Core Scientific (NASDAQ:CORZ) Coverage Initiated by Analysts at Macquarie

Equities research analysts at Macquarie started coverage on shares of Core Scientific (NASDAQ:CORZ) in a report released on Wednesday, Marketbeat.com reports. The brokerage set an “outperform” rating and a $16.00 price target on the stock. Macquarie’s target price indicates a potential upside of 29.24% from the company’s previous close.

A number of other research analysts have also weighed in on CORZ. BTIG Research increased their price target on Core Scientific from $10.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, June 26th. LADENBURG THALM/SH SH reiterated a “buy” rating and set a $14.50 target price on shares of Core Scientific in a research report on Tuesday, July 2nd. HC Wainwright lifted their price target on Core Scientific from $11.00 to $15.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. Sanford C. Bernstein reiterated an “outperform” rating and set a $17.00 price objective on shares of Core Scientific in a report on Tuesday, September 10th. Finally, Canaccord Genuity Group started coverage on shares of Core Scientific in a report on Monday. They issued a “buy” rating and a $16.00 target price for the company. Eleven research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $15.18.

Core Scientific Price Performance

Shares of CORZ stock opened at $12.38 on Wednesday. The firm has a 50-day moving average price of $10.31 and a 200 day moving average price of $7.26. Core Scientific has a twelve month low of $2.61 and a twelve month high of $12.95.

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

Insiders Place Their Bets

In related news, insider Todd M. Duchene sold 11,582 shares of the 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 directly owns 1,686,474 shares in the company, valued at approximately $15,869,720.34. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Core Scientific news, insider Todd M. Duchene sold 11,582 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now owns 1,686,474 shares in the company, valued at approximately $15,869,720.34. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Denise Marie Brucia Sterling sold 8,752 shares of Core Scientific 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 $82,356.32. Following the sale, the chief financial officer now owns 122,217 shares in the company, valued at approximately $1,150,061.97. The disclosure for this sale can be found here. Insiders acquired a total of 12,761 shares of company stock worth $127,080 over the last ninety days. 32.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Core Scientific

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

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.