Core Scientific (NASDAQ:CORZ) Reaches New 52-Week High – Should You Buy?

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price reached a new 52-week high on Friday . The company traded as high as $25.55 and last traded at $25.5050, with a volume of 3229907 shares. The stock had previously closed at $24.82.

Analysts Set New Price Targets

CORZ has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods increased their price objective on shares of Core Scientific from $19.00 to $25.00 and gave the stock a “moderate buy” rating in a research report on Tuesday, January 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of Core Scientific in a research report on Monday, April 20th. HC Wainwright reissued a “buy” rating and issued a $25.00 price target on shares of Core Scientific in a research report on Tuesday, March 3rd. Jefferies Financial Group raised their price target on shares of Core Scientific from $24.00 to $37.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. Finally, Cantor Fitzgerald raised their price target on shares of Core Scientific from $25.00 to $29.00 and gave the company an “overweight” rating in a research report on Thursday, April 9th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $28.14.

Core Scientific Price Performance

The company has a market capitalization of $8.04 billion, a price-to-earnings ratio of -22.21 and a beta of 5.45. The business’s 50 day simple moving average is $19.23 and its 200 day simple moving average is $17.77.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($1.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($1.04). The business had revenue of $115.24 million for the quarter, compared to the consensus estimate of $117.04 million. The business’s revenue for the quarter was up 44.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.25 EPS. As a group, analysts expect that Core Scientific, Inc. will post 0.11 EPS for the current fiscal year.

Insider Buying and Selling

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of Core Scientific stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $20.86, for a total transaction of $208,600.00. Following the completion of the transaction, the insider owned 1,980,348 shares in the company, valued at approximately $41,310,059.28. The trade was a 0.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold a total of 50,000 shares of company stock worth $933,400 over the last quarter. 1.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Core Scientific

A number of institutional investors have recently modified their holdings of CORZ. Bank of America Corp DE increased its position in Core Scientific by 412.5% during the first quarter. Bank of America Corp DE now owns 4,806,363 shares of the company’s stock worth $71,903,000 after purchasing an additional 3,868,535 shares during the last quarter. Anson Funds Management LP acquired a new position in Core Scientific during the first quarter worth approximately $4,578,000. Amundi acquired a new position in Core Scientific during the first quarter worth approximately $153,000. California State Teachers Retirement System increased its position in Core Scientific by 22.1% during the first quarter. California State Teachers Retirement System now owns 288,936 shares of the company’s stock worth $4,322,000 after purchasing an additional 52,260 shares during the last quarter. Finally, Royal Bank of Canada increased its position in Core Scientific by 62.6% during the first quarter. Royal Bank of Canada now owns 94,838 shares of the company’s stock worth $1,419,000 after purchasing an additional 36,517 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.