Core Scientific (NASDAQ:CORZ) Price Target Raised to $20.00

Core Scientific (NASDAQ:CORZ) had its target price upped by Compass Point from $18.00 to $20.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Several other research analysts have also recently weighed in on CORZ. Sanford C. Bernstein reissued an “outperform” rating and issued a $17.00 price objective on shares of Core Scientific in a research report on Tuesday, September 10th. HC Wainwright boosted their price target on shares of Core Scientific from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. Cantor Fitzgerald restated an “overweight” rating and set a $20.00 price target on shares of Core Scientific in a research report on Thursday, October 3rd. Macquarie initiated coverage on shares of Core Scientific in a research report on Wednesday, September 25th. They issued an “outperform” rating and a $16.00 price objective on the stock. Finally, Canaccord Genuity Group started 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 for the company. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $16.50.

Core Scientific Price Performance

CORZ opened at $13.37 on Wednesday. Core Scientific has a fifty-two week low of $2.61 and a fifty-two week high of $14.06. The company’s 50-day moving average is $11.57 and its 200 day moving average is $8.61.

Core Scientific (NASDAQ:CORZ) last posted 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 business had revenue of $141.10 million for the quarter, compared to analysts’ expectations of $128.58 million. The company’s revenue was up 11.2% on a year-over-year basis. On average, equities research analysts anticipate that Core Scientific will post 0.01 EPS for the current fiscal year.

Insider Activity

In related 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 value of $108,986.62. Following the completion of the transaction, the insider now directly owns 1,686,474 shares of the company’s stock, valued at approximately $15,869,720.34. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Core Scientific news, insider Todd M. Duchene sold 11,582 shares of the business’s stock in a transaction 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 sale, the insider now owns 1,686,474 shares of the company’s stock, valued at $15,869,720.34. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Denise Marie Brucia Sterling sold 8,752 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $9.41, for a total value of $82,356.32. Following the completion of the transaction, the chief financial officer now directly owns 122,217 shares of the company’s stock, valued at $1,150,061.97. The trade was a 0.00 % decrease in their ownership of the stock. 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 over the last quarter. Company insiders own 32.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Fiduciary Alliance LLC bought a new stake in shares of Core Scientific during the first quarter valued at about $84,000. Hexagon Capital Partners LLC purchased a new position in Core Scientific during the first quarter valued at approximately $34,000. Perigon Wealth Management LLC bought a new stake in Core Scientific during the 1st quarter worth approximately $688,000. Capstone Investment Advisors LLC purchased a new stake in Core Scientific in the 1st quarter worth approximately $307,000. Finally, Concurrent Investment Advisors LLC bought a new position in Core Scientific in the 1st quarter valued at $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.