Core Scientific (NASDAQ:CORZ) Sees Large Volume Increase – Should You Buy?

Core Scientific, Inc. (NASDAQ:CORZ) saw unusually-strong trading volume on Thursday . Approximately 11,755,695 shares traded hands during mid-day trading, an increase of 5% from the previous session’s volume of 11,216,172 shares.The stock last traded at $8.00 and had previously closed at $7.63.

Analyst Ratings Changes

A number of research analysts have recently issued reports on CORZ shares. BTIG Research lifted their price target on Core Scientific from $19.00 to $20.00 and gave the company a “buy” rating in a report on Monday, December 16th. Compass Point reduced their target price on shares of Core Scientific from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, February 25th. Canaccord Genuity Group reiterated a “buy” rating and set a $17.00 price objective on shares of Core Scientific in a report on Wednesday, March 12th. Craig Hallum began coverage on Core Scientific in a research note on Tuesday, January 21st. They set a “buy” rating and a $24.00 target price on the stock. Finally, Cantor Fitzgerald decreased their price target on Core Scientific from $24.00 to $21.00 and set an “overweight” rating for the company in a research note on Thursday, February 27th. Fifteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Core Scientific presently has an average rating of “Buy” and an average price target of $19.07.

Core Scientific Price Performance

The firm’s fifty day moving average is $11.17 and its two-hundred day moving average is $13.13. The firm has a market cap of $2.30 billion, a price-to-earnings ratio of -1.44 and a beta of 6.83.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings results on Wednesday, February 26th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.09. The business had revenue of $94.93 million during the quarter, compared to the consensus estimate of $97.07 million. On average, equities analysts forecast that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

Insider Activity

In other Core Scientific news, insider Todd M. Duchene sold 129,861 shares of Core Scientific stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total transaction of $1,849,220.64. Following the transaction, the insider now owns 2,051,649 shares of the company’s stock, valued at $29,215,481.76. The trade was a 5.95 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Todd A. Becker sold 134,250 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $10.75, for a total transaction of $1,443,187.50. Following the transaction, the director now directly owns 195,687 shares in the company, valued at $2,103,635.25. The trade was a 40.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 748,282 shares of company stock worth $10,978,104 over the last 90 days. 32.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Core Scientific

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CORZ. Wellington Shields & Co. LLC bought a new stake in Core Scientific during the 4th quarter worth about $26,000. First Horizon Advisors Inc. bought a new stake in shares of Core Scientific during the fourth quarter valued at approximately $34,000. Newbridge Financial Services Group Inc. bought a new stake in shares of Core Scientific during the fourth quarter valued at approximately $42,000. Vestcor Inc bought a new position in Core Scientific in the 4th quarter worth approximately $66,000. Finally, US Bancorp DE acquired a new position in Core Scientific during the 4th quarter worth $99,000.

About Core Scientific

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.