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

Core Scientific, Inc. (NASDAQ:CORZ)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $15.86, but opened at $16.49. Core Scientific shares last traded at $16.04, with a volume of 665,858 shares.

Analyst Ratings Changes

CORZ has been the subject of several analyst reports. Sanford C. Bernstein restated an “outperform” rating and issued a $17.00 target price on shares of Core Scientific in a report on Tuesday, September 10th. HC Wainwright lifted their price objective on shares of Core Scientific from $15.00 to $17.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Core Scientific in a research report on Thursday, November 7th. Jefferies Financial Group initiated coverage on shares of Core Scientific in a research report on Monday, October 28th. They issued a “buy” rating and a $19.00 price objective on the stock. Finally, BTIG Research lifted their price objective on shares of Core Scientific from $15.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. 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.com, Core Scientific presently has a consensus rating of “Buy” and a consensus price target of $18.38.

Core Scientific Stock Performance

The stock’s fifty day simple moving average is $14.94 and its 200-day simple moving average is $11.56. The company has a market capitalization of $4.46 billion and a PE ratio of -2.96.

Insiders Place Their Bets

In other news, Director Yadin Rozov sold 105,000 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $18.11, for a total transaction of $1,901,550.00. Following the completion of the transaction, the director now directly owns 345,239 shares of the company’s stock, valued at approximately $6,252,278.29. This represents a 23.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Todd M. Duchene sold 25,000 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $17.10, for a total transaction of $427,500.00. Following the sale, the insider now owns 1,661,474 shares in the company, valued at $28,411,205.40. This trade represents a 1.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 32.00% of the stock is owned by company insiders.

Institutional Trading of Core Scientific

A number of large investors have recently added to or reduced their stakes in CORZ. Banque Cantonale Vaudoise purchased a new stake in shares of Core Scientific in the second quarter valued at $28,000. Sunbelt Securities Inc. purchased a new stake in shares of Core Scientific in the second quarter worth approximately $33,000. Rise Advisors LLC boosted its holdings in Core Scientific by 14.3% in the third quarter. Rise Advisors LLC now owns 8,000 shares of the company’s stock worth $95,000 after purchasing an additional 1,000 shares in the last quarter. Divisadero Street Capital Management LP bought a new stake in shares of Core Scientific during the 2nd quarter worth about $93,000. Finally, Arkadios Wealth Advisors bought a new stake in Core Scientific during the third quarter valued at about $119,000.

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.