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

Core Scientific, Inc. (NASDAQ:CORZ) has been given a consensus rating of “Buy” by the eleven ratings firms that are presently covering the stock, MarketBeat Ratings reports. Eleven analysts have rated the stock with a buy recommendation. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $15.18.

A number of analysts have weighed in on the company. B. Riley upgraded Core Scientific from a “neutral” rating to a “buy” rating and increased their target price for the stock from $0.50 to $13.00 in a research note 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 research note on Tuesday, July 2nd. HC Wainwright increased their target price on Core Scientific from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Needham & Company LLC started coverage on Core Scientific in a research note on Wednesday, September 4th. They issued a “buy” rating and a $16.00 target price on the stock. Finally, Canaccord Genuity Group started coverage on Core Scientific in a research note on Monday, September 23rd. They set a “buy” rating and a $16.00 price target on the stock.

Core Scientific Stock Performance

Shares of CORZ opened at $12.19 on Monday. The business has a fifty day moving average of $10.51 and a 200 day moving average of $7.62. Core Scientific has a 52-week low of $2.61 and a 52-week high of $12.95.

Core Scientific (NASDAQ:CORZ) last released its earnings results on Wednesday, August 7th. The company reported ($4.51) earnings per share 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 analyst estimates of $128.58 million. The business’s revenue for the quarter was up 11.2% on a year-over-year basis. As a group, equities research analysts forecast that Core Scientific will post 0.01 EPS for the current fiscal year.

Insider Buying and Selling at Core Scientific

In related news, Director Jarrod M. Patten bought 4,000 shares of the business’s stock in a transaction on Wednesday, August 28th. The shares were bought at an average price of $9.70 per share, for a total transaction of $38,800.00. Following the completion of the purchase, the director now directly owns 279,239 shares of the company’s stock, valued at approximately $2,708,618.30. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Jarrod M. Patten bought 4,000 shares of the business’s stock in a transaction on Wednesday, August 28th. The shares were bought at an average price of $9.70 per share, for a total transaction of $38,800.00. Following the completion of the purchase, the director now directly owns 279,239 shares of the company’s stock, valued at approximately $2,708,618.30. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Todd M. Duchene sold 11,582 shares of Core Scientific stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.41, for a total value 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. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have purchased 12,761 shares of company stock worth $127,080 over the last quarter. Insiders own 32.00% of the company’s stock.

Institutional Investors Weigh In On Core Scientific

Several institutional investors have recently added to or reduced their stakes in CORZ. Fiduciary Alliance LLC acquired a new stake in Core Scientific in the first quarter worth about $84,000. Hexagon Capital Partners LLC acquired a new stake in Core Scientific in the first quarter worth about $34,000. Lindbrook Capital LLC acquired a new stake in Core Scientific in the first quarter worth about $65,000. Perigon Wealth Management LLC acquired a new stake in Core Scientific in the first quarter worth about $688,000. Finally, Capstone Investment Advisors LLC acquired a new stake in Core Scientific in the first quarter worth about $307,000.

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.