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

Shares of Core Scientific, Inc. (NASDAQ:CORZ) have received a consensus recommendation of “Buy” from the sixteen brokerages that are covering the company, MarketBeat Ratings reports. Fifteen investment analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $19.07.

A number of equities analysts have weighed in on the company. Compass Point decreased their target price on Core Scientific from $26.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday. Roth Capital raised shares of Core Scientific to a “strong-buy” rating in a research note on Thursday, November 14th. HC Wainwright lifted their target price on shares of Core Scientific from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Canaccord Genuity Group reissued a “buy” rating and issued a $17.00 price target on shares of Core Scientific in a report on Thursday, November 7th. Finally, B. Riley lifted their price objective on shares of Core Scientific from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, November 7th.

Insider Activity

In other news, CEO Adam Taylor Sullivan sold 369,712 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $16.24, for a total value of $6,004,122.88. Following the transaction, the chief executive officer now owns 3,758,793 shares in the company, valued at approximately $61,042,798.32. This trade represents a 8.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Todd M. Duchene sold 25,277 shares of the company’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $16.24, for a total transaction of $410,498.48. Following the sale, the insider now owns 2,023,423 shares of the company’s stock, valued at $32,860,389.52. This represents a 1.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 614,032 shares of company stock valued at $9,534,916. Insiders own 32.00% of the company’s stock.

Institutional Investors Weigh In On Core Scientific

A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Core Scientific by 54.3% during the fourth quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company’s stock worth $272,270,000 after purchasing an additional 6,819,406 shares during the period. Beryl Capital Management LLC raised its position in Core Scientific by 24.3% during the 4th quarter. Beryl Capital Management LLC now owns 18,179,586 shares of the company’s stock valued at $255,423,000 after purchasing an additional 3,548,396 shares during the last quarter. Driehaus Capital Management LLC lifted its holdings in Core Scientific by 112.1% in the 4th quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company’s stock worth $144,212,000 after buying an additional 5,424,901 shares during the period. ORG Wealth Partners LLC lifted its holdings in Core Scientific by 0.3% in the 4th quarter. ORG Wealth Partners LLC now owns 8,986,651 shares of the company’s stock worth $126,262,000 after buying an additional 26,649 shares during the period. Finally, FMR LLC grew its position in shares of Core Scientific by 2,937.7% in the 4th quarter. FMR LLC now owns 7,436,229 shares of the company’s stock worth $104,479,000 after buying an additional 7,191,428 shares during the last quarter.

Core Scientific Trading Up 2.7 %

Shares of NASDAQ:CORZ opened at $10.02 on Thursday. 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 $2.80 billion and a P/E ratio of -1.85. The company has a 50 day moving average of $13.43 and a 200 day moving average of $13.30.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.09. On average, equities analysts forecast that Core Scientific will post 0.52 earnings per share for the current fiscal year.

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.