Canaccord Genuity Group Initiates Coverage on Core Scientific (NASDAQ:CORZ)

Research analysts at Canaccord Genuity Group assumed coverage on shares of Core Scientific (NASDAQ:CORZ) in a research report issued to clients and investors on Monday, Briefing.com reports. The firm set a “buy” rating and a $16.00 price target on the stock. Canaccord Genuity Group’s price target points to a potential upside of 33.56% from the stock’s previous close.

Several other analysts have also recently issued reports on CORZ. B. Riley upgraded Core Scientific from a “neutral” rating to a “buy” rating and upped their price objective for the company from $0.50 to $13.00 in a research note on Wednesday, July 17th. BTIG Research raised their price objective on Core Scientific from $10.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, June 26th. HC Wainwright boosted their target price on shares of Core Scientific from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. Sanford C. Bernstein restated an “outperform” rating and issued a $17.00 price target on shares of Core Scientific in a research report on Tuesday, September 10th. Finally, Needham & Company LLC assumed coverage on shares of Core Scientific in a research report on Wednesday, September 4th. They set a “buy” rating and a $16.00 price objective for the company. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $15.00.

Core Scientific Stock Performance

CORZ stock opened at $11.98 on Monday. The stock’s 50 day moving average is $10.19 and its two-hundred day moving average is $7.07. Core Scientific has a 52-week low of $2.61 and a 52-week high of $12.63.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($4.51) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($4.47). The business had revenue of $141.10 million for the quarter, compared to analysts’ expectations of $128.58 million. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. As a group, equities research analysts predict that Core Scientific will post 0.01 EPS for the current fiscal year.

Insider Activity

In related news, insider Todd M. Duchene sold 7,321 shares of the firm’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $9.39, for a total value of $68,744.19. Following the sale, the insider now directly owns 359,877 shares in the company, valued at approximately $3,379,245.03. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, insider Todd M. Duchene sold 11,582 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.41, for a total value of $108,986.62. Following the completion of the transaction, the insider now owns 1,686,474 shares in the company, valued at approximately $15,869,720.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Todd M. Duchene sold 7,321 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $9.39, for a total transaction of $68,744.19. Following the transaction, the insider now directly owns 359,877 shares in the company, valued at approximately $3,379,245.03. The disclosure for this sale can be found here. Over the last 90 days, insiders have acquired 12,761 shares of company stock valued at $127,080 and have sold 27,655 shares valued at $260,087. Corporate insiders own 32.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Banque Cantonale Vaudoise bought a new stake in Core Scientific during the second quarter worth approximately $28,000. Sunbelt Securities Inc. bought a new stake in shares of Core Scientific in the 2nd quarter worth $33,000. Rise Advisors LLC acquired a new stake in shares of Core Scientific in the second quarter valued at $65,000. Aspect Partners LLC bought a new position in Core Scientific during the first quarter valued at about $29,000. Finally, Hexagon Capital Partners LLC acquired a new position in Core Scientific during the first quarter worth about $34,000.

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.