Core Scientific (NASDAQ:CORZ) Reaches New 52-Week High – Should You Buy?

Core Scientific, Inc. (NASDAQ:CORZ) shares hit a new 52-week high during trading on Thursday . The company traded as high as $25.07 and last traded at $24.8590, with a volume of 7274574 shares trading hands. The stock had previously closed at $24.00.

Wall Street Analyst Weigh In

CORZ has been the topic of a number of research analyst reports. Jefferies Financial Group reaffirmed a “buy” rating and set a $37.00 price objective on shares of Core Scientific in a research report on Thursday. BTIG Research boosted their target price on shares of Core Scientific from $23.00 to $33.00 and gave the stock a “buy” rating in a research report on Wednesday. Wall Street Zen raised shares of Core Scientific to a “sell” rating in a research report on Saturday, March 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of Core Scientific in a research report on Monday, April 20th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Core Scientific from $19.00 to $25.00 and gave the stock a “moderate buy” rating in a research report on Tuesday, January 27th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.14.

Core Scientific Trading Up 3.1%

The company’s fifty day moving average is $18.21 and its 200-day moving average is $17.62. The firm has a market capitalization of $7.86 billion, a P/E ratio of -21.70 and a beta of 5.45.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($1.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($1.04). The company had revenue of $115.24 million for the quarter, compared to analyst estimates of $117.04 million. The company’s revenue for the quarter was up 44.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.25 earnings per share. On average, equities research analysts anticipate that Core Scientific, Inc. will post 0.11 EPS for the current year.

Insider Activity

In related news, insider Todd M. Duchene sold 10,000 shares of the company’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $20.86, for a total transaction of $208,600.00. Following the completion of the sale, the insider directly owned 1,980,348 shares of the company’s stock, valued at approximately $41,310,059.28. This represents a 0.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last ninety days, insiders have sold 50,000 shares of company stock worth $933,400. 1.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Core Scientific

Several large investors have recently modified their holdings of CORZ. Allworth Financial LP boosted its holdings in shares of Core Scientific by 206.5% during the 3rd quarter. Allworth Financial LP now owns 1,410 shares of the company’s stock worth $25,000 after buying an additional 950 shares during the period. Larson Financial Group LLC boosted its holdings in shares of Core Scientific by 936.7% during the 4th quarter. Larson Financial Group LLC now owns 1,866 shares of the company’s stock worth $27,000 after buying an additional 1,686 shares during the period. Osaic Holdings Inc. boosted its holdings in shares of Core Scientific by 112.1% during the 2nd quarter. Osaic Holdings Inc. now owns 2,017 shares of the company’s stock worth $34,000 after buying an additional 1,066 shares during the period. Danske Bank A S bought a new stake in Core Scientific in the 4th quarter valued at $36,000. Finally, PNC Financial Services Group Inc. boosted its holdings in Core Scientific by 41.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,396 shares of the company’s stock valued at $66,000 after purchasing an additional 1,285 shares during the period.

About Core Scientific

Core Scientific, Inc (NASDAQ: CORZ) is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific’s service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.