Core Scientific (NASDAQ:CORZ) Shares Gap Up – Should You Buy?

Core Scientific, Inc. (NASDAQ:CORZ)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $19.44, but opened at $20.29. Core Scientific shares last traded at $20.3560, with a volume of 1,234,152 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Wolfe Research restated a “buy” rating on shares of Core Scientific in a research note on Wednesday, July 29th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Core Scientific in a research note on Friday, July 17th. Jefferies Financial Group boosted their price objective on Core Scientific from $24.00 to $37.00 and gave the company a “buy” rating in a report on Thursday, May 14th. Canaccord Genuity Group increased their target price on Core Scientific from $30.00 to $36.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods upgraded Core Scientific from a “market perform” rating to an “outperform” rating and raised their target price for the company from $25.00 to $28.00 in a report on Thursday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $32.18.

Core Scientific Stock Performance

The stock has a market capitalization of $6.71 billion, a PE ratio of -4.72 and a beta of 5.59. The firm’s 50 day moving average is $24.06 and its two-hundred day moving average is $21.00.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings results on Tuesday, July 28th. The company reported ($3.32) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The business had revenue of $164.20 million during the quarter, compared to the consensus estimate of $144.83 million. On average, analysts anticipate that Core Scientific, Inc. will post -1.36 EPS for the current year.

Insider Buying and Selling at Core Scientific

In related news, insider Todd M. Duchene sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $19.97, for a total value of $199,700.00. Following the sale, the insider owned 1,969,101 shares of the company’s stock, valued at $39,322,946.97. This trade represents a 0.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 100,000 shares of company stock worth $2,448,300 in the last 90 days. 1.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Core Scientific

Large investors have recently modified their holdings of the company. Allworth Financial LP lifted its position in shares of Core Scientific by 206.5% during the 3rd quarter. Allworth Financial LP now owns 1,410 shares of the company’s stock worth $25,000 after purchasing an additional 950 shares during the last quarter. Larson Financial Group LLC increased its holdings 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 buying an additional 1,686 shares during the last quarter. Osaic Holdings Inc. raised its stake in Core Scientific by 112.1% in the second quarter. Osaic Holdings Inc. now owns 2,017 shares of the company’s stock valued at $34,000 after buying an additional 1,066 shares in the last quarter. Danske Bank A S acquired a new stake in Core Scientific in the fourth quarter valued at $36,000. Finally, CoreCap Advisors LLC purchased a new stake in Core Scientific during the 2nd quarter worth about $36,000.

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.