Core Scientific (NASDAQ:CORZ) Stock Price Up 7.9% - Time to Buy?

Key Points

• Core Scientific's stock experienced a significant increase of 7.9%, reaching a last traded price of $15.68, reflecting a strong interest from investors.
• Analysts have mixed views on the stock, with a consensus rating of "Hold" and a price target averaging $18.39, indicating potential for growth despite varying ratings from different firms.
• Core Scientific reported revenue of $78.63 million in its last quarter, which was down 44.3% year-over-year, highlighting challenges in its business despite an earnings per share figure that exceeded expectations.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report)'s share price rose 7.9% during mid-day trading on Wednesday . The company traded as high as $16.08 and last traded at $15.68. Approximately 13,818,831 shares were traded during mid-day trading, a decline of 15% from the average daily volume of 16,228,722 shares. The stock had previously closed at $14.53.

Wall Street Analyst Weigh In

CORZ has been the topic of a number of research analyst reports. BTIG Research cut shares of Core Scientific from a "strong-buy" rating to a "hold" rating and set a $20.00 price target on the stock. in a research note on Monday, July 7th. Jefferies Financial Group lifted their price target on shares of Core Scientific from $16.00 to $22.00 and gave the company a "buy" rating in a research note on Monday, August 18th. Canaccord Genuity Group reissued a "buy" rating and issued a $17.00 price target on shares of Core Scientific in a research note on Friday, June 27th. Arete Research upgraded Core Scientific to a "strong-buy" rating in a report on Tuesday, July 22nd. Finally, B. Riley lowered Core Scientific from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 9th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $18.39.

Core Scientific Trading Up 2.9%

The business has a fifty day simple moving average of $13.96 and a two-hundred day simple moving average of $11.35. The company has a market cap of $4.98 billion, a PE ratio of -29.14 and a beta of 6.59.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its quarterly earnings results on Friday, August 8th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.03. The company had revenue of $78.63 million for the quarter, compared to analysts' expectations of $82.09 million. The company's revenue was down 44.3% on a year-over-year basis. Equities analysts expect that Core Scientific, Inc. will post 0.52 EPS for the current year.

Insider Activity at Core Scientific

In other news, insider Todd M. Duchene sold 7,759 shares of Core Scientific stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $12.39, for a total transaction of $96,134.01. Following the transaction, the insider owned 2,049,689 shares in the company, valued at $25,395,646.71. The trade was a 0.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Oppenheimer Asset Management Inc. raised its holdings in Core Scientific by 229.9% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 37,501 shares of the company's stock valued at $272,000 after buying an additional 26,135 shares during the period. Summit Trail Advisors LLC purchased a new stake in Core Scientific in the 1st quarter valued at about $357,000. Deutsche Bank AG raised its holdings in Core Scientific by 53.8% in the 4th quarter. Deutsche Bank AG now owns 165,032 shares of the company's stock valued at $2,319,000 after buying an additional 57,742 shares during the period. Anson Funds Management LP purchased a new stake in Core Scientific in the 1st quarter valued at about $689,000. Finally, Millennium Management LLC purchased a new stake in Core Scientific in the 4th quarter valued at about $1,335,000.

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.