Core Scientific (NASDAQ:CORZ) PT Raised to $17.00 at Canaccord Genuity Group

Core Scientific (NASDAQ:CORZ) had its target price raised by stock analysts at Canaccord Genuity Group from $16.00 to $17.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 24.27% from the company’s previous close.

Several other equities research analysts have also recently issued reports on CORZ. Cantor Fitzgerald reiterated an “overweight” rating and issued a $20.00 price objective on shares of Core Scientific in a report on Thursday, October 3rd. LADENBURG THALM/SH SH reiterated a “buy” rating and issued a $14.50 price objective on shares of Core Scientific in a report on Tuesday, July 2nd. B. Riley lifted their price objective on Core Scientific from $13.00 to $14.00 and gave the stock a “buy” rating in a report on Friday, October 11th. Sanford C. Bernstein reiterated an “outperform” rating and issued a $17.00 price objective on shares of Core Scientific in a report on Tuesday, September 10th. Finally, BTIG Research lifted their price objective on Core Scientific from $10.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. Eleven research analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $16.50.

Core Scientific Stock Performance

NASDAQ:CORZ opened at $13.68 on Wednesday. Core Scientific has a 52 week low of $2.61 and a 52 week high of $14.06. The stock’s 50-day moving average price is $11.51 and its 200-day moving average price is $8.54.

Core Scientific (NASDAQ:CORZ) last posted its earnings results on Wednesday, August 7th. The company reported ($4.51) EPS for the quarter, missing analysts’ consensus estimates 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 business’s revenue was up 11.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Core Scientific will post 0.01 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Jarrod M. Patten purchased 4,000 shares of Core Scientific stock in a transaction dated Wednesday, August 28th. The shares were purchased at an average price of $9.70 per share, with a total value of $38,800.00. Following the transaction, the director now owns 279,239 shares in the company, valued at $2,708,618.30. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Todd M. Duchene sold 11,582 shares of Core Scientific stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $9.41, for a total transaction of $108,986.62. Following the sale, the insider now owns 1,686,474 shares of the company’s stock, valued at approximately $15,869,720.34. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jarrod M. Patten purchased 4,000 shares of Core Scientific stock in a transaction dated Wednesday, August 28th. The shares were purchased at an average cost of $9.70 per share, for a total transaction of $38,800.00. Following the transaction, the director now owns 279,239 shares in the company, valued at approximately $2,708,618.30. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 12,761 shares of company stock valued at $127,080 in the last ninety days. 32.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Core Scientific

Several institutional investors have recently made changes to their positions in the company. Barings LLC purchased a new stake in Core Scientific in the first quarter valued at approximately $36,515,000. ORG Wealth Partners LLC purchased a new stake in Core Scientific in the third quarter valued at approximately $106,266,000. Vanguard Group Inc. purchased a new stake in Core Scientific in the first quarter valued at approximately $21,973,000. Kensico Capital Management Corp purchased a new stake in Core Scientific in the first quarter valued at approximately $18,513,000. Finally, Van ECK Associates Corp purchased a new stake in Core Scientific in the second quarter valued at approximately $12,239,000.

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.