Core Scientific (NASDAQ:CORZ) Receives New Coverage from Analysts at Macquarie

Macquarie started coverage on shares of Core Scientific (NASDAQ:CORZ) in a research note issued to investors on Wednesday, Marketbeat Ratings reports. The firm issued an outperform rating and a $16.00 target price on the stock.

Several other research firms also recently issued reports on CORZ. Canaccord Genuity Group initiated coverage on Core Scientific in a report on Monday, September 23rd. They set a buy rating and a $16.00 price objective on the stock. B. Riley upgraded shares of Core Scientific from a neutral rating to a buy rating and boosted their price objective for the stock from $0.50 to $13.00 in a research note on Wednesday, July 17th. Needham & Company LLC initiated coverage on shares of Core Scientific in a report on Wednesday, September 4th. They set a buy rating and a $16.00 price objective for the company. BTIG Research lifted their target price on shares of Core Scientific from $10.00 to $15.00 and gave the stock a buy rating in a report on Wednesday, June 26th. Finally, LADENBURG THALM/SH SH restated a buy rating and set a $14.50 price target on shares of Core Scientific in a report on Tuesday, July 2nd. Eleven research analysts have rated the stock with a buy rating, According to MarketBeat, Core Scientific currently has an average rating of Buy and an average target price of $15.18.

Core Scientific Price Performance

Shares of CORZ opened at $12.16 on Wednesday. The stock’s fifty day moving average is $10.34 and its 200-day moving average is $7.32. Core Scientific has a one year low of $2.61 and a one year high of $12.95.

Core Scientific (NASDAQ:CORZ) last released its earnings results on Wednesday, August 7th. The company reported ($4.51) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($4.47). The company had revenue of $141.10 million during the quarter, compared to analysts’ expectations of $128.58 million. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year. Research analysts anticipate that Core Scientific will post 0.01 earnings per share for the current fiscal year.

Insider Activity at Core Scientific

In other news, Director Jarrod M. Patten acquired 5,021 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average price of $9.68 per share, with a total value of $48,603.28. Following the acquisition, the director now owns 285,760 shares of the company’s stock, valued at $2,766,156.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Core Scientific news, Director Jarrod M. Patten purchased 5,021 shares of the stock in a transaction on 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 of the company’s stock, valued at approximately $2,766,156.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Jarrod M. Patten acquired 4,000 shares of the company’s stock in a transaction dated Wednesday, August 28th. The stock was acquired at an average price of $9.70 per share, with a total value of $38,800.00. Following the purchase, the director now owns 279,239 shares in the company, valued at approximately $2,708,618.30. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 12,761 shares of company stock worth $127,080. Company insiders own 32.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Banque Cantonale Vaudoise acquired a new position in shares of Core Scientific in the 2nd quarter worth approximately $28,000. Aspect Partners LLC bought a new position in shares of Core Scientific during the first quarter valued at $29,000. Sunbelt Securities Inc. bought a new position in shares of Core Scientific during the second quarter valued at $33,000. Hexagon Capital Partners LLC acquired a new stake in shares of Core Scientific in the 1st quarter valued at $34,000. Finally, Lindbrook Capital LLC bought a new stake in shares of Core Scientific in the 1st quarter worth about $65,000.

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.