Keefe, Bruyette & Woods Initiates Coverage on Core Scientific (NASDAQ:CORZ)

Keefe, Bruyette & Woods started coverage on shares of Core Scientific (NASDAQ:CORZ) in a report released on Monday, Marketbeat reports. The firm set an “outperform” rating and a $22.00 price target on the stock. Keefe, Bruyette & Woods’ target price points to a potential upside of 94.52% from the company’s previous close.

A number of other research analysts have also weighed in on the company. Roth Mkm assumed coverage on Core Scientific in a research report on Friday, November 15th. They set a “buy” rating and a $25.50 price objective for the company. Jefferies Financial Group began coverage on Core Scientific in a report on Monday, October 28th. They set a “buy” rating and a $19.00 price target for the company. Craig Hallum initiated coverage on Core Scientific in a report on Tuesday, January 21st. They set a “buy” rating and a $24.00 price objective on the stock. Needham & Company LLC reissued a “buy” rating and issued a $18.00 target price on shares of Core Scientific in a report on Friday, January 17th. Finally, Macquarie upped their price target on shares of Core Scientific from $16.00 to $19.00 and gave the company an “outperform” rating in a research note on Thursday, November 14th. Fifteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $19.07.

Core Scientific Trading Up 0.3 %

NASDAQ CORZ opened at $11.31 on Monday. Core Scientific has a 12 month low of $2.61 and a 12 month high of $18.63. The stock has a market cap of $3.16 billion and a PE ratio of -2.09. The stock’s 50 day moving average is $15.37 and its 200 day moving average is $13.03.

Core Scientific (NASDAQ:CORZ) last released its earnings results on Wednesday, November 6th. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.02). The firm had revenue of $95.35 million for the quarter, compared to analysts’ expectations of $94.80 million. On average, analysts forecast that Core Scientific will post 0.5 EPS for the current fiscal year.

Insiders Place Their Bets

In other Core Scientific news, insider Todd M. Duchene sold 25,277 shares of the company’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $16.24, for a total value of $410,498.48. Following the transaction, the insider now directly owns 2,023,423 shares in the company, valued at $32,860,389.52. This represents a 1.23 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Yadin Rozov sold 105,000 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $18.11, for a total value of $1,901,550.00. Following the completion of the sale, the director now owns 345,239 shares of the company’s stock, valued at $6,252,278.29. The trade was a 23.32 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 744,032 shares of company stock worth $11,863,966 over the last quarter. Company insiders own 32.00% of the company’s stock.

Hedge Funds Weigh In On Core Scientific

Institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC bought a new position in Core Scientific during the 2nd quarter worth about $2,213,000. Amalgamated Bank bought a new position in shares of Core Scientific during the second quarter valued at approximately $115,000. Xponance Inc. purchased a new position in Core Scientific during the second quarter valued at approximately $104,000. Marshall Wace LLP raised its stake in Core Scientific by 284.9% in the second quarter. Marshall Wace LLP now owns 444,983 shares of the company’s stock worth $4,138,000 after buying an additional 329,385 shares in the last quarter. Finally, The Manufacturers Life Insurance Company purchased a new stake in Core Scientific during the second quarter worth $598,000.

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.