Core Scientific’s (CORZ) Overweight Rating Reaffirmed at Cantor Fitzgerald

Core Scientific (NASDAQ:CORZ)‘s stock had its “overweight” rating restated by analysts at Cantor Fitzgerald in a research report issued to clients and investors on Thursday, Benzinga reports. They currently have a $20.00 target price on the stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 64.74% from the company’s previous close.

A number of other brokerages have also recently weighed in on CORZ. LADENBURG THALM/SH SH reiterated a “buy” rating and issued a $14.50 price objective on shares of Core Scientific in a research note on Tuesday, July 2nd. Canaccord Genuity Group initiated coverage on shares of Core Scientific in a research report on Monday, September 23rd. They set a “buy” rating and a $16.00 target price on the stock. Needham & Company LLC initiated coverage on shares of Core Scientific in a research report on Wednesday, September 4th. They issued a “buy” rating and a $16.00 price target on the stock. HC Wainwright boosted their price objective on shares of Core Scientific from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. Finally, Sanford C. Bernstein reissued an “outperform” rating and issued a $17.00 target price on shares of Core Scientific in a research report on Tuesday, September 10th. Eleven equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $15.18.

Core Scientific Stock Up 1.2 %

Shares of CORZ stock traded up $0.14 on Thursday, reaching $12.14. 2,405,891 shares of the company were exchanged, compared to its average volume of 8,522,602. The business has a 50-day moving average price of $10.41 and a 200 day moving average price of $7.53. Core Scientific has a 1 year low of $2.61 and a 1 year high of $12.95.

Core Scientific (NASDAQ:CORZ) last posted its earnings results 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 during the quarter, compared to the consensus estimate of $128.58 million. The company’s quarterly revenue was up 11.2% on a year-over-year basis. Equities analysts forecast that Core Scientific will post 0.01 earnings per share for the current fiscal year.

Insider Activity

In other Core Scientific news, insider Todd M. Duchene sold 11,582 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $9.41, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, insider Todd M. Duchene sold 11,582 shares of the company’s stock in a transaction on 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 sale, the insider now owns 1,686,474 shares in the company, valued at approximately $15,869,720.34. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jarrod M. Patten purchased 5,021 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average price of $9.68 per share, with a total value of $48,603.28. Following the purchase, the director now owns 285,760 shares in the company, valued at $2,766,156.80. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 12,761 shares of company stock worth $127,080. Insiders own 32.00% of the company’s stock.

Institutional Trading of Core Scientific

A number of hedge funds have recently made changes to their positions in CORZ. Banque Cantonale Vaudoise purchased a new position in Core Scientific during the second quarter worth $28,000. Aspect Partners LLC purchased a new position in shares of Core Scientific during the 1st quarter valued at about $29,000. Sunbelt Securities Inc. purchased a new stake in Core Scientific during the second quarter worth $33,000. Hexagon Capital Partners LLC purchased a new stake in Core Scientific in the 1st quarter worth $34,000. Finally, Rise Advisors LLC acquired a new position in Core Scientific in the 2nd quarter valued at $65,000.

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.