Core Scientific, Inc. (NASDAQ:CORZ) Receives Consensus Rating of “Buy” from Analysts

Core Scientific, Inc. (NASDAQ:CORZ) has earned an average recommendation of “Buy” from the eleven brokerages that are presently covering the stock, Marketbeat Ratings reports. Eleven analysts have rated the stock with a buy recommendation. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $15.18.

Several research analysts recently commented on the company. Macquarie assumed coverage on Core Scientific in a research report on Wednesday, September 25th. They issued an “outperform” rating and a $16.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating and set a $20.00 target price on shares of Core Scientific in a research report on Tuesday, September 3rd. Sanford C. Bernstein restated an “outperform” rating and set a $17.00 target price on shares of Core Scientific in a research report on Tuesday, September 10th. Canaccord Genuity Group assumed coverage on Core Scientific in a research report on Monday, September 23rd. They set a “buy” rating and a $16.00 target price for the company. Finally, Canaccord Genuity Group assumed coverage on Core Scientific in a research report on Monday, September 23rd. They set a “buy” rating and a $16.00 target price for the company.

Core Scientific Stock Down 1.8 %

Shares of CORZ stock opened at $12.16 on Monday. Core Scientific has a 12-month low of $2.61 and a 12-month high of $12.95. The stock’s 50-day moving average price is $10.34 and its 200-day moving average price is $7.35.

Core Scientific (NASDAQ:CORZ) last issued 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 analysts’ expectations of $128.58 million. The company’s revenue 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 Buying and Selling

In other Core Scientific news, CFO Denise Marie Brucia Sterling sold 8,752 shares of the company’s stock in a transaction 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 owns 122,217 shares in the company, valued at $1,150,061.97. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Todd M. Duchene sold 11,582 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $9.41, for a total value of $108,986.62. Following the completion of the transaction, the insider now owns 1,686,474 shares in the company, valued at approximately $15,869,720.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Denise Marie Brucia Sterling sold 8,752 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was 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 of the company’s stock, valued at approximately $1,150,061.97. The disclosure for this sale can be found here. Insiders have bought a total of 12,761 shares of company stock valued at $127,080 over the last quarter. 32.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Core Scientific

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sanctuary Advisors LLC purchased a new position in Core Scientific in the 2nd quarter worth $140,000. Heritage Oak Wealth Advisors LLC acquired a new stake in Core Scientific during the 2nd quarter worth about $2,334,000. Point72 Asset Management L.P. acquired a new stake in Core Scientific during the 2nd quarter worth about $4,222,000. Sunbelt Securities Inc. acquired a new stake in Core Scientific during the 2nd quarter worth about $33,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in Core Scientific during the 2nd quarter worth about $369,000.

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.