Core Scientific (NASDAQ:CORZ) Trading Up 6.5% - Should You Buy?

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) was up 6.5% during trading on Tuesday . The company traded as high as $15.00 and last traded at $14.96. Approximately 4,000,596 shares traded hands during mid-day trading, a decline of 56% from the average daily volume of 9,163,187 shares. The stock had previously closed at $14.05.

Analysts Set New Price Targets

Several research analysts have weighed in on CORZ shares. Canaccord Genuity Group initiated coverage on shares of Core Scientific in a research note on Monday, September 23rd. They set a "buy" rating and a $16.00 target price for the company. Needham & Company LLC boosted their target price on Core Scientific from $17.00 to $18.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. Compass Point raised their price target on Core Scientific from $18.00 to $20.00 and gave the stock a "buy" rating in a research report on Wednesday, October 23rd. Cantor Fitzgerald reissued an "overweight" rating and set a $20.00 target price on shares of Core Scientific in a research note on Thursday, October 3rd. Finally, Macquarie lifted their target price on Core Scientific from $16.00 to $19.00 and gave the company an "outperform" rating in a research report on Thursday, November 14th. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Core Scientific currently has an average rating of "Buy" and a consensus target price of $18.46.

Core Scientific Trading Up 6.5 %

The company has a market cap of $4.18 billion and a price-to-earnings ratio of -2.77. The firm's fifty day simple moving average is $15.38 and its 200 day simple moving average is $12.13.

Insider Activity

In related news, Director Yadin Rozov sold 105,000 shares of the firm'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 transaction, the director now owns 345,239 shares in the company, valued at $6,252,278.29. This trade represents a 23.32 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Todd M. Duchene sold 25,000 shares of Core Scientific stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $17.10, for a total transaction of $427,500.00. Following the completion of the transaction, the insider now directly owns 1,661,474 shares in the company, valued at $28,411,205.40. The trade was a 1.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 32.00% of the company's stock.

Institutional Investors Weigh In On Core Scientific

Institutional investors and hedge funds have recently made changes to their positions in the business. Banque Cantonale Vaudoise purchased a new stake in Core Scientific during the 2nd quarter valued at approximately $28,000. Sunbelt Securities Inc. purchased a new stake in shares of Core Scientific during the second quarter worth approximately $33,000. Rise Advisors LLC raised its stake in shares of Core Scientific by 14.3% during 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 during the last quarter. Divisadero Street Capital Management LP acquired a new stake in shares of Core Scientific during the second quarter worth $93,000. Finally, Arkadios Wealth Advisors purchased a new position in Core Scientific in the 3rd quarter valued at $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.