Brokerages Set Core Scientific, Inc. (NASDAQ:CORZ) Price Target at $19.07

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

Several equities research analysts recently weighed in on CORZ shares. Compass Point cut their price objective on Core Scientific from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, February 25th. HC Wainwright reissued a “buy” rating and set a $17.00 price target on shares of Core Scientific in a research note on Tuesday, March 11th. Craig Hallum started coverage on Core Scientific in a research note on Tuesday, January 21st. They issued a “buy” rating and a $24.00 price objective for the company. Cantor Fitzgerald cut their target price on shares of Core Scientific from $24.00 to $21.00 and set an “overweight” rating on the stock in a research report on Thursday, February 27th. Finally, Keefe, Bruyette & Woods began coverage on shares of Core Scientific in a research report on Monday, January 27th. They issued an “outperform” rating and a $22.00 price target for the company.

Core Scientific Trading Down 11.9 %

CORZ opened at $7.63 on Monday. The company has a market cap of $2.24 billion, a P/E ratio of -1.41 and a beta of 6.83. The company’s 50 day moving average is $11.17 and its 200-day moving average is $13.13. Core Scientific has a 1-year low of $2.61 and a 1-year high of $18.63.

Core Scientific (NASDAQ:CORZ) last issued its earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.09. The company had revenue of $94.93 million during the quarter, compared to analyst estimates of $97.07 million. On average, equities analysts forecast that Core Scientific will post 0.52 EPS for the current year.

Insider Activity

In other news, insider Todd M. Duchene sold 25,277 shares of the stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $16.24, for a total transaction of $410,498.48. Following the transaction, the insider now owns 2,023,423 shares of the company’s stock, valued at $32,860,389.52. This represents a 1.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Adam Taylor Sullivan sold 369,712 shares of the firm’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $16.24, for a total value of $6,004,122.88. Following the completion of the sale, the chief executive officer now owns 3,758,793 shares of the company’s stock, valued at approximately $61,042,798.32. This represents a 8.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 748,282 shares of company stock worth $10,978,104 in the last quarter. 32.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CORZ. Xponance Inc. raised its position in shares of Core Scientific by 7.9% during the fourth quarter. Xponance Inc. now owns 12,800 shares of the company’s stock worth $180,000 after purchasing an additional 937 shares during the period. Summit Investment Advisors Inc. increased its stake in Core Scientific by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 18,658 shares of the company’s stock valued at $262,000 after purchasing an additional 1,185 shares in the last quarter. Wellington Shields & Co. LLC acquired a new position in Core Scientific during the fourth quarter worth $26,000. First Horizon Advisors Inc. bought a new position in shares of Core Scientific in the fourth quarter valued at $34,000. Finally, Joel Isaacson & Co. LLC grew its holdings in shares of Core Scientific by 4.5% during the fourth quarter. Joel Isaacson & Co. LLC now owns 58,011 shares of the company’s stock valued at $815,000 after buying an additional 2,500 shares during the last quarter.

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.