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

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

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on CORZ shares. Canaccord Genuity Group reaffirmed a “buy” rating and set a $17.00 price objective on shares of Core Scientific in a report on Thursday, November 7th. Compass Point upped their price objective 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. Jefferies Financial Group initiated coverage on Core Scientific in a report on Monday, October 28th. They set a “buy” rating and a $19.00 target price for the company. Roth Capital upgraded Core Scientific to a “strong-buy” rating in a report on Thursday, November 14th. Finally, Sanford C. Bernstein restated an “outperform” rating and set a $17.00 price objective on shares of Core Scientific in a research note on Tuesday, September 10th. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Core Scientific presently has a consensus rating of “Buy” and an average target price of $18.38.

Core Scientific Stock Up 5.7 %

The company’s fifty day moving average price is $13.11 and its 200 day moving average price is $10.03. The company has a market capitalization of $4.60 billion and a P/E ratio of -3.04.

Insider Transactions at Core Scientific

In other news, Director Jarrod M. Patten acquired 5,021 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average cost of $9.68 per share, with a total value of $48,603.28. Following the completion of the purchase, the director now directly owns 285,760 shares of the company’s stock, valued at $2,766,156.80. The trade was a 1.79 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders have acquired 12,761 shares of company stock valued at $127,080.

Institutional Trading of Core Scientific

Hedge funds have recently added to or reduced their stakes in the stock. Banque Cantonale Vaudoise acquired a new position in shares of Core Scientific during the second quarter worth $28,000. Aspect Partners LLC bought a new stake in Core Scientific in the first quarter valued at $29,000. Sunbelt Securities Inc. bought a new stake in Core Scientific in the second quarter valued at $33,000. Rise Advisors LLC acquired a new stake in shares of Core Scientific in the 2nd quarter worth about $65,000. Finally, Divisadero Street Capital Management LP acquired a new stake in shares of Core Scientific in the 2nd quarter worth about $93,000.

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.