Core Scientific’s (CORZ) Buy Rating Reaffirmed at Canaccord Genuity Group

Core Scientific (NASDAQ:CORZ)‘s stock had its “buy” rating reaffirmed by equities researchers at Canaccord Genuity Group in a report issued on Thursday, Benzinga reports. They presently have a $17.00 target price on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 13.26% from the company’s current price.

Several other equities analysts have also recently weighed in on CORZ. Compass Point boosted their price objective on Core Scientific from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Sanford C. Bernstein reissued an “outperform” rating and set a $17.00 price objective on shares of Core Scientific in a research report on Tuesday, September 10th. Macquarie initiated coverage on Core Scientific in a report on Wednesday, September 25th. They issued an “outperform” rating and a $16.00 price target for the company. Jefferies Financial Group initiated coverage on Core Scientific in a report on Monday, October 28th. They issued a “buy” rating and a $19.00 price target for the company. Finally, Canaccord Genuity Group initiated coverage on Core Scientific in a report on Monday, September 23rd. They issued a “buy” rating and a $16.00 price target for the company. Twelve investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $16.96.

Core Scientific Stock Performance

Shares of CORZ traded up $0.68 during trading hours on Thursday, hitting $15.01. 3,480,730 shares of the company were exchanged, compared to its average volume of 8,707,654. The firm’s 50 day moving average is $12.08 and its 200-day moving average is $9.25. Core Scientific has a 52 week low of $2.61 and a 52 week high of $15.61.

Core Scientific (NASDAQ:CORZ) last posted 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 company had revenue of $141.10 million during the quarter, compared to analyst estimates of $128.58 million. The firm’s revenue was up 11.2% on a year-over-year basis. As a group, equities research analysts forecast that Core Scientific will post 0.81 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Todd M. Duchene sold 11,582 shares of the company’s stock in a transaction that occurred 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 sale, the insider now directly owns 1,686,474 shares in the company, valued at approximately $15,869,720.34. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other Core Scientific news, Director Jarrod M. Patten purchased 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The shares were acquired at an average cost of $9.70 per share, for a total transaction of $38,800.00. Following the transaction, the director now directly owns 279,239 shares in the company, valued at approximately $2,708,618.30. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. 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 value of $108,986.62. Following the sale, the insider now owns 1,686,474 shares in the company, valued at approximately $15,869,720.34. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have purchased 12,761 shares of company stock worth $127,080. Company insiders own 32.00% of the company’s stock.

Institutional Investors Weigh In On Core Scientific

Large investors have recently bought and sold shares of the business. Banque Cantonale Vaudoise bought a new stake in Core Scientific during the 2nd quarter worth approximately $28,000. Sunbelt Securities Inc. bought a new position in Core Scientific in the 2nd quarter valued at $33,000. Rise Advisors LLC bought a new position in Core Scientific in the 2nd quarter valued at $65,000. Aspect Partners LLC bought a new position in Core Scientific in the 1st quarter valued at $29,000. Finally, Divisadero Street Capital Management LP bought a new position in Core Scientific in the 2nd quarter valued at $93,000.

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.