Core Scientific, Inc. (NASDAQ:CORZ) Receives $16.50 Average Price Target from Brokerages

Shares of Core Scientific, Inc. (NASDAQ:CORZ) have received a consensus recommendation of “Buy” from the eleven brokerages that are covering the company, Marketbeat Ratings reports. Eleven analysts have rated the stock with a buy recommendation. The average 12 month price objective among brokerages that have covered the stock in the last year is $16.50.

Several equities analysts have weighed in on CORZ shares. Canaccord Genuity Group started coverage on shares of Core Scientific in a report on Monday, September 23rd. They issued a “buy” rating and a $16.00 target price on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $20.00 price target on shares of Core Scientific in a research note on Thursday, October 3rd. HC Wainwright raised their price objective on Core Scientific from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. Canaccord Genuity Group upped their target price on shares of Core Scientific from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and set a $17.00 price objective on shares of Core Scientific in a research report on Tuesday, September 10th.

Core Scientific Trading Down 2.3 %

Shares of NASDAQ CORZ opened at $13.37 on Friday. The company’s 50-day simple moving average is $11.57 and its 200-day simple moving average is $8.65. Core Scientific has a 52-week low of $2.61 and a 52-week high of $14.06.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($4.51) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($4.47). The business had revenue of $141.10 million for the quarter, compared to the consensus estimate of $128.58 million. Core Scientific’s quarterly revenue was up 11.2% on a year-over-year basis. Equities analysts expect that Core Scientific will post 0.01 EPS for the current fiscal year.

Insider Activity

In other Core Scientific news, CFO Denise Marie Brucia Sterling sold 8,752 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $9.41, for a total transaction of $82,356.32. Following the completion of the sale, the chief financial officer now directly owns 122,217 shares of the company’s stock, valued at approximately $1,150,061.97. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other 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 completion of the transaction, the chief financial officer now owns 122,217 shares in the company, valued at $1,150,061.97. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jarrod M. Patten bought 5,021 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was bought at an average cost of $9.68 per share, with a total value of $48,603.28. Following the completion of the acquisition, the director now owns 285,760 shares of the company’s stock, valued at $2,766,156.80. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 12,761 shares of company stock valued at $127,080. Insiders own 32.00% of the company’s stock.

Hedge Funds Weigh In On Core Scientific

A number of institutional investors have recently modified their holdings of CORZ. Rise Advisors LLC boosted its holdings in Core Scientific by 14.3% in the 3rd quarter. Rise Advisors LLC now owns 8,000 shares of the company’s stock worth $95,000 after acquiring an additional 1,000 shares during the period. Banque Cantonale Vaudoise acquired a new stake in shares of Core Scientific in the 2nd quarter valued at about $28,000. Sunbelt Securities Inc. bought a new position in shares of Core Scientific during the second quarter worth about $33,000. Vontobel Holding Ltd. increased its holdings in Core Scientific by 10.4% in the third quarter. Vontobel Holding Ltd. now owns 38,089 shares of the company’s stock valued at $452,000 after buying an additional 3,591 shares during the last quarter. Finally, Aspect Partners LLC bought a new position in Core Scientific during the 1st quarter worth approximately $29,000.

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.