Core Scientific (NASDAQ:CORZ) Sets New 12-Month High – Time to Buy?

Core Scientific, Inc. (NASDAQ:CORZ)’s share price reached a new 52-week high on Thursday . The stock traded as high as $18.11 and last traded at $17.79, with a volume of 5163933 shares trading hands. The stock had previously closed at $17.26.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Needham & Company LLC increased their price objective on Core Scientific from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Canaccord Genuity Group started coverage on Core Scientific in a research note on Monday, September 23rd. They set a “buy” rating and a $16.00 price target on the stock. Sanford C. Bernstein reiterated an “outperform” rating and set a $17.00 target price on shares of Core Scientific in a report on Tuesday, September 10th. Cantor Fitzgerald restated an “overweight” rating and issued a $20.00 price target on shares of Core Scientific in a report on Thursday, October 3rd. Finally, Jefferies Financial Group initiated coverage on shares of Core Scientific in a report on Monday, October 28th. They issued a “buy” rating and a $19.00 target price for the company. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $18.38.

Core Scientific Stock Performance

The stock has a 50-day moving average price of $13.52 and a 200 day moving average price of $10.22.

Insiders Place Their Bets

In related news, insider Todd M. Duchene sold 25,000 shares of the stock in a transaction on Wednesday, November 20th. The stock was 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. This represents a 1.48 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jarrod M. Patten bought 5,021 shares of the stock in a transaction on Tuesday, September 3rd. The shares were acquired at an average cost of $9.68 per share, for a total transaction of $48,603.28. Following the purchase, the director now owns 285,760 shares in the company, valued at $2,766,156.80. The trade was a 1.79 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 12,761 shares of company stock worth $127,080. Company insiders own 32.00% of the company’s stock.

Institutional Trading of Core Scientific

Hedge funds have recently made changes to their positions in the company. Banque Cantonale Vaudoise purchased a new stake in shares of Core Scientific in the 2nd quarter valued at $28,000. Aspect Partners LLC acquired a new stake in shares of Core Scientific in the first quarter valued at $29,000. Sunbelt Securities Inc. purchased a new position in Core Scientific in the second quarter valued at $33,000. Rise Advisors LLC purchased a new stake in Core Scientific during the 2nd quarter worth about $65,000. Finally, Divisadero Street Capital Management LP acquired a new stake in Core Scientific in the 2nd quarter valued at about $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.