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

Core Scientific (NASDAQ:CORZ)‘s stock had its “buy” rating reiterated by analysts at Canaccord Genuity Group in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $17.00 target price on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 0.24% from the stock’s previous close.

Several other equities analysts also recently commented on CORZ. B. Riley upped their price objective on shares of Core Scientific from $13.00 to $14.00 and gave the company a “buy” rating in a report on Friday, October 11th. Sanford C. Bernstein reiterated an “outperform” rating and issued a $17.00 price objective on shares of Core Scientific in a report on Tuesday, September 10th. Needham & Company LLC upped their price objective on shares of Core Scientific from $17.00 to $18.00 and gave the company a “buy” rating in a report on Thursday. Macquarie began coverage on shares of Core Scientific in a report on Wednesday, September 25th. They issued an “outperform” rating and a $16.00 price objective on the stock. Finally, Canaccord Genuity Group began coverage on shares of Core Scientific in a report on Monday, September 23rd. They issued a “buy” rating and a $16.00 price objective on the stock. Twelve research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $17.21.

Core Scientific Stock Performance

Shares of CORZ stock traded up $0.50 during trading on Thursday, reaching $16.96. The company’s stock had a trading volume of 12,202,532 shares, compared to its average volume of 8,864,917. The business has a fifty day moving average price of $12.34 and a 200-day moving average price of $9.39. Core Scientific has a one year low of $2.61 and a one year high of $17.01.

Core Scientific (NASDAQ:CORZ) last issued its earnings results 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 company had revenue of $141.10 million for the quarter, compared to analyst estimates of $128.58 million. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. Equities research analysts expect that Core Scientific will post 0.81 EPS for the current fiscal year.

Insider Buying and Selling at Core Scientific

In other Core Scientific news, CFO Denise Marie Brucia Sterling sold 8,752 shares of the business’s stock in a transaction 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 completion of the sale, the chief financial officer now owns 122,217 shares in the company, valued at approximately $1,150,061.97. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Jarrod M. Patten purchased 4,000 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The shares were purchased 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 approximately $2,708,618.30. This represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Denise Marie Brucia Sterling sold 8,752 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.41, for a total value 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. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders acquired 12,761 shares of company stock worth $127,080.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Barings LLC purchased a new stake in Core Scientific in the first quarter worth approximately $36,515,000. ORG Wealth Partners LLC purchased a new stake in Core Scientific in the third quarter worth approximately $106,266,000. Vanguard Group Inc. purchased a new stake in Core Scientific in the first quarter worth approximately $21,973,000. Kensico Capital Management Corp purchased a new stake in shares of Core Scientific during the first quarter valued at approximately $18,513,000. Finally, Van ECK Associates Corp boosted its stake in shares of Core Scientific by 22.9% during the third quarter. Van ECK Associates Corp now owns 1,616,944 shares of the company’s stock valued at $19,177,000 after purchasing an additional 300,942 shares during the period.

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.