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

Shares of Core Scientific, Inc. (NASDAQ:CORZ) gapped up before the market opened on Thursday . The stock had previously closed at $15.86, but opened at $16.49. Core Scientific shares last traded at $16.04, with a volume of 665,858 shares trading hands.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on CORZ shares. Macquarie boosted their target price on Core Scientific from $16.00 to $19.00 and gave the company an “outperform” rating in a research report on Thursday, November 14th. Canaccord Genuity Group initiated coverage on shares of Core Scientific in a report on Monday, September 23rd. They issued a “buy” rating and a $16.00 target price for the company. Canaccord Genuity Group reiterated a “buy” rating and set a $17.00 price target on shares of Core Scientific in a report on Thursday, November 7th. BTIG Research raised their price objective on shares of Core Scientific from $15.00 to $19.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $20.00 price objective on shares of Core Scientific in a research report on Thursday, October 3rd. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Core Scientific has a consensus rating of “Buy” and an average target price of $18.38.

Core Scientific Price Performance

The business has a 50-day moving average of $15.01 and a two-hundred day moving average of $11.59. The company has a market cap of $4.34 billion and a P/E ratio of -2.87.

Insider Activity

In other news, insider Todd M. Duchene sold 25,000 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $17.10, for a total transaction of $427,500.00. Following the sale, the insider now owns 1,661,474 shares in the company, valued at approximately $28,411,205.40. The trade was a 1.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Yadin Rozov sold 105,000 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $18.11, for a total transaction of $1,901,550.00. Following the completion of the transaction, the director now directly owns 345,239 shares of the company’s stock, valued at $6,252,278.29. The trade was a 23.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 32.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. P Schoenfeld Asset Management LP acquired a new stake in Core Scientific during the 2nd quarter worth about $4,185,000. Highland Peak Capital LLC raised its stake in shares of Core Scientific by 37.9% in the third quarter. Highland Peak Capital LLC now owns 413,584 shares of the company’s stock worth $4,905,000 after purchasing an additional 113,584 shares during the last quarter. Mirabella Financial Services LLP acquired a new stake in shares of Core Scientific during the third quarter worth about $18,383,000. Van ECK Associates Corp boosted its position in Core Scientific by 22.9% in the third quarter. Van ECK Associates Corp now owns 1,616,944 shares of the company’s stock valued at $19,177,000 after buying an additional 300,942 shares during the last quarter. Finally, DeepCurrents Investment Group LLC increased its holdings in Core Scientific by 157.7% in the 2nd quarter. DeepCurrents Investment Group LLC now owns 255,162 shares of the company’s stock worth $2,373,000 after buying an additional 156,162 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.