Core Scientific (NASDAQ:CORZ) Hits New 1-Year High – Should You Buy?

Shares of Core Scientific, Inc. (NASDAQ:CORZ) reached a new 52-week high during trading on Thursday . The company traded as high as $20.18 and last traded at $19.94, with a volume of 18558176 shares. The stock had previously closed at $18.94.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CORZ. Needham & Company LLC cut shares of Core Scientific from a “moderate buy” rating to a “hold” rating and set a $18.00 target price for the company. in a report on Thursday, July 10th. Jefferies Financial Group upped their price objective on 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 reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Core Scientific in a research note on Friday, June 27th. BTIG Research downgraded Core Scientific from a “strong-buy” rating to a “hold” rating and set a $20.00 price objective for the company. in a research note on Monday, July 7th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Core Scientific in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $18.71.

Core Scientific Stock Up 5.3%

The business’s 50 day moving average is $15.79 and its two-hundred day moving average is $12.71. The firm has a market cap of $6.13 billion, a P/E ratio of -35.61 and a beta of 6.58.

Core Scientific (NASDAQ:CORZ) last announced its earnings results on Friday, August 8th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.03. The firm had revenue of $78.63 million for the quarter, compared to the consensus estimate of $82.09 million. Core Scientific’s revenue was down 44.3% compared to the same quarter last year. Equities research analysts anticipate that Core Scientific, Inc. will post 0.52 EPS for the current year.

Institutional Trading of Core Scientific

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of Core Scientific by 6.2% during the 1st quarter. Vanguard Group Inc. now owns 20,578,100 shares of the company’s stock worth $148,985,000 after buying an additional 1,199,448 shares during the period. Situational Awareness LP grew its position in shares of Core Scientific by 76.8% during the 2nd quarter. Situational Awareness LP now owns 7,994,038 shares of the company’s stock worth $136,458,000 after buying an additional 3,472,460 shares during the period. Geode Capital Management LLC grew its position in shares of Core Scientific by 26.2% during the 2nd quarter. Geode Capital Management LLC now owns 7,371,211 shares of the company’s stock worth $125,842,000 after buying an additional 1,530,466 shares during the period. State Street Corp grew its position in shares of Core Scientific by 23.2% during the 2nd quarter. State Street Corp now owns 6,517,898 shares of the company’s stock worth $111,261,000 after buying an additional 1,225,351 shares during the period. Finally, Fred Alger Management LLC grew its position in shares of Core Scientific by 46.7% during the 1st quarter. Fred Alger Management LLC now owns 6,473,552 shares of the company’s stock worth $46,869,000 after buying an additional 2,059,985 shares during the period.

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.