Core Scientific (NASDAQ:CORZ) Receives “Buy” Rating from Canaccord Genuity Group

Core Scientific (NASDAQ:CORZ)‘s stock had its “buy” rating reiterated by analysts at Canaccord Genuity Group in a research note issued on Thursday,Benzinga reports. They presently have a $17.00 target price on the stock. Canaccord Genuity Group’s price target points to a potential upside of 69.66% from the stock’s previous close.

Several other equities analysts also recently commented on the company. Craig Hallum began coverage on Core Scientific in a report on Tuesday, January 21st. They set a “buy” rating and a $24.00 price target on the stock. Keefe, Bruyette & Woods initiated coverage on shares of Core Scientific in a report on Monday, January 27th. They issued an “outperform” rating and a $22.00 target price on the stock. B. Riley boosted their target price on shares of Core Scientific from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. HC Wainwright reaffirmed a “buy” rating and issued a $17.00 price target on shares of Core Scientific in a research report on Thursday. Finally, Roth Mkm started 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. Fifteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Core Scientific presently has a consensus rating of “Buy” and an average target price of $19.00.

Core Scientific Price Performance

CORZ opened at $10.02 on Thursday. The company has a market capitalization of $2.80 billion and a PE ratio of -1.85. Core Scientific has a fifty-two week low of $2.61 and a fifty-two week high of $18.63. The business has a 50-day moving average of $13.34 and a 200-day moving average of $13.28.

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

Insider Buying and Selling

In related news, CEO Adam Taylor Sullivan sold 88,380 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $14.24, for a total value of $1,258,531.20. Following the sale, the chief executive officer now owns 4,128,505 shares of the company’s stock, valued at $58,789,911.20. The trade was a 2.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Todd M. Duchene sold 129,861 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total transaction of $1,849,220.64. Following the transaction, the insider now owns 2,051,649 shares of the company’s stock, valued at approximately $29,215,481.76. This represents a 5.95 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 614,032 shares of company stock valued at $9,534,916 over the last ninety days. 32.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Core Scientific

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Core Scientific by 54.3% in the fourth quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company’s stock valued at $272,270,000 after acquiring an additional 6,819,406 shares during the period. Beryl Capital Management LLC increased its position in shares of Core Scientific by 24.3% during the 4th quarter. Beryl Capital Management LLC now owns 18,179,586 shares of the company’s stock worth $255,423,000 after purchasing an additional 3,548,396 shares in the last quarter. Driehaus Capital Management LLC lifted its holdings in Core Scientific by 112.1% during the 4th quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company’s stock valued at $144,212,000 after purchasing an additional 5,424,901 shares during the last quarter. ORG Wealth Partners LLC grew its stake in Core Scientific by 0.3% during the fourth 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 last quarter. Finally, FMR LLC increased its holdings in shares of Core Scientific by 2,937.7% during the fourth 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 in the last quarter.

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.