Core Scientific (NASDAQ:CORZ) Coverage Initiated at Canaccord Genuity Group

Investment analysts at Canaccord Genuity Group began coverage on shares of Core Scientific (NASDAQ:CORZ) in a report released on Monday, Briefing.com reports. The brokerage set a “buy” rating and a $16.00 price target on the stock. Canaccord Genuity Group’s target price would suggest a potential upside of 24.13% from the company’s current price.

A number of other research firms have also recently weighed in on CORZ. Cantor Fitzgerald restated an “overweight” rating and issued a $20.00 price target on shares of Core Scientific in a report on Tuesday, September 3rd. B. Riley raised Core Scientific from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $0.50 to $13.00 in a research note on Wednesday, July 17th. LADENBURG THALM/SH SH reiterated a “buy” rating and issued a $14.50 price objective on shares of Core Scientific in a research report on Tuesday, July 2nd. Sanford C. Bernstein restated an “outperform” rating and set a $17.00 target price on shares of Core Scientific in a report on Tuesday, September 10th. Finally, BTIG Research upped their price target on shares of Core Scientific from $10.00 to $15.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $15.10.

Core Scientific Stock Performance

Shares of NASDAQ CORZ opened at $12.89 on Monday. Core Scientific has a one year low of $2.61 and a one year high of $12.95. The company’s fifty day moving average is $10.24 and its two-hundred day moving average is $7.19.

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

Insider Activity

In related 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 transaction of $108,986.62. Following the sale, the insider now owns 1,686,474 shares in the company, valued at $15,869,720.34. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CFO Denise Marie Brucia Sterling sold 8,752 shares of Core Scientific stock in a transaction on Friday, August 16th. The stock was sold at an average price of $9.41, for a total value of $82,356.32. Following the completion of the sale, the chief financial officer now owns 122,217 shares of the company’s stock, valued at $1,150,061.97. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Todd M. Duchene sold 11,582 shares of the company’s stock in a transaction 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 completion of the transaction, the insider now owns 1,686,474 shares of the company’s stock, valued at $15,869,720.34. The disclosure for this sale can be found here. Insiders bought a total of 12,761 shares of company stock valued at $127,080 over the last 90 days. Insiders own 32.00% of the company’s stock.

Institutional Trading of Core Scientific

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CORZ. Barings LLC purchased a new position in shares of Core Scientific during the 1st quarter worth about $36,515,000. Vanguard Group Inc. acquired a new position in Core Scientific during the first quarter worth approximately $21,973,000. Kensico Capital Management Corp purchased a new position in Core Scientific during the first quarter worth approximately $18,513,000. Van ECK Associates Corp acquired a new position in shares of Core Scientific in the 2nd quarter valued at $12,239,000. Finally, Vident Advisory LLC purchased a new stake in shares of Core Scientific during the 1st quarter valued at $4,047,000.

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.