Core Scientific (NASDAQ:CORZ) Earns Buy Rating from Analysts at Canaccord Genuity Group

Analysts at Canaccord Genuity Group started coverage on shares of Core Scientific (NASDAQ:CORZ) in a report issued on Monday, Briefing.com reports. The brokerage set a “buy” rating and a $16.00 price target on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 33.56% from the company’s current price.

Several other equities analysts also recently weighed in on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $20.00 target price on shares of Core Scientific in a report on Tuesday, September 3rd. BTIG Research upped their target price on Core Scientific from $10.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, June 26th. Sanford C. Bernstein reissued an “outperform” rating and set a $17.00 price target on shares of Core Scientific in a research report on Tuesday, September 10th. HC Wainwright lifted their price target on shares of Core Scientific from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. Finally, B. Riley upgraded Core Scientific from a “neutral” rating to a “buy” rating and boosted their price target for the company from $0.50 to $13.00 in a report on Wednesday, July 17th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $15.00.

Core Scientific Trading Up 3.2 %

CORZ stock opened at $11.98 on Monday. The firm has a 50 day moving average of $10.19 and a 200-day moving average of $7.07. Core Scientific has a 12-month low of $2.61 and a 12-month high of $12.63.

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 business had revenue of $141.10 million during the quarter, compared to the consensus estimate of $128.58 million. The company’s quarterly revenue was up 11.2% compared to the same quarter last year. Sell-side analysts forecast that Core Scientific will post 0.01 earnings per share for the current fiscal year.

Insider Transactions at Core Scientific

In related news, insider Todd M. Duchene sold 11,582 shares of Core Scientific stock in a transaction on Friday, August 16th. The stock was sold at an average price of $9.41, for a total value of $108,986.62. Following the transaction, the insider now owns 1,686,474 shares in the company, valued at $15,869,720.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Todd M. Duchene sold 11,582 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $9.41, for a total value of $108,986.62. Following the transaction, the insider now directly owns 1,686,474 shares in the company, valued at approximately $15,869,720.34. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Jarrod M. Patten acquired 5,021 shares of Core Scientific stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average cost of $9.68 per share, for a total transaction of $48,603.28. Following the completion of the purchase, the director now directly owns 285,760 shares in the company, valued at $2,766,156.80. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 12,761 shares of company stock worth $127,080 and sold 27,655 shares worth $260,087. Insiders own 32.00% of the company’s stock.

Institutional Investors Weigh In On Core Scientific

Large investors have recently made changes to their positions in the business. Barings LLC purchased a new stake in Core Scientific during the 1st quarter worth $36,515,000. Vanguard Group Inc. purchased a new stake in shares of Core Scientific during the 1st quarter valued at about $21,973,000. Kensico Capital Management Corp acquired a new position in Core Scientific during the 1st quarter worth approximately $18,513,000. Van ECK Associates Corp purchased a new position in Core Scientific in the 2nd quarter worth approximately $12,239,000. Finally, Vident Advisory LLC acquired a new stake in Core Scientific in the first quarter valued at approximately $4,047,000.

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.