64. Following the transaction, the insider now owns 2,051,649 shares in the company, valued at approximately $29,215,481.76. This trade represents a 5.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jordan Levy purchased 62,500 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The stock was bought at an average price 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. Over the last quarter, insiders have sold 748,282 shares of company stock worth $10,978,104. Company insiders own 32.00% of the company’s stock.

Institutional Trading of Core Scientific

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Core Scientific by 54.3% in the fourth quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company’s stock valued at $272,270,000 after buying an additional 6,819,406 shares in the last quarter. Beryl Capital Management LLC boosted its stake in shares of Core Scientific by 24.3% during the fourth quarter. Beryl Capital Management LLC now owns 18,179,586 shares of the company’s stock valued at $255,423,000 after purchasing an additional 3,548,396 shares in the last quarter. Driehaus Capital Management LLC boosted its stake in shares of Core Scientific by 112.1% during the fourth quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company’s stock valued at $144,212,000 after purchasing an additional 5,424,901 shares in the last quarter. ORG Wealth Partners LLC boosted its stake in shares of Core Scientific by 0.3% during the fourth quarter. ORG Wealth Partners LLC now owns 8,986,651 shares of the company’s stock valued at $126,262,000 after purchasing an additional 26,649 shares in the last quarter. Finally, FMR LLC boosted its stake in shares of Core Scientific by 2,937.7% during the fourth quarter. FMR LLC now owns 7,436,229 shares of the company’s stock valued at $104,479,000 after purchasing an additional 7,191,428 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.