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

Shares of Core Scientific, Inc. (NASDAQ:CORZ) reached a new 52-week high on Friday . The stock 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.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CORZ. Keefe, Bruyette & Woods raised their price target on Core Scientific from $19.00 to $25.00 and gave the stock a “moderate buy” rating in a research note on Tuesday, January 27th. Weiss Ratings restated a “sell (d-)” rating on shares of Core Scientific in a research note on Monday, April 20th. HC Wainwright restated a “buy” rating and issued a $25.00 price target on shares of Core Scientific in a research note on Tuesday, March 3rd. Canaccord Genuity Group set a $30.00 target price on Core Scientific in a report on Friday, May 8th. Finally, LADENBURG THALM/SH SH decreased their target price on Core Scientific from $24.50 to $23.75 and set a “buy” rating on the stock in a report on Tuesday, March 3rd. One 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 issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $28.14.

Core Scientific Price Performance

The company has a 50-day simple moving average of $19.23 and a 200-day simple moving average of $17.77. The firm has a market cap of $8.04 billion, a PE ratio of -22.21 and a beta of 5.45.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($1.06) earnings per share 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 analysts’ expectations of $117.04 million. The business’s quarterly revenue was up 44.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.25 earnings per share. As a group, equities research analysts predict that Core Scientific, Inc. will post 0.11 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Todd M. Duchene sold 10,000 shares of the 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 sale, the insider directly owned 1,980,348 shares of the company’s stock, valued at $41,310,059.28. This represents a 0.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold 50,000 shares of company stock valued at $933,400 over the last 90 days. 1.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Bank of America Corp DE grew its stake in shares of Core Scientific by 412.5% in the 1st quarter. Bank of America Corp DE now owns 4,806,363 shares of the company’s stock valued at $71,903,000 after buying an additional 3,868,535 shares during the period. Anson Funds Management LP purchased a new stake in shares of Core Scientific in the 1st quarter valued at approximately $4,578,000. Amundi purchased a new stake in shares of Core Scientific in the 1st quarter valued at approximately $153,000. California State Teachers Retirement System grew its stake in shares of Core Scientific by 22.1% in the 1st quarter. California State Teachers Retirement System now owns 288,936 shares of the company’s stock valued at $4,322,000 after buying an additional 52,260 shares during the period. Finally, Royal Bank of Canada grew its stake in shares of Core Scientific by 62.6% in the 1st quarter. Royal Bank of Canada now owns 94,838 shares of the company’s stock valued at $1,419,000 after buying an additional 36,517 shares during the period.

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.