Core Scientific, Inc. (NASDAQ:CORZ) Receives $15.18 Average PT from Brokerages

Core Scientific, Inc. (NASDAQ:CORZ) has been given an average rating of “Buy” by the eleven analysts that are covering the firm, Marketbeat.com reports. Eleven investment analysts have rated the stock with a buy rating. The average 1-year target price among analysts that have covered the stock in the last year is $15.18.

Several equities research analysts have weighed in on CORZ shares. Canaccord Genuity Group started coverage on Core Scientific in a research report on Monday, September 23rd. They issued a “buy” rating and a $16.00 target price on the stock. Needham & Company LLC assumed coverage on Core Scientific in a research note on Wednesday, September 4th. They set a “buy” rating and a $16.00 target price for the company. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $17.00 target price on shares of Core Scientific in a research note on Tuesday, September 10th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $20.00 price target on shares of Core Scientific in a research report on Tuesday, September 3rd. Finally, LADENBURG THALM/SH SH reiterated a “buy” rating and issued a $14.50 price target on shares of Core Scientific in a research report on Tuesday, July 2nd.

Core Scientific Stock Performance

NASDAQ CORZ opened at $12.00 on Monday. Core Scientific has a fifty-two week low of $2.61 and a fifty-two week high of $12.95. The business has a 50 day moving average price of $10.38 and a two-hundred day moving average price of $7.50.

Core Scientific (NASDAQ:CORZ) last released its earnings results on Wednesday, August 7th. The company reported ($4.51) EPS for the quarter, missing the consensus estimate of ($0.04) by ($4.47). The firm had revenue of $141.10 million during the quarter, compared to the consensus estimate of $128.58 million. Core Scientific’s revenue was up 11.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Core Scientific will post 0.01 EPS for the current fiscal year.

Insider Buying and Selling at Core Scientific

In other news, Director Jarrod M. Patten purchased 4,000 shares of Core Scientific stock in a transaction dated Wednesday, August 28th. The stock was acquired at an average cost of $9.70 per share, for a total transaction of $38,800.00. Following the acquisition, the director now directly owns 279,239 shares in the company, valued at $2,708,618.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Jarrod M. Patten purchased 4,000 shares of Core Scientific stock in a transaction dated Wednesday, August 28th. The stock was acquired at an average cost of $9.70 per share, for a total transaction of $38,800.00. Following the acquisition, the director now directly owns 279,239 shares in the company, valued at $2,708,618.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Denise Marie Brucia Sterling sold 8,752 shares of Core Scientific stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.41, for a total value of $82,356.32. Following the sale, the chief financial officer now owns 122,217 shares of the company’s stock, valued at $1,150,061.97. The disclosure for this sale can be found here. Insiders have acquired a total of 12,761 shares of company stock valued at $127,080 in the last 90 days. 32.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Core Scientific

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. P Schoenfeld Asset Management LP acquired a new stake in Core Scientific in the 2nd quarter worth approximately $4,185,000. Vanguard Group Inc. bought a new position in Core Scientific in the 1st quarter worth approximately $21,973,000. Hexagon Capital Partners LLC bought a new position in Core Scientific in the 1st quarter worth approximately $34,000. Blair William & Co. IL bought a new position in Core Scientific in the 1st quarter worth approximately $1,156,000. Finally, Central Asset Investments & Management Holdings HK Ltd bought a new position in Core Scientific in the 2nd quarter worth approximately $1,218,000.

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.