Core Scientific (NASDAQ:CORZ) Sets New 52-Week High – What’s Next?

Core Scientific, Inc. (NASDAQ:CORZ)’s share price hit a new 52-week high on Thursday . The stock traded as high as $27.70 and last traded at $27.20, with a volume of 16228489 shares. The stock had previously closed at $26.37.

Analysts Set New Price Targets

CORZ has been the topic of several research analyst reports. Canaccord Genuity Group set a $30.00 price objective on shares of Core Scientific in a research note on Friday, May 8th. Wall Street Zen raised shares of Core Scientific to a “sell” rating in a research note on Saturday, March 14th. LADENBURG THALM/SH SH reduced their target price on shares of Core Scientific from $24.50 to $23.75 and set a “buy” rating on the stock in a research report on Tuesday, March 3rd. Needham & Company LLC upped their target price on shares of Core Scientific from $23.00 to $29.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Finally, Cantor Fitzgerald upped their target price on shares of Core Scientific from $25.00 to $29.00 and gave the stock an “overweight” rating in a research report on Thursday, April 9th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $28.33.

Core Scientific Price Performance

The company’s 50-day moving average price is $20.43 and its 200-day moving average price is $18.01. The company has a market cap of $8.54 billion, a P/E ratio of -23.55 and a beta of 5.45.

Core Scientific (NASDAQ:CORZ) last issued 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 firm had revenue of $115.24 million for the quarter, compared to the consensus estimate of $117.04 million. During the same period last year, the company earned $1.25 earnings per share. The firm’s quarterly revenue was up 44.9% compared to the same quarter last year. On average, equities research analysts predict that Core Scientific, Inc. will post 0.16 EPS for the current year.

Insider Buying and Selling

In related news, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $26.25, for a total transaction of $262,500.00. Following the completion of the transaction, the insider owned 2,088,895 shares in the company, valued at approximately $54,833,493.75. This represents a 0.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 60,000 shares of company stock worth $1,195,900 in the last ninety days. Corporate insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Allworth Financial LP lifted its stake in Core Scientific by 206.5% in the third quarter. Allworth Financial LP now owns 1,410 shares of the company’s stock valued at $25,000 after acquiring an additional 950 shares during the last quarter. Larson Financial Group LLC lifted its stake in Core Scientific by 936.7% in the fourth quarter. Larson Financial Group LLC now owns 1,866 shares of the company’s stock valued at $27,000 after acquiring an additional 1,686 shares during the last quarter. Osaic Holdings Inc. lifted its stake 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 last quarter. Danske Bank A S acquired a new stake in shares of Core Scientific during the 4th quarter worth about $36,000. Finally, Russell Investments Group Ltd. lifted its stake in shares of Core Scientific by 61.9% during the 2nd quarter. Russell Investments Group Ltd. now owns 3,942 shares of the company’s stock worth $67,000 after buying an additional 1,507 shares during the last quarter.

Core Scientific Company Profile

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.