Core Scientific’s (CORZ) Buy Rating Reaffirmed at Canaccord Genuity Group

Canaccord Genuity Group reissued their buy rating on shares of Core Scientific (NASDAQ:CORZ) in a research note published on Friday morning, Benzinga reports. They currently have a $16.00 target price on the stock.

Several other research firms have also recently weighed in on CORZ. HC Wainwright upped their price objective on shares of Core Scientific from $11.00 to $15.00 and gave the stock a buy rating in a research report on Wednesday, July 10th. Sanford C. Bernstein reaffirmed an outperform rating and set a $17.00 price target on shares of Core Scientific in a report on Tuesday, September 10th. BTIG Research lifted their price objective on shares of Core Scientific from $10.00 to $15.00 and gave the company a buy rating in a research note on Wednesday, June 26th. Macquarie assumed coverage on Core Scientific in a research note on Wednesday, September 25th. They set an outperform rating and a $16.00 target price for the company. Finally, Needham & Company LLC assumed coverage on Core Scientific in a research note on Wednesday, September 4th. They issued a buy rating and a $16.00 price target on the stock. Eleven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of Buy and an average target price of $15.27.

Core Scientific Stock Down 1.9 %

Shares of CORZ opened at $12.97 on Friday. The firm’s 50 day moving average is $10.90 and its 200-day moving average is $8.07. Core Scientific has a 12 month low of $2.61 and a 12 month high of $13.42.

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 during the quarter, compared to analysts’ expectations of $128.58 million. The business’s revenue for the quarter was up 11.2% on a year-over-year basis. As a group, research analysts anticipate that Core Scientific will post 0.01 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Jarrod M. Patten purchased 4,000 shares of the business’s stock in a transaction dated Wednesday, August 28th. The shares were purchased at an average cost of $9.70 per share, with a total value of $38,800.00. Following the completion of the purchase, the director now owns 279,239 shares of the company’s stock, valued at $2,708,618.30. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. In other Core Scientific news, Director Jarrod M. Patten acquired 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The stock was acquired at an average price 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. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Todd M. Duchene sold 11,582 shares of Core Scientific stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $9.41, for a total transaction of $108,986.62. Following the sale, the insider now owns 1,686,474 shares in the company, valued at approximately $15,869,720.34. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have bought 12,761 shares of company stock worth $127,080 in the last 90 days. Insiders own 32.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CORZ. Fiduciary Alliance LLC bought a new stake in shares of Core Scientific in the 1st quarter valued at about $84,000. Hexagon Capital Partners LLC acquired a new position in shares of Core Scientific in the first quarter worth approximately $34,000. Perigon Wealth Management LLC bought a new stake in Core Scientific in the first quarter valued at approximately $688,000. Capstone Investment Advisors LLC acquired a new stake in Core Scientific during the 1st quarter valued at approximately $307,000. Finally, Concurrent Investment Advisors LLC bought a new position in Core Scientific during the 1st quarter worth approximately $417,000.

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.