FY2024 EPS Estimates for Core Scientific Lowered by B. Riley

Core Scientific, Inc. (NASDAQ:CORZ) – Equities researchers at B. Riley dropped their FY2024 earnings per share (EPS) estimates for shares of Core Scientific in a research report issued to clients and investors on Thursday, November 7th. B. Riley analyst L. Pipes now expects that the company will earn ($0.08) per share for the year, down from their prior forecast of $0.01. B. Riley has a “Buy” rating and a $17.00 price objective on the stock. The consensus estimate for Core Scientific’s current full-year earnings is $0.76 per share. B. Riley also issued estimates for Core Scientific’s Q4 2024 earnings at ($0.10) EPS, FY2025 earnings at ($0.21) EPS and FY2026 earnings at $0.16 EPS.

CORZ has been the subject of several other reports. Needham & Company LLC raised their target price on shares of Core Scientific from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Sanford C. Bernstein restated an “outperform” rating and issued a $17.00 price objective on shares of Core Scientific in a report on Tuesday, September 10th. Jefferies Financial Group assumed coverage on Core Scientific in a research report on Monday, October 28th. They issued a “buy” rating and a $19.00 target price for the company. HC Wainwright raised their target price on Core Scientific from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $20.00 price target on shares of Core Scientific in a research note on Thursday, October 3rd. Twelve research analysts have rated the stock with a buy rating, According to MarketBeat.com, Core Scientific has an average rating of “Buy” and a consensus target price of $17.21.

Core Scientific Stock Down 2.3 %

Shares of CORZ stock opened at $17.06 on Monday. The firm has a market capitalization of $4.76 billion and a price-to-earnings ratio of -3.08. The stock has a fifty day moving average of $12.48 and a 200 day moving average of $9.57. Core Scientific has a 52 week low of $2.61 and a 52 week high of $18.03.

Institutional Trading of Core Scientific

A number of hedge funds have recently bought and sold shares of the company. Barings LLC purchased a new position in Core Scientific in the first quarter worth about $36,515,000. ORG Wealth Partners LLC bought a new position in Core Scientific in the third quarter worth approximately $106,266,000. Vanguard Group Inc. purchased a new position in shares of Core Scientific during the 1st quarter worth $21,973,000. Kensico Capital Management Corp bought a new stake in shares of Core Scientific during the 1st quarter valued at $18,513,000. Finally, Van ECK Associates Corp purchased a new stake in shares of Core Scientific in the 2nd quarter worth $12,239,000.

Insider Activity at Core Scientific

In other Core Scientific news, CFO Denise Marie Brucia Sterling sold 8,752 shares of the stock in a transaction 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 directly 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other 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 directly owns 122,217 shares in the company, valued at $1,150,061.97. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Jarrod M. Patten acquired 4,000 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The shares were bought at an average cost of $9.70 per share, with a total value of $38,800.00. Following the completion of the acquisition, the director now directly owns 279,239 shares of the company’s stock, valued at $2,708,618.30. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 12,761 shares of company stock valued at $127,080 over the last 90 days. Corporate insiders own 32.00% of the company’s stock.

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.