Core Scientific (NASDAQ:CORZ) Given Buy Rating at Canaccord Genuity Group

Canaccord Genuity Group reissued their buy rating on shares of Core Scientific (NASDAQ:CORZ) in a report issued on Wednesday,Benzinga reports. They currently have a $17.00 price objective on the stock.

A number of other analysts have also recently issued reports on CORZ. Roth Capital upgraded shares of Core Scientific to a “strong-buy” rating in a research note on Thursday, November 14th. Compass Point reduced their price objective on shares of Core Scientific from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, February 25th. Roth Mkm assumed coverage on shares of Core Scientific in a research report on Friday, November 15th. They set a “buy” rating and a $25.50 target price on the stock. Cantor Fitzgerald cut their target price on Core Scientific from $24.00 to $21.00 and set an “overweight” rating on the stock in a report on Thursday, February 27th. Finally, Macquarie upped their price target on Core Scientific from $16.00 to $19.00 and gave the stock an “outperform” rating in a research note on Thursday, November 14th. Fifteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Core Scientific presently has an average rating of “Buy” and a consensus price target of $19.07.

Core Scientific Trading Up 1.7 %

Shares of NASDAQ:CORZ opened at $8.81 on Wednesday. The firm has a market cap of $2.59 billion, a price-to-earnings ratio of -1.63 and a beta of 6.83. Core Scientific has a 1 year low of $2.61 and a 1 year high of $18.63. The business has a fifty day simple moving average of $12.08 and a 200 day simple moving average of $13.20.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.09. The firm had revenue of $94.93 million for the quarter, compared to analysts’ expectations of $97.07 million. On average, sell-side analysts forecast that Core Scientific will post 0.52 EPS for the current year.

Insiders Place Their Bets

In other Core Scientific news, insider Todd M. Duchene sold 129,861 shares of the firm’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $14.24, for a total value of $1,849,220.64. Following the sale, the insider now directly owns 2,051,649 shares in the company, valued at $29,215,481.76. This trade represents a 5.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jordan Levy acquired 62,500 shares of the company’s stock in a transaction dated Thursday, March 6th. The shares were bought at an average price of $8.01 per share, for a total transaction of $500,625.00. Following the acquisition, the director now owns 306,887 shares in the company, valued at approximately $2,458,164.87. This trade represents a 25.57 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 748,282 shares of company stock valued at $10,978,104 in the last three months. Company insiders own 32.00% of the company’s stock.

Institutional Trading of Core Scientific

A number of hedge funds have recently modified their holdings of CORZ. Vanguard Group Inc. increased its position in shares of Core Scientific by 54.3% during the fourth quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company’s stock valued at $272,270,000 after purchasing an additional 6,819,406 shares during the period. Beryl Capital Management LLC increased its holdings in Core Scientific by 24.3% in the 4th quarter. Beryl Capital Management LLC now owns 18,179,586 shares of the company’s stock valued at $255,423,000 after buying an additional 3,548,396 shares during the period. Driehaus Capital Management LLC raised its stake in shares of Core Scientific by 112.1% in the 4th quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company’s stock valued at $144,212,000 after buying an additional 5,424,901 shares in the last quarter. ORG Wealth Partners LLC lifted its holdings in shares of Core Scientific by 0.3% during the 4th quarter. ORG Wealth Partners LLC now owns 8,986,651 shares of the company’s stock worth $126,262,000 after acquiring an additional 26,649 shares during the period. Finally, FMR LLC boosted its position in shares of Core Scientific by 2,937.7% during the 4th quarter. FMR LLC now owns 7,436,229 shares of the company’s stock valued at $104,479,000 after acquiring an additional 7,191,428 shares in the last quarter.

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.