Core Scientific (NASDAQ:CORZ) Receives Buy Rating from Canaccord Genuity Group

Canaccord Genuity Group reissued their buy rating on shares of Core Scientific (NASDAQ:CORZ) in a report published on Thursday,Benzinga reports. Canaccord Genuity Group currently has a $17.00 target price on the stock.

Other analysts have also issued reports about the stock. HC Wainwright reissued a “buy” rating and issued a $17.00 price objective on shares of Core Scientific in a research report on Thursday. B. Riley increased their price objective on shares of Core Scientific from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Roth Mkm started coverage on shares of Core Scientific in a research report on Friday, November 15th. They issued a “buy” rating and a $25.50 price objective on the stock. BTIG Research increased their price objective on shares of Core Scientific from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, December 16th. Finally, Needham & Company LLC reduced their price objective on shares of Core Scientific from $18.00 to $17.00 and set a “buy” rating on the stock in a research report on Thursday. Fifteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $19.07.

Core Scientific Trading Up 4.2 %

Shares of NASDAQ:CORZ opened at $11.16 on Thursday. Core Scientific has a 12 month low of $2.61 and a 12 month high of $18.63. The company has a 50-day moving average price of $13.20 and a 200 day moving average price of $13.27. The company has a market cap of $3.12 billion and a price-to-earnings ratio of -2.06.

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

Insider Activity at Core Scientific

In related news, CEO Adam Taylor Sullivan sold 88,380 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 $1,258,531.20. Following the transaction, the chief executive officer now directly owns 4,128,505 shares of the company’s stock, valued at $58,789,911.20. This trade represents a 2.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 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 transaction, the insider now directly owns 2,051,649 shares in the company, 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 have sold a total of 614,032 shares of company stock valued at $9,534,916 over the last ninety days. 32.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Core Scientific

Several institutional investors have recently bought and sold shares of CORZ. Creative Planning increased its holdings in Core Scientific by 88.0% during the third quarter. Creative Planning now owns 32,925 shares of the company’s stock valued at $389,000 after buying an additional 15,413 shares during the period. Arkadios Wealth Advisors acquired a new stake in Core Scientific in the third quarter valued at approximately $119,000. Wealth Enhancement Advisory Services LLC boosted its stake in Core Scientific by 96.2% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 78,077 shares of the company’s stock valued at $926,000 after acquiring an additional 38,292 shares in the last quarter. Van ECK Associates Corp boosted its stake in Core Scientific by 22.9% in the third quarter. Van ECK Associates Corp now owns 1,616,944 shares of the company’s stock valued at $19,177,000 after acquiring an additional 300,942 shares in the last quarter. Finally, Harvest Portfolios Group Inc. boosted its stake in Core Scientific by 10.1% in the third quarter. Harvest Portfolios Group Inc. now owns 55,881 shares of the company’s stock valued at $663,000 after acquiring an additional 5,109 shares in 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.