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

Key Points

• Core Scientific hit a new 52-week high, trading as high as $24.35 (last $23.8550) on volume of 6,466,547 shares and a market capitalization of about $7.62 billion.
• Analysts have a consensus “Moderate Buy” with an average price target of $25.07 (rating mix: 1 Strong Buy, 15 Buy, 3 Hold, 2 Sell), with several firms recently reaffirming or raising targets.
• Fundamentals are mixed: the company reported an EPS beat of $0.42 but revenue missed at $79.8M (vs. $118.5M estimated) and was down 16% YoY; insiders sold about 40,000 shares over the past three months amid notable institutional buying.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $24.35 and last traded at $23.8550, with a volume of 6466547 shares traded. The stock had previously closed at $22.19.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Core Scientific in a research note on Monday, April 20th. Wall Street Zen upgraded shares of Core Scientific to a "sell" rating in a report on Saturday, March 14th. HC Wainwright reaffirmed a "buy" rating and issued a $25.00 target price on shares of Core Scientific in a research note on Tuesday, March 3rd. Needham & Company LLC upgraded shares of Core Scientific from a "hold" rating to a "buy" rating and set a $23.00 target price on the stock in a report on Tuesday, March 3rd. Finally, Canaccord Genuity Group lifted their price target on shares of Core Scientific from $17.00 to $20.00 and gave the stock a "buy" rating in a research report on Wednesday, March 4th. One 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 issued a Sell rating to the company. According to MarketBeat.com, Core Scientific presently has a consensus rating of "Moderate Buy" and an average price target of $25.07.

Core Scientific Stock Performance

The firm's fifty day simple moving average is $17.51 and its 200 day simple moving average is $17.43. The stock has a market capitalization of $7.62 billion, a price-to-earnings ratio of 20.66 and a beta of 5.45.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings results on Monday, March 2nd. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.69. The company had revenue of $79.76 million during the quarter, compared to analyst estimates of $118.45 million. During the same quarter last year, the company earned ($0.69) EPS. The firm's quarterly revenue was down 16.0% compared to the same quarter last year. Analysts forecast that Core Scientific, Inc. will post 0.07 earnings per share for the current year.

Insider Transactions at Core Scientific

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $20.94, for a total transaction of $209,400.00. Following the completion of the transaction, the insider owned 1,990,348 shares in the company, valued at approximately $41,677,887.12. This represents a 0.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last three months, insiders sold 40,000 shares of company stock worth $724,800. 1.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CORZ. Helium Advisors LLC acquired a new stake in Core Scientific in the 1st quarter valued at approximately $508,000. Principal Financial Group Inc. boosted its position in Core Scientific by 19.4% during the 1st quarter. Principal Financial Group Inc. now owns 19,572 shares of the company's stock worth $293,000 after acquiring an additional 3,185 shares during the last quarter. Fifth Third Bancorp acquired a new position in Core Scientific during the 1st quarter worth approximately $59,802,000. Hsbc Holdings PLC bought a new position in shares of Core Scientific during the 1st quarter worth approximately $533,000. Finally, Capelight Capital Asset Management LP raised its holdings in shares of Core Scientific by 1,233.3% in the first quarter. Capelight Capital Asset Management LP now owns 600,000 shares of the company's stock valued at $8,976,000 after purchasing an additional 555,000 shares during the last quarter.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.