Brokers Set Expectations for Core Scientific FY2024 Earnings

Core Scientific, Inc. (NASDAQ:CORZ) – Equities research analysts at B. Riley cut their FY2024 earnings per share (EPS) estimates for Core Scientific in a research report issued to clients and investors on Thursday, November 7th. B. Riley analyst L. Pipes now forecasts that the company will post earnings per share of ($0.08) for the year, down from their previous estimate of $0.01. B. Riley has a “Buy” rating and a $17.00 price objective on the stock. The consensus estimate for Core Scientific’s current full-year earnings is $0.76 per share. B. Riley also issued estimates for Core Scientific’s Q4 2024 earnings at ($0.10) EPS, FY2025 earnings at ($0.21) EPS and FY2026 earnings at $0.16 EPS.

Several other research firms also recently commented on CORZ. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $20.00 price objective on shares of Core Scientific in a report on Thursday, October 3rd. Compass Point increased their target price on Core Scientific from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Jefferies Financial Group initiated coverage on shares of Core Scientific in a report on Monday, October 28th. They issued a “buy” rating and a $19.00 price target for the company. HC Wainwright increased their price objective on shares of Core Scientific from $15.00 to $17.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, Macquarie started coverage on shares of Core Scientific in a research report on Wednesday, September 25th. They issued an “outperform” rating and a $16.00 target price on the stock. Twelve analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $17.21.

Core Scientific Price Performance

Shares of CORZ stock opened at $17.47 on Monday. The business has a fifty day moving average of $12.34 and a 200 day moving average of $9.48. The firm has a market capitalization of $4.88 billion and a price-to-earnings ratio of -3.23. Core Scientific has a 1 year low of $2.61 and a 1 year high of $18.03.

Insider Buying and Selling at Core Scientific

In other Core Scientific news, insider Todd M. Duchene sold 11,582 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $9.41, for a total value of $108,986.62. Following the transaction, the insider now directly owns 1,686,474 shares of the company’s stock, valued at $15,869,720.34. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Jarrod M. Patten bought 4,000 shares of Core Scientific stock in a transaction on Wednesday, August 28th. The shares were bought at an average cost of $9.70 per share, with a total value of $38,800.00. Following the completion of the purchase, the director now directly owns 279,239 shares of the company’s stock, valued at approximately $2,708,618.30. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Todd M. Duchene sold 11,582 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $9.41, for a total transaction of $108,986.62. Following the sale, the insider now owns 1,686,474 shares of the company’s stock, valued at $15,869,720.34. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders acquired 12,761 shares of company stock worth $127,080. Insiders own 32.00% of the company’s stock.

Institutional Trading of Core Scientific

Hedge funds and other institutional investors have recently modified their holdings of the business. Banque Cantonale Vaudoise purchased a new stake in shares of Core Scientific in the 2nd quarter valued at approximately $28,000. Aspect Partners LLC purchased a new stake in Core Scientific in the first quarter valued at approximately $29,000. Sunbelt Securities Inc. acquired a new position in Core Scientific during the second quarter worth $33,000. Rise Advisors LLC purchased a new position in shares of Core Scientific during the second quarter worth $65,000. Finally, Divisadero Street Capital Management LP purchased a new position in shares of Core Scientific during the second quarter worth $93,000.

About Core Scientific

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.