Core Scientific (NASDAQ:CORZ) Now Covered by Canaccord Genuity Group

Canaccord Genuity Group started coverage on shares of Core Scientific (NASDAQ:CORZ) in a research report report published on Monday, Marketbeat Ratings reports. The firm issued a buy rating and a $16.00 price target on the stock.

A number of other equities research analysts have also recently commented on CORZ. BTIG Research raised their target price on shares of Core Scientific from $10.00 to $15.00 and gave the stock a buy rating in a research note on Wednesday, June 26th. Needham & Company LLC started 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. B. Riley raised shares of Core Scientific from a neutral rating to a buy rating and increased their price objective for the company from $0.50 to $13.00 in a report on Wednesday, July 17th. Canaccord Genuity Group started coverage on shares of Core Scientific in a report on Monday. They set a buy rating and a $16.00 price objective for the company. Finally, HC Wainwright increased their price objective on shares of Core Scientific from $11.00 to $15.00 and gave the company a buy rating in a report on Wednesday, July 10th. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of Buy and a consensus target price of $15.18.

Core Scientific Stock Performance

NASDAQ CORZ opened at $12.35 on Monday. Core Scientific has a 12 month low of $2.61 and a 12 month high of $12.95. The company’s 50 day moving average is $10.26 and its two-hundred day moving average is $7.23.

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

Insider Activity at Core Scientific

In other Core Scientific news, Director Jarrod M. Patten bought 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The stock was purchased at an average cost of $9.70 per share, with a total value of $38,800.00. Following the completion of the acquisition, the director now owns 279,239 shares in the company, valued at approximately $2,708,618.30. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director Jarrod M. Patten purchased 4,000 shares of the stock in a transaction that occurred on Wednesday, August 28th. The stock was bought at an average cost of $9.70 per share, for a total transaction of $38,800.00. Following the completion of the transaction, the director now directly owns 279,239 shares in the company, valued at $2,708,618.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Todd M. Duchene sold 11,582 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $9.41, for a total value of $108,986.62. Following the completion of the sale, 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. Over the last ninety days, insiders acquired 12,761 shares of company stock valued at $127,080. 32.00% of the stock is owned by corporate insiders.

Institutional Trading of Core Scientific

A number of institutional investors have recently bought and sold shares of CORZ. Barings LLC bought a new stake in Core Scientific in the first quarter worth $36,515,000. Vanguard Group Inc. bought a new stake in Core Scientific in the first quarter worth $21,973,000. Kensico Capital Management Corp bought a new stake in Core Scientific in the first quarter worth $18,513,000. Van ECK Associates Corp bought a new stake in Core Scientific in the second quarter worth $12,239,000. Finally, Vident Advisory LLC bought a new stake in Core Scientific in the first quarter worth $4,047,000.

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.