Core Scientific (NASDAQ:CORZ) Trading Up 8% – Time to Buy?

Shares of Core Scientific, Inc. (NASDAQ:CORZ) were up 8% during mid-day trading on Tuesday . The stock traded as high as $8.63 and last traded at $8.65. Approximately 14,185,823 shares traded hands during mid-day trading, an increase of 33% from the average daily volume of 10,698,604 shares. The stock had previously closed at $8.01.

Analyst Ratings Changes

A number of brokerages recently commented on CORZ. Compass Point decreased their price target on Core Scientific from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, February 25th. Keefe, Bruyette & Woods started coverage on Core Scientific in a research report on Monday, January 27th. They set an “outperform” rating and a $22.00 target price for the company. Macquarie boosted their price target on shares of Core Scientific from $16.00 to $19.00 and gave the stock an “outperform” rating in a report on Thursday, November 14th. Craig Hallum assumed coverage on shares of Core Scientific in a report on Tuesday, January 21st. They set a “buy” rating and a $24.00 price objective for the company. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $17.00 target price on shares of Core Scientific in a research note on Thursday, February 27th. Fifteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $19.07.

Core Scientific Stock Performance

The company’s 50 day simple moving average is $12.53 and its 200-day simple moving average is $13.29. The firm has a market capitalization of $2.54 billion, a PE ratio of -1.60 and a beta of 6.83.

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

Insider Buying and Selling

In related news, Director Jordan Levy bought 62,500 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The stock was bought at an average cost of $8.01 per share, for a total transaction of $500,625.00. Following the completion of the transaction, the director now owns 306,887 shares of the company’s stock, valued at approximately $2,458,164.87. The trade was a 25.57 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Todd M. Duchene sold 129,861 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $14.24, for a total value of $1,849,220.64. Following the sale, the insider now owns 2,051,649 shares in the company, valued at $29,215,481.76. The trade was a 5.95 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 748,282 shares of company stock worth $10,978,104. Insiders own 32.00% of the company’s stock.

Institutional Investors Weigh In On Core Scientific

A number of hedge funds have recently made changes to their positions in the business. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Core Scientific during the fourth quarter worth about $8,827,000. Neo Ivy Capital Management raised its position in Core Scientific by 731.2% during the 4th quarter. Neo Ivy Capital Management now owns 135,642 shares of the company’s stock valued at $1,905,000 after purchasing an additional 119,324 shares during the last quarter. Two Seas Capital LP lifted its holdings in Core Scientific by 9.2% in the 4th quarter. Two Seas Capital LP now owns 6,232,888 shares of the company’s stock worth $87,572,000 after buying an additional 527,097 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Core Scientific by 76.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 394,999 shares of the company’s stock worth $5,550,000 after buying an additional 171,461 shares during the last quarter. Finally, Voloridge Investment Management LLC increased its stake in shares of Core Scientific by 4.5% during the fourth quarter. Voloridge Investment Management LLC now owns 4,048,932 shares of the company’s stock valued at $56,887,000 after buying an additional 175,587 shares during the period.

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.