Canaccord Genuity Group Initiates Coverage on Core Scientific (NASDAQ:CORZ)

Canaccord Genuity Group started coverage on shares of Core Scientific (NASDAQ:CORZ) in a research note published on Monday morning, MarketBeat Ratings reports. The firm issued a buy rating and a $16.00 target price on the stock.

Other analysts also recently issued research reports about the stock. Cantor Fitzgerald reiterated an overweight rating and issued a $20.00 target price on shares of Core Scientific in a report on Tuesday, September 3rd. Needham & Company LLC started coverage on shares of Core Scientific in a report on Wednesday, September 4th. They issued a buy rating and a $16.00 target price for the company. B. Riley upgraded shares of Core Scientific from a neutral rating to a buy rating and increased their target price for the company from $0.50 to $13.00 in a report on Wednesday, July 17th. LADENBURG THALM/SH SH reiterated a buy rating and issued a $14.50 target price on shares of Core Scientific in a report on Tuesday, July 2nd. Finally, Sanford C. Bernstein reiterated an outperform rating and issued a $17.00 target price on shares of Core Scientific in a report on Tuesday, September 10th. Eleven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Core Scientific presently has a consensus rating of Buy and an average target price of $15.18.

Core Scientific Stock Performance

CORZ opened at $12.35 on Monday. The company’s fifty day moving average price is $10.26 and its two-hundred day moving average price is $7.23. Core Scientific has a 1-year low of $2.61 and a 1-year high of $12.95.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($4.51) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($4.47). The business had revenue of $141.10 million for the quarter, compared to analysts’ expectations of $128.58 million. The business’s quarterly revenue was up 11.2% on a year-over-year basis. Equities analysts forecast that Core Scientific will post 0.01 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Todd M. Duchene sold 11,582 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.41, for a total transaction of $108,986.62. Following the completion of the sale, the insider now owns 1,686,474 shares in the company, valued at $15,869,720.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Core Scientific news, insider Todd M. Duchene sold 11,582 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.41, for a total transaction of $108,986.62. Following the completion of 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jarrod M. Patten bought 5,021 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were acquired at an average price of $9.68 per share, with a total value of $48,603.28. Following the transaction, the director now directly owns 285,760 shares of the company’s stock, valued at $2,766,156.80. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 12,761 shares of company stock worth $127,080. Insiders own 32.00% of the company’s stock.

Hedge Funds Weigh In On Core Scientific

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Barings LLC bought a new position in Core Scientific during the first quarter worth about $36,515,000. Vanguard Group Inc. bought a new position in shares of Core Scientific in the first quarter valued at approximately $21,973,000. Kensico Capital Management Corp bought a new position in shares of Core Scientific in the first quarter valued at approximately $18,513,000. Van ECK Associates Corp bought a new position in shares of Core Scientific in the second quarter valued at approximately $12,239,000. Finally, Vident Advisory LLC bought a new position in shares of Core Scientific in the first quarter valued at approximately $4,047,000.

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.