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

Core Scientific, Inc. (NASDAQ:CORZ) has been assigned an average recommendation of “Buy” from the sixteen brokerages that are presently covering the firm, MarketBeat reports. Fifteen research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $19.07.

CORZ has been the subject of several analyst reports. Roth Mkm began coverage on Core Scientific in a research note on Friday, November 15th. They issued a “buy” rating and a $25.50 price objective for the company. Craig Hallum initiated coverage on shares of Core Scientific in a report on Tuesday, January 21st. They issued a “buy” rating and a $24.00 target price for the company. HC Wainwright reissued a “buy” rating and issued a $17.00 price objective on shares of Core Scientific in a research note on Thursday, February 27th. Macquarie upped their target price on Core Scientific from $16.00 to $19.00 and gave the company an “outperform” rating in a research note on Thursday, November 14th. Finally, BTIG Research boosted their price objective on Core Scientific from $19.00 to $20.00 and gave the company a “buy” rating in a report on Monday, December 16th.

Insider Activity

In other Core Scientific news, insider Todd M. Duchene sold 25,277 shares of the stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $16.24, for a total value of $410,498.48. Following the completion of the sale, the insider now directly owns 2,023,423 shares in the company, valued at approximately $32,860,389.52. This trade represents a 1.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Adam Taylor Sullivan sold 88,380 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total value of $1,258,531.20. Following the sale, the chief executive officer now owns 4,128,505 shares in the company, valued at $58,789,911.20. The trade was a 2.10 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 614,032 shares of company stock worth $9,534,916. Insiders own 32.00% of the company’s stock.

Institutional Investors Weigh In On Core Scientific

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Wellington Shields & Co. LLC purchased a new position in Core Scientific in the 4th quarter worth $26,000. First Horizon Advisors Inc. acquired a new position in Core Scientific in the 4th quarter worth approximately $34,000. Newbridge Financial Services Group Inc. purchased a new position in Core Scientific during the 4th quarter worth approximately $42,000. Vestcor Inc purchased a new stake in shares of Core Scientific in the 4th quarter valued at $66,000. Finally, US Bancorp DE acquired a new stake in shares of Core Scientific in the fourth quarter worth $99,000.

Core Scientific Price Performance

Shares of CORZ opened at $10.14 on Thursday. The business’s 50 day simple moving average is $13.12 and its 200-day simple moving average is $13.34. Core Scientific has a 1 year low of $2.61 and a 1 year high of $18.63. The stock has a market capitalization of $2.83 billion and a price-to-earnings ratio of -1.87.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings data on Wednesday, February 26th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.09. The business had revenue of $94.93 million during the quarter, compared to analysts’ expectations of $97.07 million. On average, sell-side analysts expect that Core Scientific will post 0.52 earnings per share for the current year.

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.