Compass Point Increases Core Scientific (NASDAQ:CORZ) Price Target to $20.00

Core Scientific (NASDAQ:CORZ) had its price target boosted by research analysts at Compass Point from $18.00 to $20.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Compass Point’s target price would suggest a potential upside of 49.37% from the stock’s current price.

Other equities research analysts have also issued research reports about the stock. Canaccord Genuity Group initiated coverage on shares of Core Scientific in a research note on Monday, September 23rd. They set a “buy” rating and a $16.00 price objective on the stock. Canaccord Genuity Group raised their price target on shares of Core Scientific from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday. Macquarie initiated coverage on shares of Core Scientific in a research note on Wednesday, September 25th. They issued an “outperform” rating and a $16.00 price target on the stock. Needham & Company LLC raised their price target on shares of Core Scientific from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, BTIG Research raised their price target on shares of Core Scientific from $10.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, June 26th. Eleven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Core Scientific has an average rating of “Buy” and an average target price of $16.50.

Core Scientific Stock Performance

Core Scientific stock traded down $0.33 during midday trading on Wednesday, hitting $13.39. 6,535,746 shares of the stock were exchanged, compared to its average volume of 8,658,731. Core Scientific has a 1 year low of $2.61 and a 1 year high of $14.01. The company has a 50 day moving average price of $11.32 and a two-hundred day moving average price of $8.47.

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 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. The firm’s quarterly revenue was up 11.2% on a year-over-year basis. On average, research analysts forecast that Core Scientific will post 0.01 EPS for the current fiscal year.

Insider Activity at Core Scientific

In other Core Scientific news, CFO Denise Marie Brucia Sterling sold 8,752 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $9.41, for a total value of $82,356.32. Following the completion of the sale, the chief financial officer now owns 122,217 shares in the company, valued at $1,150,061.97. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Core Scientific news, CFO Denise Marie Brucia Sterling sold 8,752 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $9.41, for a total value of $82,356.32. Following the completion of the sale, the chief financial officer now owns 122,217 shares in the company, valued at $1,150,061.97. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Todd M. Duchene sold 11,582 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was 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 of the company’s stock, valued at approximately $15,869,720.34. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders bought 12,761 shares of company stock worth $127,080. 32.00% of the stock is owned by corporate insiders.

Institutional Trading of Core Scientific

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT acquired a new stake in Core Scientific in the 3rd quarter worth $3,321,000. OLD National Bancorp IN acquired a new stake in Core Scientific in the 3rd quarter worth $164,000. Vontobel Holding Ltd. grew its position in Core Scientific by 10.4% in the 3rd quarter. Vontobel Holding Ltd. now owns 38,089 shares of the company’s stock worth $452,000 after purchasing an additional 3,591 shares during the last quarter. Aspect Partners LLC grew its position in Core Scientific by 328.9% in the 3rd quarter. Aspect Partners LLC now owns 35,678 shares of the company’s stock worth $423,000 after purchasing an additional 27,360 shares during the last quarter. Finally, Creative Planning grew its position in Core Scientific by 88.0% in the 3rd quarter. Creative Planning now owns 32,925 shares of the company’s stock worth $389,000 after purchasing an additional 15,413 shares during the last quarter.

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.