HC Wainwright Reiterates Buy Rating for Core Scientific (NASDAQ:CORZ)

Core Scientific (NASDAQ:CORZ)‘s stock had its “buy” rating reissued by investment analysts at HC Wainwright in a report issued on Thursday,Benzinga reports. They currently have a $17.00 target price on the stock. HC Wainwright’s target price suggests a potential upside of 69.66% from the stock’s previous close.

A number of other research analysts have also recently weighed in on CORZ. Macquarie boosted their target price on shares of Core Scientific from $16.00 to $19.00 and gave the company an “outperform” rating in a research note on Thursday, November 14th. BTIG Research increased their price objective on Core Scientific from $19.00 to $20.00 and gave the company a “buy” rating in a report on Monday, December 16th. Craig Hallum assumed coverage on Core Scientific in a research note on Tuesday, January 21st. They issued a “buy” rating and a $24.00 target price on the stock. Keefe, Bruyette & Woods initiated coverage on Core Scientific in a research note on Monday, January 27th. They set an “outperform” rating and a $22.00 price target for the company. Finally, B. Riley boosted their price objective on Core Scientific from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Fifteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $19.00.

Core Scientific Stock Up 2.7 %

CORZ stock opened at $10.02 on Thursday. The firm has a market cap of $2.80 billion and a PE ratio of -1.85. The business has a 50 day moving average of $13.34 and a 200-day moving average of $13.28. Core Scientific has a 12-month low of $2.61 and a 12-month high of $18.63.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings data on Wednesday, February 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.09. On average, research analysts expect that Core Scientific will post 0.52 earnings per share for the current year.

Insider Buying and Selling at Core Scientific

In other news, CEO Adam Taylor Sullivan sold 88,380 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total transaction of $1,258,531.20. Following the completion of the transaction, the chief executive officer now owns 4,128,505 shares of the company’s stock, valued at approximately $58,789,911.20. The trade was a 2.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Todd M. Duchene sold 129,861 shares of Core Scientific stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $14.24, for a total transaction of $1,849,220.64. Following the sale, the insider now owns 2,051,649 shares of the company’s stock, valued at approximately $29,215,481.76. The trade was a 5.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 614,032 shares of company stock valued at $9,534,916 in the last three months. Company insiders own 32.00% of the company’s stock.

Hedge Funds Weigh In On Core Scientific

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

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.