Core Scientific, Inc. (NASDAQ:CORZ) Given Average Recommendation of “Buy” by Brokerages

Core Scientific, Inc. (NASDAQ:CORZ) has earned an average rating of “Buy” from the sixteen research firms that are covering the firm, MarketBeat Ratings reports. Fifteen investment analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $19.07.

CORZ has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods initiated coverage on shares of Core Scientific in a research note on Monday, January 27th. They set an “outperform” rating and a $22.00 price target on the stock. Jefferies Financial Group assumed coverage on Core Scientific in a research note on Monday, October 28th. They issued a “buy” rating and a $19.00 target price for the company. BTIG Research lifted their price target on Core Scientific from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, December 16th. B. Riley increased their price objective on Core Scientific from $16.00 to $17.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, Craig Hallum assumed coverage on Core Scientific in a report on Tuesday, January 21st. They set a “buy” rating and a $24.00 target price for the company.

Insider Activity at Core Scientific

In related news, CEO Adam Taylor Sullivan sold 88,380 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total value of $1,258,531.20. Following the completion of the sale, the chief executive officer now owns 4,128,505 shares of the company’s stock, valued at approximately $58,789,911.20. This trade represents a 2.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Todd M. Duchene sold 25,000 shares of Core Scientific stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $17.10, for a total value of $427,500.00. Following the transaction, the insider now owns 1,661,474 shares in the company, valued at approximately $28,411,205.40. The trade was a 1.48 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 744,032 shares of company stock valued at $11,863,966.

Institutional Trading of Core Scientific

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. ORG Wealth Partners LLC grew its holdings in shares of Core Scientific by 0.3% in the fourth quarter. ORG Wealth Partners LLC now owns 8,986,651 shares of the company’s stock valued at $126,262,000 after purchasing an additional 26,649 shares during the period. Parsifal Capital Management LP boosted its holdings in Core Scientific by 3.9% in the 3rd quarter. Parsifal Capital Management LP now owns 5,412,825 shares of the company’s stock valued at $64,196,000 after purchasing an additional 204,314 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Core Scientific by 26.7% in the 3rd quarter. Geode Capital Management LLC now owns 5,276,573 shares of the company’s stock valued at $62,594,000 after buying an additional 1,113,285 shares during the period. State Street Corp increased its holdings in shares of Core Scientific by 17.0% during the 3rd quarter. State Street Corp now owns 4,006,922 shares of the company’s stock worth $47,522,000 after buying an additional 583,493 shares during the last quarter. Finally, Taconic Capital Advisors LP raised its position in shares of Core Scientific by 178.7% during the 3rd quarter. Taconic Capital Advisors LP now owns 2,717,462 shares of the company’s stock valued at $32,229,000 after buying an additional 1,742,462 shares during the period.

Core Scientific Price Performance

Shares of NASDAQ:CORZ opened at $12.53 on Friday. The firm has a market capitalization of $3.50 billion and a P/E ratio of -2.32. The business’s 50-day moving average is $14.71 and its 200 day moving average is $13.07. Core Scientific has a 1 year low of $2.61 and a 1 year high of $18.63.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.02). The company had revenue of $95.35 million for the quarter, compared to analysts’ expectations of $94.80 million. On average, analysts expect that Core Scientific will post 0.5 EPS for the current year.

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.