Core Scientific (NASDAQ:CORZ) Shares Up 5.3% – Time to Buy?

by · The Markets Daily

Core Scientific, Inc. (NASDAQ:CORZ – Get Free Report) traded up 5.3% during mid-day trading on Friday . The company traded as high as $12.65 and last traded at $12.60. 2,328,824 shares were traded during trading, a decline of 72% from the average session volume of 8,448,354 shares. The stock had previously closed at $11.97.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. B. Riley raised shares of Core Scientific from a “neutral” rating to a “buy” rating and raised their price target for the company from $0.50 to $13.00 in a research report on Wednesday, July 17th. HC Wainwright upped their price objective on shares of Core Scientific from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. Needham & Company LLC assumed coverage on Core Scientific in a research note on Wednesday, September 4th. They issued a “buy” rating and a $16.00 target price on the stock. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $17.00 price target on shares of Core Scientific in a research report on Tuesday, September 10th. Finally, BTIG Research boosted their price objective on Core Scientific from $10.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, June 26th. Eleven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $15.18.

Read Our Latest Stock Report on CORZ

Core Scientific Stock Performance

The stock’s 50 day moving average is $10.72 and its 200 day moving average is $7.87.

Core Scientific (NASDAQ:CORZ – Get Free Report) last posted its earnings results on Wednesday, August 7th. The company reported ($4.51) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($4.47). The business had revenue of $141.10 million during the quarter, compared to analysts’ expectations of $128.58 million. The company’s quarterly revenue was up 11.2% on a year-over-year basis. As a group, research analysts predict that Core Scientific, Inc. will post 0.01 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Denise Marie Brucia Sterling sold 8,752 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $9.41, for a total transaction of $82,356.32. Following the completion of the transaction, the chief financial officer now owns 122,217 shares of the company’s stock, valued at approximately $1,150,061.97. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Core Scientific news, CFO Denise Marie Brucia Sterling sold 8,752 shares of the company’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $9.41, for a total value of $82,356.32. Following the transaction, the chief financial officer now directly owns 122,217 shares in the company, valued at $1,150,061.97. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jarrod M. Patten purchased 4,000 shares of the company’s stock in a transaction dated Wednesday, August 28th. The shares were acquired at an average price of $9.70 per share, with a total value of $38,800.00. Following the transaction, the director now owns 279,239 shares in the company, valued at approximately $2,708,618.30. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 12,761 shares of company stock worth $127,080 over the last ninety days. Company insiders own 32.00% of the company’s stock.

Hedge Funds Weigh In On Core Scientific

A number of hedge funds and other institutional investors have recently bought and sold shares of CORZ. Banque Cantonale Vaudoise purchased a new position in Core Scientific in the 2nd quarter worth approximately $28,000. Aspect Partners LLC bought a new position in Core Scientific during the 1st quarter valued at approximately $29,000. Sunbelt Securities Inc. purchased a new position in Core Scientific during the second quarter valued at $33,000. Hexagon Capital Partners LLC bought a new stake in Core Scientific in the first quarter worth $34,000. Finally, Rise Advisors LLC purchased a new stake in shares of Core Scientific in the second quarter worth $65,000.

About Core Scientific

(Get Free Report)

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.

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