Core Scientific (NASDAQ:CORZ) Sets New 52-Week High – Still a Buy?

Core Scientific, Inc. (NASDAQ:CORZ) hit a new 52-week high on Wednesday . The stock traded as high as $18.63 and last traded at $17.12, with a volume of 13614323 shares traded. The stock had previously closed at $18.11.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Roth Mkm assumed coverage on Core Scientific in a research report on Friday, November 15th. They set a “buy” rating and a $25.50 target price on the stock. BTIG Research raised their target price on Core Scientific from $15.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Canaccord Genuity Group reissued a “buy” rating and set a $17.00 target price on shares of Core Scientific in a research report on Thursday, November 7th. Jefferies Financial Group initiated coverage on Core Scientific in a research report on Monday, October 28th. They set a “buy” rating and a $19.00 target price on the stock. Finally, Needham & Company LLC lifted their price target on Core Scientific from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $18.38.

Core Scientific Stock Down 5.5 %

The firm has a market cap of $4.78 billion and a price-to-earnings ratio of -3.35. The stock has a fifty day moving average price of $13.80 and a 200-day moving average price of $10.52.

Insider Activity

In related news, Director Yadin Rozov sold 105,000 shares of Core Scientific stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $18.11, for a total value of $1,901,550.00. Following the sale, the director now directly owns 345,239 shares in the company, valued at $6,252,278.29. The trade was a 23.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Todd M. Duchene sold 25,000 shares of Core Scientific stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $17.10, for a total value of $427,500.00. Following the completion of the sale, the insider now owns 1,661,474 shares in the company, valued at approximately $28,411,205.40. This trade represents a 1.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 8,761 shares of company stock valued at $88,280.

Institutional Trading of Core Scientific

Institutional investors have recently modified their holdings of the business. Banque Cantonale Vaudoise purchased a new stake in shares of Core Scientific in the second quarter valued at approximately $28,000. Sunbelt Securities Inc. purchased a new stake in Core Scientific during the second quarter worth $33,000. Rise Advisors LLC purchased a new stake in Core Scientific during the second quarter worth $65,000. Aspect Partners LLC purchased a new stake in Core Scientific during the first quarter worth $29,000. Finally, Divisadero Street Capital Management LP purchased a new stake in Core Scientific during the second quarter worth $93,000.

Core Scientific Company Profile

Core Scientific, Inc provides digital asset mining services in North America. It operates through two segments, Mining and Hosting. The company offers blockchain infrastructure, software solutions, and services; and operates data center mining facilities. It also mines digital assets for its own account; and provides hosting services for other large bitcoin miners, which include deployment, monitoring, trouble shooting, optimization, and maintenance of its customers' digital asset mining equipment.