Core Scientific (NASDAQ:CORZ) Sets New 52-Week High – Still a Buy?

Core Scientific, Inc. (NASDAQ:CORZ) reached a new 52-week high during trading on Wednesday . The stock traded as high as $18.63 and last traded at $17.12, with a volume of 13614323 shares trading hands. The stock had previously closed at $18.11.

Analyst Upgrades and Downgrades

Several research analysts recently commented on CORZ shares. Roth Capital raised Core Scientific to a “strong-buy” rating in a research note on Thursday, November 14th. Needham & Company LLC raised their target price on Core Scientific from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Compass Point raised their target price on Core Scientific from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $20.00 target price on shares of Core Scientific in a research note on Thursday, October 3rd. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $17.00 target price on shares of Core Scientific in a research note on Tuesday, September 10th. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Core Scientific presently has an average rating of “Buy” and an average target price of $18.38.

Core Scientific Trading Down 5.5 %

The business has a fifty day moving average of $13.80 and a 200 day moving average of $10.52. The company has a market capitalization of $4.78 billion and a PE ratio of -3.35.

Insider Activity at Core Scientific

In other news, Director Jarrod M. Patten bought 5,021 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was bought at an average cost of $9.68 per share, for a total transaction of $48,603.28. Following the acquisition, the director now directly owns 285,760 shares of the company’s stock, valued at $2,766,156.80. The trade was a 1.79 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Yadin Rozov sold 105,000 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $18.11, for a total value of $1,901,550.00. Following the transaction, the director now owns 345,239 shares of the company’s stock, valued at $6,252,278.29. This trade represents a 23.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders bought 8,761 shares of company stock worth $88,280 in the last three months.

Hedge Funds Weigh In On Core Scientific

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Banque Cantonale Vaudoise purchased a new position in shares of Core Scientific in the 2nd quarter valued at about $28,000. Aspect Partners LLC purchased a new position in shares of Core Scientific in the 1st quarter valued at about $29,000. Sunbelt Securities Inc. purchased a new position in shares of Core Scientific in the 2nd quarter valued at about $33,000. Rise Advisors LLC purchased a new position in shares of Core Scientific in the 2nd quarter valued at about $65,000. Finally, Divisadero Street Capital Management LP purchased a new position in shares of Core Scientific in the 2nd quarter valued at about $93,000.

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.