Core Scientific, Inc. (NASDAQ:CORZ) Receives $19.07 Consensus PT from Analysts

Shares of Core Scientific, Inc. (NASDAQ:CORZ) have earned an average recommendation of “Buy” from the sixteen brokerages that are currently covering the firm, Marketbeat Ratings reports. Fifteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $19.07.

Several research analysts have recently issued reports on the company. Cantor Fitzgerald reduced their price target on Core Scientific from $24.00 to $21.00 and set an “overweight” rating on the stock in a research report on Thursday, February 27th. Needham & Company LLC lowered their price target on Core Scientific from $18.00 to $17.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. HC Wainwright restated a “buy” rating and set a $17.00 price objective on shares of Core Scientific in a report on Tuesday, March 11th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $17.00 target price on shares of Core Scientific in a research note on Wednesday, March 12th. Finally, Compass Point reduced their price target on shares of Core Scientific from $26.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, February 25th.

Core Scientific Stock Down 11.9 %

CORZ stock opened at $7.63 on Monday. The business has a fifty day moving average of $11.17 and a 200-day moving average of $13.13. The company has a market cap of $2.24 billion, a P/E ratio of -1.41 and a beta of 6.83. Core Scientific has a twelve month low of $2.61 and a twelve month high of $18.63.

Core Scientific (NASDAQ:CORZ) last released its earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.09. The business had revenue of $94.93 million for the quarter, compared to analyst estimates of $97.07 million. As a group, equities research analysts anticipate that Core Scientific will post 0.52 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Adam Taylor Sullivan sold 88,380 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 4,128,505 shares of the company’s stock, valued at approximately $58,789,911.20. This trade represents a 2.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 value of $410,498.48. Following the sale, the insider now owns 2,023,423 shares of the company’s stock, valued at approximately $32,860,389.52. The trade was a 1.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 748,282 shares of company stock valued at $10,978,104 over the last ninety days. 32.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Core Scientific

Several institutional investors and hedge funds have recently bought and sold shares of CORZ. Vanguard Group Inc. raised its position in shares of Core Scientific by 54.3% in the 4th quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company’s stock valued at $272,270,000 after buying an additional 6,819,406 shares in the last quarter. Beryl Capital Management LLC increased its stake in Core Scientific by 24.3% in the fourth quarter. Beryl Capital Management LLC now owns 18,179,586 shares of the company’s stock valued at $255,423,000 after acquiring an additional 3,548,396 shares during the last quarter. Driehaus Capital Management LLC raised its position in Core Scientific by 112.1% during the fourth 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 in the last quarter. ORG Wealth Partners LLC lifted 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 purchasing an additional 26,649 shares during the last quarter. Finally, FMR LLC lifted its stake in 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 purchasing an additional 7,191,428 shares during the last quarter.

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.