Core Scientific (NASDAQ:CORZ) Trading 5.8% Higher - Time to Buy?

Shares of Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) traded up 5.8% during mid-day trading on Monday . The stock traded as high as $13.41 and last traded at $13.24. 11,490,967 shares changed hands during mid-day trading, a decline of 18% from the average session volume of 13,972,537 shares. The stock had previously closed at $12.51.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. JMP Securities reaffirmed a "market perform" rating and issued a $15.00 price objective on shares of Core Scientific in a research note on Monday. Macquarie lowered shares of Core Scientific from a "strong-buy" rating to a "hold" rating and set a $15.00 price objective for the company. in a research note on Thursday, July 10th. Roth Capital reaffirmed a "neutral" rating and issued a $20.00 price objective on shares of Core Scientific in a research note on Tuesday, July 8th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $17.00 price objective on shares of Core Scientific in a research note on Friday, June 27th. Finally, B. Riley lowered shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 9th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $18.22.

Core Scientific Trading Up 1.2%

The firm's fifty day moving average price is $12.51 and its 200-day moving average price is $11.11. The company has a market cap of $4.15 billion, a P/E ratio of -2.77 and a beta of 6.71.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.02. The company had revenue of $79.53 million for the quarter, compared to the consensus estimate of $92.04 million. During the same quarter in the previous year, the firm posted $0.78 EPS. The business's revenue for the quarter was down 55.6% compared to the same quarter last year. As a group, research analysts forecast that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

Insider Transactions at Core Scientific

In related news, insider Todd M. Duchene sold 7,759 shares of the company's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $12.39, for a total value of $96,134.01. Following the sale, the insider owned 2,049,689 shares of the company's stock, valued at $25,395,646.71. The trade was a 0.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Yadin Rozov bought 110,000 shares of the stock in a transaction that occurred on Wednesday, May 28th. The stock was acquired at an average cost of $10.87 per share, for a total transaction of $1,195,700.00. Following the purchase, the director owned 475,687 shares of the company's stock, valued at $5,170,717.69. This trade represents a 30.08% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders sold 117,759 shares of company stock worth $1,391,434. 1.40% of the stock is currently owned by insiders.

Institutional Trading of Core Scientific

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Perigon Wealth Management LLC increased its stake in Core Scientific by 14.2% in the second quarter. Perigon Wealth Management LLC now owns 117,574 shares of the company's stock valued at $2,007,000 after acquiring an additional 14,644 shares during the period. Heritage Oak Wealth Advisors LLC increased its stake in Core Scientific by 2.4% in the second quarter. Heritage Oak Wealth Advisors LLC now owns 753,846 shares of the company's stock valued at $12,868,000 after acquiring an additional 17,709 shares during the period. Wealth Management Partners LLC acquired a new position in Core Scientific in the second quarter valued at about $217,000. Farther Finance Advisors LLC acquired a new position in Core Scientific in the second quarter valued at about $65,000. Finally, Harbor Capital Advisors Inc. boosted its position in Core Scientific by 45.2% in the second quarter. Harbor Capital Advisors Inc. now owns 242,786 shares of the company's stock valued at $4,144,000 after buying an additional 75,602 shares in the last quarter.

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.