Core Scientific, Inc. (NASDAQ:CORZ) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Core Scientific, Inc. (NASDAQ:CORZ) have received an average recommendation of “Moderate Buy” from the twenty brokerages that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, sixteen have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $32.1806.

A number of brokerages recently weighed in on CORZ. Keefe, Bruyette & Woods raised Core Scientific from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $25.00 to $28.00 in a report on Thursday, July 30th. BTIG Research reissued a “buy” rating and issued a $38.00 target price on shares of Core Scientific in a report on Tuesday, July 28th. Freedom Capital upgraded shares of Core Scientific from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 30th. Loop Capital set a $40.00 price target on shares of Core Scientific in a research note on Friday, June 12th. Finally, Compass Point reaffirmed a “buy” rating and set a $36.00 price target on shares of Core Scientific in a research note on Wednesday, July 29th.

Core Scientific Price Performance

Shares of NASDAQ:CORZ opened at $16.51 on Monday. The company has a market cap of $5.31 billion, a P/E ratio of -3.74 and a beta of 5.59. Core Scientific has a 52 week low of $13.14 and a 52 week high of $30.46. The company has a 50-day moving average price of $21.85 and a 200 day moving average price of $21.03.

Core Scientific (NASDAQ:CORZ) last released its earnings results on Tuesday, July 28th. The company reported ($3.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The business had revenue of $164.20 million during the quarter, compared to the consensus estimate of $144.83 million. Analysts expect that Core Scientific will post -1.36 EPS for the current year.

Insider Buying and Selling

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the company’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $17.45, for a total transaction of $174,500.00. Following the transaction, the insider directly owned 1,937,896 shares in the company, valued at approximately $33,816,285.20. This represents a 0.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Eric Stanton Weiss bought 7,000 shares of the stock in a transaction on Tuesday, August 18th. The shares were bought at an average price of $19.19 per share, for a total transaction of $134,330.00. Following the completion of the transaction, the director directly owned 259,262 shares of the company’s stock, valued at $4,975,237.78. This trade represents a 2.77% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders have sold 100,000 shares of company stock valued at $2,360,300. Corporate insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Core Scientific

Several hedge funds and other institutional investors have recently bought and sold shares of CORZ. Vanguard Group Inc. boosted its position in Core Scientific by 18.7% during the fourth quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock worth $494,462,000 after purchasing an additional 5,359,710 shares in the last quarter. Situational Awareness LP increased its position in shares of Core Scientific by 42.5% in the fourth quarter. Situational Awareness LP now owns 28,756,478 shares of the company’s stock valued at $418,694,000 after buying an additional 8,575,944 shares in the last quarter. BlackRock Inc. acquired a new position in shares of Core Scientific during the 2nd quarter worth $719,649,000. Jericho Capital Asset Management L.P. raised its stake in shares of Core Scientific by 11.4% during the 4th quarter. Jericho Capital Asset Management L.P. now owns 13,038,619 shares of the company’s stock worth $189,842,000 after buying an additional 1,338,796 shares during the last quarter. Finally, Value Aligned Research Advisors LLC purchased a new stake in shares of Core Scientific in the 4th quarter worth about $117,786,000.

Core Scientific Company Profile

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.