Core Scientific (NASDAQ:CORZ) Receives New Coverage from Analysts at Macquarie

Macquarie began coverage on shares of Core Scientific (NASDAQ:CORZ) in a research note published on Wednesday, Marketbeat.com reports. The firm issued an outperform rating and a $16.00 price target on the stock.

A number of other equities research analysts have also recently issued reports on CORZ. HC Wainwright upped their price objective on shares of Core Scientific from $11.00 to $15.00 and gave the company a buy rating in a research note on Wednesday, July 10th. Canaccord Genuity Group started coverage on shares of Core Scientific in a report on Monday. They issued a buy rating and a $16.00 price target on the stock. Needham & Company LLC began 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. Canaccord Genuity Group started coverage on shares of Core Scientific in a research note on Monday. They set a buy rating and a $16.00 target price for the company. Finally, LADENBURG THALM/SH SH restated a buy rating and set a $14.50 price target on shares of Core Scientific in a report on Tuesday, July 2nd. Eleven equities research analysts have rated the stock with a buy rating, According to MarketBeat, Core Scientific currently has a consensus rating of Buy and a consensus target price of $15.18.

Core Scientific Stock Down 4.2 %

Core Scientific stock opened at $12.35 on Wednesday. The firm’s 50 day simple moving average is $10.26 and its 200 day simple moving average is $7.23. Core Scientific has a 1-year low of $2.61 and a 1-year high of $12.95.

Core Scientific (NASDAQ:CORZ) last announced its earnings results on Wednesday, August 7th. The company reported ($4.51) earnings per share 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 analyst estimates of $128.58 million. The business’s revenue for the quarter was up 11.2% compared to the same quarter last year. As a group, analysts predict that Core Scientific will post 0.01 earnings per share for the current year.

Insider Activity at Core Scientific

In other Core Scientific news, CFO Denise Marie Brucia Sterling sold 8,752 shares of Core Scientific 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 $82,356.32. Following the completion of the sale, the chief financial officer now owns 122,217 shares of the company’s stock, valued at approximately $1,150,061.97. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider Todd M. Duchene sold 11,582 shares of the business’s 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 completion of the transaction, the insider now directly owns 1,686,474 shares in the company, valued at approximately $15,869,720.34. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Denise Marie Brucia Sterling sold 8,752 shares of the firm’s 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 $82,356.32. Following the sale, 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. Insiders have purchased a total of 12,761 shares of company stock worth $127,080 over the last quarter. Company insiders own 32.00% of the company’s stock.

Institutional Trading of Core Scientific

Several institutional investors and hedge funds have recently modified their holdings of the company. Barings LLC purchased a new position in shares of Core Scientific in the first quarter valued at about $36,515,000. Vanguard Group Inc. purchased a new stake in Core Scientific during the 1st quarter valued at approximately $21,973,000. Kensico Capital Management Corp bought a new stake in shares of Core Scientific during the first quarter valued at approximately $18,513,000. Van ECK Associates Corp purchased a new position in shares of Core Scientific in the second quarter worth $12,239,000. Finally, Vident Advisory LLC bought a new position in shares of Core Scientific during the first quarter worth $4,047,000.

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.