Core Scientific (NASDAQ:CORZ) Stock Keeps “Buy” Rating at Canaccord Genuity Group

Core Scientific (NASDAQ:CORZ)‘s stock had its “buy” rating reaffirmed by Canaccord Genuity Group in a note issued to investors on Thursday, Benzinga reports. They currently have a $36.00 target price on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 162.20% from the company’s current price.

A number of other equities analysts have also weighed in on the stock. B. Riley Financial boosted their price objective on shares of Core Scientific from $33.00 to $42.00 and gave the stock a “buy” rating in a report on Monday, August 3rd. Wolfe Research reiterated a “buy” rating on shares of Core Scientific in a research note on Wednesday, July 29th. Wells Fargo & Company started coverage on Core Scientific in a research note on Thursday, September 17th. They set an “overweight” rating and a $28.00 target price on the stock. UBS Group reissued a “market outperform” rating on shares of Core Scientific in a report on Wednesday, October 14th. Finally, Citigroup restated a “market outperform” rating on shares of Core Scientific in a research note on Wednesday, October 14th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Core Scientific currently has an average rating of “Moderate Buy” and a consensus price target of $31.36.

Core Scientific Trading Up 1.9%

NASDAQ:CORZ traded up $0.25 on Thursday, reaching $13.73. 16,826,395 shares of the stock traded hands, compared to its average volume of 12,764,225. The company has a market capitalization of $4.41 billion, a price-to-earnings ratio of -3.11 and a beta of 5.49. Core Scientific has a 12 month low of $12.31 and a 12 month high of $30.46. The company’s fifty day simple moving average is $17.19 and its 200 day simple moving average is $21.04.

Core Scientific (NASDAQ:CORZ) last issued 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 firm had revenue of $164.20 million for the quarter, compared to analysts’ expectations of $144.83 million. Equities analysts anticipate that Core Scientific will post -1.36 EPS for the current fiscal year.

Insider Buying and Selling at Core Scientific

In related news, Director Eric Weiss purchased 7,000 shares of the business’s stock in a transaction on Tuesday, August 18th. The stock was acquired at an average price of $19.19 per share, with a total value of $134,330.00. Following the completion of the acquisition, the director owned 259,262 shares of the company’s stock, valued at approximately $4,975,237.78. This trade represents a 2.77% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Todd DuChene sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $19.97, for a total value of $199,700.00. Following the transaction, the insider owned 1,969,101 shares of the company’s stock, valued at approximately $39,322,946.97. This trade represents a 0.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have purchased 19,000 shares of company stock worth $342,290 and have sold 90,000 shares worth $1,658,300. 1.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Core Scientific

Institutional investors and hedge funds have recently modified their holdings of the stock. Bank of America Corp DE increased its holdings in Core Scientific by 412.5% in the 1st quarter. Bank of America Corp DE now owns 4,806,363 shares of the company’s stock valued at $71,903,000 after acquiring an additional 3,868,535 shares during the last quarter. California State Teachers Retirement System grew its position in Core Scientific by 22.1% in the 1st quarter. California State Teachers Retirement System now owns 288,936 shares of the company’s stock valued at $4,322,000 after acquiring an additional 52,260 shares during the last quarter. Man Group plc purchased a new position in Core Scientific in the 2nd quarter worth about $1,986,000. Wellington Management Group LLP increased its position in shares of Core Scientific by 45.0% during the second quarter. Wellington Management Group LLP now owns 1,123,721 shares of the company’s stock worth $28,756,000 after acquiring an additional 348,645 shares during the period. Finally, Union Square Park Capital Management LLC bought a new stake in Core Scientific during the 1st quarter valued at $1,496,000.

About Core Scientific

Core Scientific, Inc is a digital infrastructure company that develops and operates data centers for high-performance computing. The company has historically focused on bitcoin mining, using specialized computing equipment and supporting infrastructure to validate transactions on the Bitcoin network. It also provides hosting and infrastructure services for other digital asset miners.

Core Scientific is expanding its business toward hosting high-performance computing and artificial intelligence workloads.