Canaccord Genuity Group Boosts Core Scientific (NASDAQ:CORZ) Price Target to $17.00

Core Scientific (NASDAQ:CORZ) had its price objective lifted by Canaccord Genuity Group from $16.00 to $17.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts have also issued research reports about the stock. LADENBURG THALM/SH SH reissued a “buy” rating and issued a $14.50 price target on shares of Core Scientific in a report on Tuesday, July 2nd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $20.00 target price on shares of Core Scientific in a report on Thursday, October 3rd. B. Riley upped their target price on shares of Core Scientific from $13.00 to $14.00 and gave the stock a “buy” rating in a report on Friday, October 11th. Needham & Company LLC initiated coverage on shares of Core Scientific in a report on Wednesday, September 4th. They issued a “buy” rating and a $16.00 target price on the stock. Finally, BTIG Research upped their target price on shares of Core Scientific from $10.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. Eleven analysts have rated the stock with a buy rating, Based on data from MarketBeat, Core Scientific presently has a consensus rating of “Buy” and a consensus price target of $16.50.

Core Scientific Price Performance

Shares of Core Scientific stock opened at $13.52 on Wednesday. The company’s fifty day moving average price is $11.42 and its two-hundred day moving average price is $8.51. Core Scientific has a 52-week low of $2.61 and a 52-week high of $14.01.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($4.51) earnings per share (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 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 EPS for the current year.

Insider Buying and Selling

In related news, insider Todd M. Duchene sold 11,582 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.41, for a total transaction of $108,986.62. Following the transaction, the insider now owns 1,686,474 shares in the company, valued at $15,869,720.34. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Todd M. Duchene sold 11,582 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.41, for a total transaction of $108,986.62. Following the transaction, the insider now owns 1,686,474 shares in the company, valued at $15,869,720.34. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Denise Marie Brucia Sterling sold 8,752 shares of the company’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $9.41, for a total transaction of $82,356.32. Following the transaction, the chief financial officer now owns 122,217 shares in the company, valued at approximately $1,150,061.97. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have purchased a total of 12,761 shares of company stock worth $127,080 in the last 90 days. Corporate insiders own 32.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Banque Cantonale Vaudoise acquired a new position in Core Scientific during the 2nd quarter valued at about $28,000. Sunbelt Securities Inc. acquired a new position in Core Scientific during the 2nd quarter valued at about $33,000. Rise Advisors LLC acquired a new position in Core Scientific during the 2nd quarter valued at about $65,000. Aspect Partners LLC acquired a new position in Core Scientific during the 1st quarter valued at about $29,000. Finally, Hexagon Capital Partners LLC acquired a new position in Core Scientific during the 1st quarter valued at about $34,000.

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.