Analysts Set Core Scientific, Inc. (NASDAQ:CORZ) PT at $23.34

Core Scientific, Inc. (NASDAQ:CORZ) has been given an average recommendation of “Moderate Buy” by the twenty-two ratings firms that are presently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, five have given a hold recommendation, fourteen have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $23.3421.

A number of research firms have issued reports on CORZ. Craig Hallum set a $27.00 price objective on Core Scientific in a report on Friday, October 31st. Citizens Jmp raised shares of Core Scientific from a “market perform” rating to an “outperform” rating and set a $30.00 price objective on the stock in a research report on Thursday, December 18th. Zacks Research raised Core Scientific from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 13th. Roth Capital reissued a “buy” rating on shares of Core Scientific in a report on Friday, October 31st. Finally, Macquarie raised shares of Core Scientific from a “hold” rating to an “outperform” rating and lifted their target price for the stock from $18.00 to $34.00 in a research report on Friday, October 31st.

Insiders Place Their Bets

In other news, Director Eric Stanton Weiss bought 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 4th. The stock was bought at an average price of $21.50 per share, with a total value of $107,500.00. Following the acquisition, the director owned 226,687 shares of the company’s stock, valued at approximately $4,873,770.50. This represents a 2.26% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.40% of the stock is owned by corporate insiders.

Institutional Trading of Core Scientific

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Core Scientific by 5.0% in the 3rd quarter. Vanguard Group Inc. now owns 28,600,610 shares of the company’s stock valued at $513,095,000 after acquiring an additional 1,351,395 shares during the last quarter. Jericho Capital Asset Management L.P. purchased a new stake in shares of Core Scientific in the third quarter valued at approximately $209,895,000. Situational Awareness LP increased its position in Core Scientific by 76.8% during the 2nd quarter. Situational Awareness LP now owns 7,994,038 shares of the company’s stock valued at $136,458,000 after purchasing an additional 3,472,460 shares during the period. Geode Capital Management LLC lifted its position in shares of Core Scientific by 26.2% in the 2nd quarter. Geode Capital Management LLC now owns 7,371,211 shares of the company’s stock worth $125,842,000 after purchasing an additional 1,530,466 shares during the period. Finally, ORG Wealth Partners LLC increased its holdings in shares of Core Scientific by 1.8% in the 3rd quarter. ORG Wealth Partners LLC now owns 7,290,481 shares of the company’s stock valued at $130,791,000 after acquiring an additional 128,284 shares during the period.

Core Scientific Stock Down 2.8%

NASDAQ CORZ opened at $18.36 on Friday. The company has a 50-day simple moving average of $16.20 and a two-hundred day simple moving average of $16.13. Core Scientific has a 12-month low of $6.20 and a 12-month high of $23.63. The firm has a market cap of $5.69 billion, a price-to-earnings ratio of 122.41 and a beta of 6.87.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings results on Friday, October 24th. The company reported ($0.46) EPS for the quarter, beating analysts’ consensus estimates of ($0.85) by $0.39. The business had revenue of $81.10 million for the quarter, compared to the consensus estimate of $107.18 million. Equities analysts expect that Core Scientific will post 0.52 earnings per share for the current fiscal year.

About Core Scientific

Core Scientific, Inc (NASDAQ: CORZ) is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific’s service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.