Core Scientific (NASDAQ:CORZ) Stock Rating Reaffirmed as Buy by Canaccord Genuity Group

Core Scientific (NASDAQ:CORZ)‘s stock had its “buy” rating reissued by equities researchers at Canaccord Genuity Group in a research note issued to investors on Thursday, Benzinga reports. They currently have a $36.00 price target on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 166.47% from the company’s previous close.

A number of other equities analysts also recently weighed in on CORZ. BTIG Research restated a “buy” rating and set a $38.00 target price on shares of Core Scientific in a report on Thursday. Compass Point reissued a “buy” rating and issued a $36.00 price objective on shares of Core Scientific in a research report on Wednesday, July 29th. Wells Fargo & Company initiated coverage on shares of Core Scientific in a research note on Thursday, September 17th. They set an “overweight” rating and a $28.00 price objective on the stock. Keefe, Bruyette & Woods raised shares of Core Scientific from a “market perform” rating to an “outperform” rating and upped their target price for the company from $25.00 to $28.00 in a report on Thursday, July 30th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Core Scientific in a research note on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Core Scientific has a consensus rating of “Moderate Buy” and an average target price of $31.36.

Core Scientific Price Performance

Shares of Core Scientific stock opened at $13.51 on Thursday. Core Scientific has a one year low of $13.35 and a one year high of $30.46. The stock’s 50-day moving average is $17.58 and its 200-day moving average is $21.05. The firm has a market cap of $4.34 billion, a price-to-earnings ratio of -3.06 and a beta of 5.49.

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 company had revenue of $164.20 million during the quarter, compared to analyst estimates of $144.83 million. On average, equities analysts expect that Core Scientific will post -1.36 EPS for the current year.

Insider Transactions at Core Scientific

In other Core Scientific news, Director Elizabeth Crain purchased 6,000 shares of the company’s stock in a transaction dated Thursday, August 20th. The stock was bought at an average cost of $18.33 per share, for a total transaction of $109,980.00. Following the completion of the transaction, the director owned 71,348 shares in the company, valued at approximately $1,307,808.84. This represents a 9.18% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, insider Todd M. Duchene sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, October 12th. The shares were sold at an average price of $15.12, for a total value of $151,200.00. Following the completion of the sale, the insider owned 1,159,668 shares of the company’s stock, valued at approximately $17,534,180.16. This trade represents a 0.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders bought 19,000 shares of company stock worth $342,290 and sold 100,000 shares worth $1,881,300. Corporate insiders own 1.70% of the company’s stock.

Institutional Trading of Core Scientific

Large investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in Core Scientific in the second quarter valued at about $719,649,000. Jericho Capital Asset Management L.P. lifted its position in Core Scientific by 11.4% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 13,038,619 shares of the company’s stock worth $189,842,000 after purchasing an additional 1,338,796 shares during the period. Apollo Management Holdings L.P. acquired a new stake in Core Scientific during the second quarter worth about $115,671,000. Avala Global LP acquired a new stake in Core Scientific during the second quarter worth about $101,729,000. Finally, Bank of America Corp DE acquired a new stake in Core Scientific during the second quarter worth about $93,668,000.

Core Scientific Company Profile

Core Scientific, Inc is a digital infrastructure company that develops and operates data centers in the United States. Its business has historically centered on cryptocurrency mining, particularly the processing of transactions on the Bitcoin network, while also providing hosting and infrastructure services to other mining and technology customers.

The company is expanding its data center capabilities to support high-performance computing and artificial intelligence workloads. Its services include data center operations, power and equipment management, hosting, and related infrastructure support for customers that require substantial computing capacity.

Core Scientific was founded in 2017 and became a publicly traded company through a business combination in 2022.