Core Scientific (NASDAQ:CORZ) Hits New 52-Week High – Time to Buy?

Core Scientific, Inc. (NASDAQ:CORZ) shares hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $25.55 and last traded at $25.5050, with a volume of 3229907 shares trading hands. The stock had previously closed at $24.82.

Wall Street Analysts Forecast Growth

CORZ has been the subject of several analyst reports. Needham & Company LLC boosted their price target on shares of Core Scientific from $23.00 to $29.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Canaccord Genuity Group set a $30.00 price target on shares of Core Scientific in a report on Friday, May 8th. LADENBURG THALM/SH SH reduced their price target on shares of Core Scientific from $24.50 to $23.75 and set a “buy” rating for the company in a report on Tuesday, March 3rd. Wall Street Zen raised shares of Core Scientific to a “sell” rating in a report on Saturday, March 14th. Finally, HC Wainwright reissued a “buy” rating and set a $25.00 price target on shares of Core Scientific in a report on Tuesday, March 3rd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have assigned 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 Stock Up 1.8%

The business’s 50 day moving average is $19.41 and its two-hundred day moving average is $17.82. The firm has a market capitalization of $8.03 billion, a P/E ratio of -22.16 and a beta of 5.45.

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

Insider Buying and Selling

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the business’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $20.86, for a total value of $208,600.00. Following the sale, the insider directly 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 50,000 shares of company stock valued at $933,400 in the last quarter. 1.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Core Scientific

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Segall Bryant & Hamill LLC raised its position in Core Scientific by 108.2% in the first quarter. Segall Bryant & Hamill LLC now owns 2,305,498 shares of the company’s stock worth $34,490,000 after acquiring an additional 1,198,020 shares in the last quarter. Bank of America Corp DE raised its position in Core Scientific by 412.5% in the first quarter. Bank of America Corp DE now owns 4,806,363 shares of the company’s stock worth $71,903,000 after acquiring an additional 3,868,535 shares in the last quarter. Anson Funds Management LP bought a new stake in Core Scientific in the first quarter worth about $4,578,000. Amundi bought a new stake in Core Scientific in the first quarter worth about $153,000. Finally, California State Teachers Retirement System raised its position in Core Scientific by 22.1% in the first quarter. California State Teachers Retirement System now owns 288,936 shares of the company’s stock worth $4,322,000 after acquiring an additional 52,260 shares in the last quarter.

About Core Scientific

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.