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

Shares of Core Scientific, Inc. (NASDAQ:CORZ) have been given an average rating of “Buy” by the sixteen research firms that are currently covering the firm, MarketBeat reports. Fifteen equities research analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among analysts that have covered the stock in the last year is $19.07.

A number of research firms have recently issued reports on CORZ. Canaccord Genuity Group reiterated a “buy” rating and issued a $17.00 price objective on shares of Core Scientific in a report on Wednesday, March 12th. Cantor Fitzgerald cut their target price on Core Scientific from $24.00 to $21.00 and set an “overweight” rating for the company in a research note on Thursday, February 27th. HC Wainwright reissued a “buy” rating and set a $17.00 price target on shares of Core Scientific in a research note on Tuesday, March 11th. Keefe, Bruyette & Woods assumed coverage on shares of Core Scientific in a report on Monday, January 27th. They issued an “outperform” rating and a $22.00 price objective for the company. Finally, Craig Hallum started coverage on shares of Core Scientific in a report on Tuesday, January 21st. They set a “buy” rating and a $24.00 target price on the stock.

Insider Transactions at Core Scientific

In other news, insider Todd M. Duchene sold 25,277 shares of the firm’s stock in a transaction dated Friday, January 24th. The shares were 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 of the company’s stock, valued at approximately $32,860,389.52. This trade represents a 1.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Adam Taylor Sullivan sold 369,712 shares of the business’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $16.24, for a total transaction of $6,004,122.88. Following the transaction, the chief executive officer now owns 3,758,793 shares in the company, valued at $61,042,798.32. This represents a 8.96 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 748,282 shares of company stock worth $10,978,104. 32.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in CORZ. Vanguard Group Inc. raised its holdings in Core Scientific by 54.3% in the fourth quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company’s stock worth $272,270,000 after purchasing an additional 6,819,406 shares in the last quarter. Beryl Capital Management LLC increased its stake in shares of Core Scientific by 24.3% in the 4th quarter. Beryl Capital Management LLC now owns 18,179,586 shares of the company’s stock worth $255,423,000 after acquiring an additional 3,548,396 shares in the last quarter. Driehaus Capital Management LLC increased its stake in shares of Core Scientific by 112.1% in the 4th quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company’s stock worth $144,212,000 after acquiring an additional 5,424,901 shares in the last quarter. ORG Wealth Partners LLC lifted its position in Core Scientific by 0.3% during the 4th quarter. ORG Wealth Partners LLC now owns 8,986,651 shares of the company’s stock valued at $126,262,000 after acquiring an additional 26,649 shares during the period. Finally, FMR LLC boosted its stake in Core Scientific by 2,937.7% during the fourth quarter. FMR LLC now owns 7,436,229 shares of the company’s stock worth $104,479,000 after acquiring an additional 7,191,428 shares in the last quarter.

Core Scientific Price Performance

Shares of Core Scientific stock opened at $7.48 on Monday. Core Scientific has a 1 year low of $2.61 and a 1 year high of $18.63. The firm has a market cap of $2.20 billion, a PE ratio of -1.38 and a beta of 6.83. The company has a 50 day simple moving average of $10.89 and a two-hundred day simple moving average of $13.08.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings data on Wednesday, February 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.09. The company had revenue of $94.93 million for the quarter, compared to the consensus estimate of $97.07 million. As a group, research analysts anticipate 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.