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

Core Scientific (NASDAQ:CORZ)‘s stock had its “buy” rating reaffirmed by investment 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 suggests a potential upside of 96.30% from the company’s current price.

Several other research analysts have also weighed in on CORZ. Compass Point lowered their price target on Core Scientific from $26.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, February 25th. Macquarie raised their price target on Core Scientific from $16.00 to $19.00 and gave the stock an “outperform” rating in a research report on Thursday, November 14th. Roth Capital raised Core Scientific to a “strong-buy” rating in a research note on Thursday, November 14th. Keefe, Bruyette & Woods began coverage on shares of Core Scientific in a report on Monday, January 27th. They set an “outperform” rating and a $22.00 price target for the company. Finally, Cantor Fitzgerald lowered their price objective on Core Scientific from $24.00 to $21.00 and set an “overweight” rating for the company in a research note 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 stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $19.07.

Core Scientific Stock Performance

NASDAQ CORZ opened at $8.66 on Wednesday. The business has a 50 day simple moving average of $12.21 and a 200 day simple moving average of $13.21. Core Scientific has a 52-week low of $2.61 and a 52-week high of $18.63. The stock has a market cap of $2.55 billion, a price-to-earnings ratio of -1.60 and a beta of 6.83.

Core Scientific (NASDAQ:CORZ) last posted 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. The firm had revenue of $94.93 million for the quarter, compared to the consensus estimate of $97.07 million. On average, analysts predict that Core Scientific will post 0.52 EPS for the current year.

Insider Activity at Core Scientific

In other news, CEO Adam Taylor Sullivan sold 88,380 shares of Core Scientific stock in a transaction on Thursday, January 2nd. The stock was 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 in the company, valued at $58,789,911.20. The trade was a 2.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Todd M. Duchene sold 25,277 shares of the stock in a transaction that occurred 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 transaction, the insider now directly 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. Insiders sold 748,282 shares of company stock valued at $10,978,104 in the last three months. Corporate insiders own 32.00% of the company’s stock.

Institutional Trading of Core Scientific

Several hedge funds and other institutional investors have recently modified their holdings of CORZ. Wellington Shields & Co. LLC purchased a new position in Core Scientific during the fourth quarter valued at approximately $26,000. First Horizon Advisors Inc. purchased a new position in shares of Core Scientific in the 4th quarter valued at approximately $34,000. Newbridge Financial Services Group Inc. bought a new position in shares of Core Scientific in the fourth quarter worth approximately $42,000. Vestcor Inc purchased a new stake in shares of Core Scientific during the fourth quarter valued at $66,000. Finally, US Bancorp DE bought a new stake in Core Scientific in the 4th quarter worth approximately $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.