Core Scientific (NASDAQ:CORZ) Sees Strong Trading Volume - Should You Buy?

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) shares saw unusually-strong trading volume on Tuesday . Approximately 6,027,779 shares changed hands during mid-day trading, a decline of 30% from the previous session's volume of 8,563,722 shares.The stock last traded at $12.70 and had previously closed at $12.83.

Analyst Ratings Changes

Several equities analysts have recently issued reports on CORZ shares. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $16.00 price objective on shares of Core Scientific in a research note on Friday, October 11th. BTIG Research lifted their price target on shares of Core Scientific from $10.00 to $15.00 and gave the stock a "buy" rating in a research report on Wednesday, June 26th. B. Riley increased their price objective on Core Scientific from $13.00 to $14.00 and gave the company a "buy" rating in a research report on Friday, October 11th. Macquarie began coverage on Core Scientific in a research note on Wednesday, September 25th. They set an "outperform" rating and a $16.00 price objective for the company. Finally, HC Wainwright boosted their target price on Core Scientific from $11.00 to $15.00 and gave the stock a "buy" rating in a research report on Wednesday, July 10th. Eleven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $15.27.

Core Scientific Trading Up 6.9 %

The firm has a 50-day moving average of $11.32 and a two-hundred day moving average of $8.47.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its earnings results on Wednesday, August 7th. The company reported ($4.51) earnings per share 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 the consensus estimate of $128.58 million. The business's revenue was up 11.2% on a year-over-year basis. Equities analysts predict that Core Scientific, Inc. will post 0.01 EPS for the current fiscal year.

Insider Buying and Selling at Core Scientific

In other news, insider Todd M. Duchene sold 11,582 shares of the company's stock in a transaction on Friday, August 16th. The shares were sold at an average price of $9.41, for a total value of $108,986.62. Following the transaction, the insider now directly owns 1,686,474 shares of the company's stock, valued at approximately $15,869,720.34. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider Todd M. Duchene sold 11,582 shares of Core Scientific stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $9.41, for a total transaction of $108,986.62. Following the completion of the sale, the insider now directly owns 1,686,474 shares in the company, valued at $15,869,720.34. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Denise Marie Brucia Sterling sold 8,752 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $9.41, for a total value of $82,356.32. Following the completion of the transaction, the chief financial officer now owns 122,217 shares in the company, valued at $1,150,061.97. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have purchased 12,761 shares of company stock worth $127,080. 32.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. P Schoenfeld Asset Management LP bought a new stake in Core Scientific in the second quarter worth $4,185,000. Vanguard Group Inc. bought a new stake in shares of Core Scientific during the 1st quarter worth about $21,973,000. Hexagon Capital Partners LLC acquired a new position in shares of Core Scientific during the 1st quarter valued at about $34,000. Blair William & Co. IL bought a new position in shares of Core Scientific in the 1st quarter valued at approximately $1,156,000. Finally, DeepCurrents Investment Group LLC lifted its holdings in Core Scientific by 157.7% in the 2nd quarter. DeepCurrents Investment Group LLC now owns 255,162 shares of the company's stock worth $2,373,000 after purchasing an additional 156,162 shares during the last quarter.

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.