Core Scientific’s (CORZ) Outperform Rating Reaffirmed at Sanford C. Bernstein

Core Scientific (NASDAQ:CORZ)‘s stock had its “outperform” rating restated by equities research analysts at Sanford C. Bernstein in a report released on Tuesday, Benzinga reports. They currently have a $17.00 price objective on the stock. Sanford C. Bernstein’s price target indicates a potential upside of 70.51% from the stock’s previous close.

Several other research analysts also recently issued reports on the company. HC Wainwright lifted their price target on Core Scientific from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. B. Riley raised shares of Core Scientific from a “neutral” rating to a “buy” rating and boosted their target price for the company from $0.50 to $13.00 in a research note on Wednesday, July 17th. BTIG Research boosted their target price on shares of Core Scientific from $10.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, June 26th. Needham & Company LLC began coverage on shares of Core Scientific in a research note on Wednesday, September 4th. They issued a “buy” rating and a $16.00 target price for the company. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $20.00 target price on shares of Core Scientific in a research note on Tuesday, September 3rd. Eight research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $14.88.

Core Scientific Stock Down 0.4 %

NASDAQ:CORZ opened at $9.97 on Tuesday. Core Scientific has a 52-week low of $2.61 and a 52-week high of $12.25. The stock has a fifty day simple moving average of $9.99 and a 200-day simple moving average of $6.65.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($4.51) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($4.47). The firm had revenue of $141.10 million during the quarter, compared to analyst estimates of $128.58 million. Core Scientific’s quarterly revenue was up 11.2% on a year-over-year basis. As a group, research analysts predict that Core Scientific will post 0.01 EPS for the current year.

Insider Activity

In other news, insider Todd M. Duchene sold 7,321 shares of the company’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $9.39, for a total transaction of $68,744.19. Following the completion of the transaction, the insider now owns 359,877 shares of the company’s stock, valued at approximately $3,379,245.03. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, insider Todd M. Duchene sold 7,321 shares of the business’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $9.39, for a total transaction of $68,744.19. Following the completion of the sale, the insider now owns 359,877 shares in the company, valued at approximately $3,379,245.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jarrod M. Patten bought 5,021 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were purchased at an average price of $9.68 per share, with a total value of $48,603.28. Following the acquisition, the director now directly owns 285,760 shares in the company, valued at approximately $2,766,156.80. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 10,521 shares of company stock valued at $102,328 and sold 27,655 shares valued at $260,087. Corporate insiders own 32.00% of the company’s stock.

Institutional Trading of Core Scientific

A number of institutional investors have recently modified their holdings of the company. Barings LLC purchased a new stake in shares of Core Scientific during the 1st quarter worth about $36,515,000. Vanguard Group Inc. purchased a new position in Core Scientific in the 1st quarter worth approximately $21,973,000. Kensico Capital Management Corp purchased a new position in Core Scientific in the 1st quarter worth approximately $18,513,000. Van ECK Associates Corp purchased a new position in Core Scientific in the 2nd quarter worth approximately $12,239,000. Finally, Vident Advisory LLC purchased a new position in Core Scientific in the 1st quarter worth approximately $4,047,000.

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.