Core Scientific (NASDAQ:CORZ) Given “Buy” Rating at Canaccord Genuity Group

Canaccord Genuity Group reissued their buy rating on shares of Core Scientific (NASDAQ:CORZ) in a research note released on Friday, Benzinga reports. Canaccord Genuity Group currently has a $16.00 price target on the stock.

Other equities research analysts have also issued reports about the company. Needham & Company LLC began coverage on Core Scientific in a research report on Wednesday, September 4th. They set a buy rating and a $16.00 target price for the company. Macquarie began coverage on shares of Core Scientific in a report on Wednesday, September 25th. They set an outperform rating and a $16.00 price objective for the company. LADENBURG THALM/SH SH reiterated 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 raised their price target on shares of Core Scientific from $11.00 to $15.00 and gave the stock a buy rating in a research note on Wednesday, July 10th. Finally, Canaccord Genuity Group assumed coverage on shares of Core Scientific in a report on Monday, September 23rd. They issued a buy rating and a $16.00 price target on the stock. Eleven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of Buy and a consensus price target of $15.27.

Core Scientific Stock Up 10.4 %

Shares of CORZ stock opened at $13.22 on Friday. Core Scientific has a 52-week low of $2.61 and a 52-week high of $13.29. The company has a 50-day simple moving average of $10.80 and a two-hundred day simple moving average of $7.97.

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

Insider Transactions at Core Scientific

In related news, CFO Denise Marie Brucia Sterling sold 8,752 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $9.41, for a total transaction of $82,356.32. Following the completion of the transaction, the chief financial officer now owns 122,217 shares of the company’s stock, valued at approximately $1,150,061.97. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Todd M. Duchene sold 11,582 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $9.41, for a total value of $108,986.62. Following the transaction, the insider now owns 1,686,474 shares of the company’s stock, valued at approximately $15,869,720.34. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Denise Marie Brucia Sterling sold 8,752 shares of Core Scientific stock in a transaction on 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 directly owns 122,217 shares of the company’s stock, valued at $1,150,061.97. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 12,761 shares of company stock valued at $127,080. 32.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Core Scientific

Several institutional investors and hedge funds have recently modified their holdings of CORZ. Barings LLC bought a new position in shares of Core Scientific in the first quarter worth approximately $36,515,000. ORG Wealth Partners LLC bought a new position in shares of Core Scientific in the 3rd quarter worth $106,266,000. Vanguard Group Inc. bought a new position in shares of Core Scientific in the 1st quarter worth $21,973,000. Kensico Capital Management Corp purchased a new stake in shares of Core Scientific during the 1st quarter valued at $18,513,000. Finally, Van ECK Associates Corp bought a new stake in shares of Core Scientific during the 2nd quarter worth $12,239,000.

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.