Core Scientific (NASDAQ:CORZ) Coverage Initiated by Analysts at Canaccord Genuity Group

Canaccord Genuity Group started coverage on shares of Core Scientific (NASDAQ:CORZ) in a research note published on Monday, Briefing.com reports. The firm issued a buy rating and a $16.00 price target on the stock.

Several other research analysts also recently weighed in on the stock. LADENBURG THALM/SH SH restated a buy rating and issued a $14.50 target price on shares of Core Scientific in a research note on Tuesday, July 2nd. HC Wainwright upped their price target on shares of Core Scientific from $11.00 to $15.00 and gave the company a buy rating in a report on Wednesday, July 10th. Sanford C. Bernstein reaffirmed an outperform rating and issued a $17.00 price target on shares of Core Scientific in a report on Tuesday, September 10th. BTIG Research upped their price target on shares of Core Scientific from $10.00 to $15.00 and gave the company a buy rating in a report on Wednesday, June 26th. Finally, Needham & Company LLC started coverage on shares of Core Scientific in a report on Wednesday, September 4th. They issued a buy rating and a $16.00 price target on the stock. Ten analysts have rated the stock with a buy rating, According to MarketBeat.com, Core Scientific presently has a consensus rating of Buy and a consensus target price of $15.10.

Core Scientific Stock Performance

Shares of CORZ stock opened at $12.49 on Monday. The firm has a fifty day simple moving average of $10.22 and a 200-day simple moving average of $7.13. Core Scientific has a twelve month low of $2.61 and a twelve month high of $12.72.

Core Scientific (NASDAQ:CORZ) last announced its earnings results on Wednesday, August 7th. The company reported ($4.51) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($4.47). The firm had revenue of $141.10 million for the quarter, compared to analyst estimates of $128.58 million. The firm’s quarterly revenue was up 11.2% compared to the same quarter last year. As a group, equities analysts predict that Core Scientific will post 0.01 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Denise Marie Brucia Sterling sold 8,752 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.41, for a total value of $82,356.32. Following the sale, the chief financial officer now owns 122,217 shares of the company’s stock, valued at approximately $1,150,061.97. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CFO Denise Marie Brucia Sterling sold 8,752 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.41, for a total value of $82,356.32. Following the sale, the chief financial officer now owns 122,217 shares of the company’s stock, valued at approximately $1,150,061.97. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Todd M. Duchene sold 11,582 shares of the stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $9.41, for a total transaction of $108,986.62. Following the completion of the sale, the insider now directly owns 1,686,474 shares in the company, valued at approximately $15,869,720.34. The disclosure for this sale can be found here. Over the last three months, insiders have acquired 12,761 shares of company stock valued at $127,080. Company insiders own 32.00% of the company’s stock.

Institutional Trading of Core Scientific

Large investors have recently modified their holdings of the company. Barings LLC bought a new position in Core Scientific in the 1st quarter valued at about $36,515,000. Vanguard Group Inc. bought a new position in Core Scientific in the 1st quarter valued at about $21,973,000. Kensico Capital Management Corp bought a new position in Core Scientific in the 1st quarter valued at about $18,513,000. Van ECK Associates Corp bought a new position in Core Scientific in the 2nd quarter valued at about $12,239,000. Finally, Vident Advisory LLC bought a new position in Core Scientific in the 1st quarter valued at about $4,047,000.

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.