Core Scientific, Inc. (NASDAQ:CORZ) Receives Average Recommendation of “Buy” from Brokerages

Shares of Core Scientific, Inc. (NASDAQ:CORZ) have received an average rating of “Buy” from the eight ratings firms that are currently covering the stock, MarketBeat Ratings reports. Eight analysts have rated the stock with a buy rating. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $14.88.

CORZ has been the subject of several analyst reports. B. Riley raised shares of 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. LADENBURG THALM/SH SH reissued a “buy” rating and set a $14.50 price target on shares of Core Scientific in a report on Tuesday, July 2nd. HC Wainwright upped their price objective 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. Sanford C. Bernstein started coverage on shares of Core Scientific in a report on Wednesday, July 10th. They issued an “outperform” rating and a $17.00 price objective for the company. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $20.00 price objective on shares of Core Scientific in a report on Tuesday, September 3rd.

Core Scientific Stock Up 7.3 %

Core Scientific stock opened at $10.00 on Thursday. The company has a fifty day moving average price of $9.99 and a two-hundred day moving average price of $6.55. Core Scientific has a 12 month low of $2.61 and a 12 month high of $12.25.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($4.51) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($4.47). The firm had revenue of $141.10 million for the quarter, compared to the consensus estimate of $128.58 million. Core Scientific’s quarterly revenue was up 11.2% on a year-over-year basis. As a group, sell-side analysts expect that Core Scientific will post 0.01 EPS for the current year.

Insiders Place Their Bets

In other Core Scientific news, CFO Denise Marie Brucia Sterling sold 8,752 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.41, for a total value of $82,356.32. Following the sale, the chief financial officer now directly owns 122,217 shares in the company, valued at $1,150,061.97. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Core Scientific news, CFO Denise Marie Brucia Sterling sold 8,752 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $9.41, for a total transaction of $82,356.32. Following the sale, the chief financial officer now owns 122,217 shares in the company, valued at approximately $1,150,061.97. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Todd M. Duchene sold 7,321 shares of the business’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $9.39, for a total value of $68,744.19. Following the sale, the insider now owns 359,877 shares in the company, valued at approximately $3,379,245.03. The disclosure for this sale can be found here. Over the last three months, insiders have acquired 10,521 shares of company stock worth $102,328 and have sold 31,425 shares worth $297,749. 32.00% of the stock is owned by company insiders.

Institutional Trading of Core Scientific

Institutional investors and hedge funds have recently bought and sold shares of the stock. Banque Cantonale Vaudoise acquired a new stake in Core Scientific during the 2nd quarter worth about $28,000. Aspect Partners LLC acquired a new position in shares of Core Scientific in the 1st quarter valued at about $29,000. Sunbelt Securities Inc. purchased a new stake in shares of Core Scientific in the second quarter worth approximately $33,000. Hexagon Capital Partners LLC purchased a new stake in shares of Core Scientific in the first quarter worth approximately $34,000. Finally, Lindbrook Capital LLC purchased a new stake in shares of Core Scientific in the first quarter worth approximately $65,000.

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.