Brokerages Set Core Scientific, Inc. (NASDAQ:CORZ) PT at $19.07

Shares of Core Scientific, Inc. (NASDAQ:CORZ) have been given an average recommendation of “Buy” by the seventeen analysts that are currently covering the company, MarketBeat Ratings reports. Sixteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $18.81.

CORZ has been the topic of a number of recent research reports. Keefe, Bruyette & Woods initiated coverage on Core Scientific in a research note on Monday, January 27th. They issued an “outperform” rating and a $22.00 target price on the stock. Needham & Company LLC cut their price objective on shares of Core Scientific from $18.00 to $17.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Canaccord Genuity Group restated a “buy” rating and set a $17.00 price objective on shares of Core Scientific in a research note on Friday, May 9th. Compass Point cut their price objective on shares of Core Scientific from $26.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, February 25th. Finally, Craig Hallum initiated coverage on shares of Core Scientific in a research note on Tuesday, January 21st. They set a “buy” rating and a $24.00 price objective on the stock.

Insider Buying and Selling

In related news, Director Todd A. Becker sold 134,250 shares of Core Scientific stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $10.75, for a total value of $1,443,187.50. Following the transaction, the director now owns 195,687 shares of the company’s stock, valued at approximately $2,103,635.25. This trade represents a 40.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jordan Levy purchased 62,500 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The stock was bought at an average cost of $8.01 per share, for a total transaction of $500,625.00. Following the purchase, the director now directly owns 306,887 shares in the company, valued at $2,458,164.87. This represents a 25.57% increase in their position. The disclosure for this purchase can be found here. 1.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Core Scientific

Several institutional investors and hedge funds have recently bought and sold shares of the business. Xponance Inc. lifted its holdings in Core Scientific by 7.9% in the 4th quarter. Xponance Inc. now owns 12,800 shares of the company’s stock worth $180,000 after purchasing an additional 937 shares during the last quarter. Summit Investment Advisors Inc. lifted its holdings in Core Scientific by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 18,658 shares of the company’s stock worth $262,000 after purchasing an additional 1,185 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Core Scientific by 11.7% in the 1st quarter. Wellington Management Group LLP now owns 11,967 shares of the company’s stock worth $87,000 after purchasing an additional 1,256 shares during the last quarter. SBI Securities Co. Ltd. lifted its holdings in Core Scientific by 17.8% in the 1st quarter. SBI Securities Co. Ltd. now owns 10,391 shares of the company’s stock worth $75,000 after purchasing an additional 1,567 shares during the last quarter. Finally, US Bancorp DE lifted its holdings in Core Scientific by 23.7% in the 1st quarter. US Bancorp DE now owns 8,682 shares of the company’s stock worth $63,000 after purchasing an additional 1,663 shares during the last quarter.

Core Scientific Stock Performance

CORZ stock opened at $10.51 on Tuesday. The stock has a market capitalization of $3.13 billion, a price-to-earnings ratio of -1.94 and a beta of 6.66. Core Scientific has a 1 year low of $3.67 and a 1 year high of $18.63. The stock’s fifty day moving average is $8.08 and its two-hundred day moving average is $11.99.

Core Scientific (NASDAQ:CORZ) last posted its earnings results on Wednesday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.02. The company had revenue of $79.53 million during the quarter, compared to the consensus estimate of $92.04 million. The business’s quarterly revenue was down 55.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.78 earnings per share. As a group, analysts predict that Core Scientific will post 0.52 EPS for the current fiscal 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.