Core Scientific (NASDAQ:CORZ) Shares Gap Up – Still a Buy?

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $16.47, but opened at $17.08. Core Scientific shares last traded at $16.95, with a volume of 2,931,865 shares changing hands.

Analyst Ratings Changes

Several analysts have weighed in on the stock. B. Riley upped their price objective on shares of Core Scientific from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Roth Capital raised shares of Core Scientific to a “strong-buy” rating in a report on Thursday, November 14th. Canaccord Genuity Group reiterated a “buy” rating and set a $17.00 target price on shares of Core Scientific in a research report on Thursday, November 7th. Sanford C. Bernstein reissued an “outperform” rating and set a $17.00 price target on shares of Core Scientific in a research note on Tuesday, September 10th. Finally, Macquarie boosted their price objective on shares of Core Scientific from $16.00 to $19.00 and gave the stock an “outperform” rating in a research report on Thursday, November 14th. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Core Scientific currently has an average rating of “Buy” and a consensus target price of $18.38.

Core Scientific Stock Up 1.7 %

The business has a fifty day moving average of $13.38 and a 200 day moving average of $10.17. The firm has a market cap of $4.90 billion and a P/E ratio of -3.19.

Insider Transactions at Core Scientific

In other Core Scientific news, Director Jarrod M. Patten bought 5,021 shares of Core Scientific stock in a transaction on Tuesday, September 3rd. The shares were purchased at an average cost of $9.68 per share, for a total transaction of $48,603.28. Following the completion of the acquisition, the director now owns 285,760 shares in the company, valued at approximately $2,766,156.80. The trade was a 1.79 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Todd M. Duchene sold 25,000 shares of the business’s stock in a transaction dated 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 transaction, the insider now directly owns 1,661,474 shares of the company’s stock, valued at approximately $28,411,205.40. The trade was a 1.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders purchased 12,761 shares of company stock worth $127,080. 32.00% of the stock is currently owned by company insiders.

Institutional Trading of Core Scientific

Several hedge funds have recently bought and sold shares of CORZ. ORG Wealth Partners LLC acquired a new position in Core Scientific in the 3rd quarter worth $106,266,000. Vanguard Group Inc. acquired a new stake in Core Scientific in the 1st quarter valued at approximately $21,973,000. Parsifal Capital Management LP boosted its position in Core Scientific by 3.9% during the 3rd quarter. Parsifal Capital Management LP now owns 5,412,825 shares of the company’s stock worth $64,196,000 after acquiring an additional 204,314 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Core Scientific by 26.7% during the 3rd quarter. Geode Capital Management LLC now owns 5,276,573 shares of the company’s stock worth $62,594,000 after acquiring an additional 1,113,285 shares in the last quarter. Finally, State Street Corp raised its holdings in shares of Core Scientific by 17.0% in the third quarter. State Street Corp now owns 4,006,922 shares of the company’s stock valued at $47,522,000 after purchasing an additional 583,493 shares during the last quarter.

About Core Scientific

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.