Core Scientific’s (CORZ) Buy Rating Reiterated at Canaccord Genuity Group

Core Scientific (NASDAQ:CORZ)‘s stock had its “buy” rating restated by stock analysts at Canaccord Genuity Group in a research note issued on Wednesday,Benzinga reports. They currently have a $17.00 price target on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 89.94% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. Macquarie increased their target price on shares of Core Scientific from $16.00 to $19.00 and gave the company an “outperform” rating in a report on Thursday, November 14th. BTIG Research increased their price target on shares of Core Scientific from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Keefe, Bruyette & Woods assumed coverage on Core Scientific in a report on Monday, January 27th. They issued an “outperform” rating and a $22.00 price target on the stock. Needham & Company LLC reduced their target price on Core Scientific from $18.00 to $17.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Finally, Cantor Fitzgerald reduced their target price on shares of Core Scientific from $24.00 to $21.00 and set an “overweight” rating on the stock in a report on Thursday, February 27th. Fifteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Core Scientific presently has an average rating of “Buy” and an average target price of $19.07.

Core Scientific Price Performance

Shares of NASDAQ:CORZ opened at $8.95 on Wednesday. Core Scientific has a 1 year low of $2.61 and a 1 year high of $18.63. The business’s 50-day moving average is $12.32 and its 200-day moving average is $13.24. The company has a market capitalization of $2.63 billion, a price-to-earnings ratio of -1.65 and a beta of 6.83.

Core Scientific (NASDAQ:CORZ) last issued its earnings results on Wednesday, February 26th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.09. The firm had revenue of $94.93 million during the quarter, compared to analyst estimates of $97.07 million. Analysts anticipate that Core Scientific will post 0.52 EPS for the current year.

Insider Activity

In related news, CEO Adam Taylor Sullivan sold 88,380 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $14.24, for a total transaction of $1,258,531.20. Following the sale, the chief executive officer now directly owns 4,128,505 shares of the company’s stock, valued at approximately $58,789,911.20. This represents a 2.10 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jordan Levy acquired 62,500 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The stock was purchased at an average price of $8.01 per share, with a total value of $500,625.00. Following the completion of the acquisition, the director now owns 306,887 shares in the company, valued at $2,458,164.87. The trade was a 25.57 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 748,282 shares of company stock worth $10,978,104. Corporate insiders own 32.00% of the company’s stock.

Institutional Investors Weigh In On Core Scientific

Hedge funds have recently added to or reduced their stakes in the stock. Wellington Shields & Co. LLC purchased a new stake in Core Scientific during the fourth quarter valued at approximately $26,000. First Horizon Advisors Inc. bought a new stake in shares of Core Scientific during the fourth quarter valued at approximately $34,000. Newbridge Financial Services Group Inc. bought a new stake in Core Scientific in the 4th quarter valued at $42,000. Vestcor Inc bought a new position in Core Scientific during the fourth quarter valued at approximately $66,000. Finally, US Bancorp DE purchased a new position in shares of Core Scientific in the fourth quarter valued at $99,000.

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.