Core Scientific (NASDAQ:CORZ) Research Coverage Started at Canaccord Genuity Group

Equities researchers at Canaccord Genuity Group assumed coverage on shares of Core Scientific (NASDAQ:CORZ) in a research note issued to investors on Monday, MarketBeat.com reports. The firm set a “buy” rating and a $16.00 price target on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 31.15% from the stock’s current price.

A number of other analysts also recently commented on CORZ. Canaccord Genuity Group started coverage on shares of Core Scientific in a report on Monday. They issued a “buy” rating and a $16.00 target price on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $20.00 price objective on shares of Core Scientific in a research report on Tuesday, September 3rd. Sanford C. Bernstein reissued an “outperform” rating and set a $17.00 price objective on shares of Core Scientific in a research note on Tuesday, September 10th. Needham & Company LLC started coverage on Core Scientific in a research report on Wednesday, September 4th. They set a “buy” rating and a $16.00 target price on the stock. Finally, B. Riley upgraded Core Scientific from a “neutral” rating to a “buy” rating and increased their price target for the company from $0.50 to $13.00 in a research report on Wednesday, July 17th. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $15.10.

Core Scientific Stock Performance

CORZ opened at $12.20 on Monday. Core Scientific has a 1-year low of $2.61 and a 1-year high of $12.63. The business has a 50 day moving average price of $10.19 and a two-hundred day moving average price of $7.07.

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

Insider Transactions at Core Scientific

In related news, insider Todd M. Duchene sold 7,321 shares of the stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $9.39, for a total value of $68,744.19. Following the completion of the sale, the insider now directly owns 359,877 shares of the company’s stock, valued at approximately $3,379,245.03. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Todd M. Duchene sold 7,321 shares of the business’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $9.39, for a total transaction of $68,744.19. Following the transaction, the insider now directly owns 359,877 shares of the company’s stock, valued at $3,379,245.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Denise Marie Brucia Sterling sold 8,752 shares of the company’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 $82,356.32. Following the completion of the transaction, the chief financial officer now owns 122,217 shares in the company, valued at approximately $1,150,061.97. The disclosure for this sale can be found here. Over the last quarter, insiders acquired 12,761 shares of company stock valued at $127,080 and sold 27,655 shares valued at $260,087. 32.00% of the stock is currently owned by insiders.

Institutional Trading of Core Scientific

Several hedge funds and other institutional investors have recently modified their holdings of CORZ. Banque Cantonale Vaudoise acquired a new position in Core Scientific in the 2nd quarter worth about $28,000. Aspect Partners LLC acquired a new stake in shares of Core Scientific during the 1st quarter valued at about $29,000. Sunbelt Securities Inc. bought a new stake in shares of Core Scientific in the 2nd quarter valued at approximately $33,000. Hexagon Capital Partners LLC bought a new position in Core Scientific during the first quarter valued at approximately $34,000. Finally, Lindbrook Capital LLC acquired a new stake in Core Scientific in the first quarter valued at approximately $65,000.

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.