Core Scientific (NASDAQ:CORZ) Stock Price Up 10.8% – Time to Buy?

Core Scientific, Inc. (NASDAQ:CORZ) shares were up 10.8% during trading on Tuesday. The stock traded as high as $13.86 and last traded at $13.8560. 8,925,532 shares traded hands during trading, a decline of 30% from the average session volume of 12,774,271 shares. The stock had previously closed at $12.51.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on CORZ shares. Keefe, Bruyette & Woods raised 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. Cantor Fitzgerald reissued an “overweight” rating and set a $39.00 price target on shares of Core Scientific in a report on Wednesday, October 14th. Rothschild & Co Redburn started coverage on Core Scientific in a research report on Monday, September 21st. They set a “neutral” rating and a $16.00 price objective for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Core Scientific in a research note on Thursday, October 15th. Finally, Wolfe Research reaffirmed a “buy” rating on shares of Core Scientific in a research note on Wednesday, July 29th. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $31.28.

Core Scientific Stock Up 10.5%

The stock’s 50-day simple moving average is $16.08 and its 200 day simple moving average is $19.60. The firm has a market cap of $4.44 billion, a P/E ratio of -3.13 and a beta of 5.49.

Insiders Place Their Bets

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the firm’s stock in a transaction on Monday, October 19th. The shares were sold at an average price of $13.87, for a total value of $138,700.00. Following the transaction, the insider directly owned 1,143,286 shares of the company’s stock, valued at approximately $15,857,376.82. This trade represents a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Eric Weiss acquired 7,000 shares of the firm’s stock in a transaction on Tuesday, August 18th. The shares were bought at an average cost of $19.19 per share, with a total value of $134,330.00. Following the completion of the acquisition, the director directly owned 259,262 shares in the company, valued at approximately $4,975,237.78. This represents a 2.77% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders have purchased 19,000 shares of company stock worth $342,290 and have sold 90,000 shares worth $1,500,800. 1.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Core Scientific

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Parallel Advisors LLC grew its stake in Core Scientific by 125.0% in the 3rd quarter. Parallel Advisors LLC now owns 1,800 shares of the company’s stock valued at $29,000 after purchasing an additional 1,000 shares during the period. Covestor Ltd grew its position in Core Scientific by 75.3% during the third quarter. Covestor Ltd now owns 116,647 shares of the company’s stock valued at $1,864,000 after buying an additional 50,100 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Core Scientific during the third quarter worth about $42,000. Partners Wealth Management LLC purchased a new stake in Core Scientific during the third quarter worth about $317,000. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its position in Core Scientific by 5,468.6% in the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 389,800 shares of the company’s stock worth $6,229,000 after acquiring an additional 382,800 shares during the period.

About Core Scientific

Core Scientific, Inc is a digital infrastructure company that develops and operates data centers for high-performance computing. The company has historically focused on bitcoin mining, using specialized computing equipment and supporting infrastructure to validate transactions on the Bitcoin network. It also provides hosting and infrastructure services for other digital asset miners.

Core Scientific is expanding its business toward hosting high-performance computing and artificial intelligence workloads.