Core Scientific’s (CORZ) “Buy” Rating Reiterated at HC Wainwright

Core Scientific (NASDAQ:CORZ)‘s stock had its “buy” rating reaffirmed by HC Wainwright in a report released on Tuesday,Benzinga reports. They presently have a $17.00 price objective on the stock. HC Wainwright’s price target suggests a potential upside of 101.83% from the company’s previous close.

CORZ has been the subject of several other reports. Keefe, Bruyette & Woods started coverage on Core Scientific in a report on Monday, January 27th. They set an “outperform” rating and a $22.00 target price for the company. Craig Hallum started coverage on shares of Core Scientific in a report on Tuesday, January 21st. They issued a “buy” rating and a $24.00 price target on the stock. Roth Mkm assumed coverage on Core Scientific in a report on Friday, November 15th. They set a “buy” rating and a $25.50 price target on the stock. Macquarie increased their price objective on Core Scientific from $16.00 to $19.00 and gave the stock an “outperform” rating in a report on Thursday, November 14th. Finally, Needham & Company LLC reduced their target price on Core Scientific from $18.00 to $17.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Fifteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $19.07.

Core Scientific Stock Performance

CORZ traded up $0.41 during midday trading on Tuesday, hitting $8.42. The stock had a trading volume of 13,180,091 shares, compared to its average volume of 14,257,752. The company has a market cap of $2.48 billion, a P/E ratio of -1.56 and a beta of 6.83. Core Scientific has a 1 year low of $2.61 and a 1 year high of $18.63. The business has a fifty day moving average of $12.53 and a 200 day moving average of $13.29.

Core Scientific (NASDAQ:CORZ) last released its earnings results on Wednesday, February 26th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.09. The business had revenue of $94.93 million for the quarter, compared to the consensus estimate of $97.07 million. On average, equities research analysts anticipate that Core Scientific will post 0.52 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Jordan Levy purchased 62,500 shares of the stock in a transaction dated Thursday, March 6th. The stock was purchased at an average price of $8.01 per share, with a total value of $500,625.00. Following the transaction, the director now directly owns 306,887 shares in the company, valued at $2,458,164.87. This trade represents a 25.57 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Adam Taylor Sullivan sold 369,712 shares of the stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $16.24, for a total transaction of $6,004,122.88. Following the sale, the chief executive officer now directly owns 3,758,793 shares in the company, valued at $61,042,798.32. This trade represents a 8.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 748,282 shares of company stock valued at $10,978,104 over the last quarter. Corporate insiders own 32.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Core Scientific during the fourth quarter valued at approximately $8,827,000. Neo Ivy Capital Management lifted its holdings in shares of Core Scientific by 731.2% during the fourth quarter. Neo Ivy Capital Management now owns 135,642 shares of the company’s stock valued at $1,905,000 after purchasing an additional 119,324 shares in the last quarter. Two Seas Capital LP boosted its position in shares of Core Scientific by 9.2% during the fourth quarter. Two Seas Capital LP now owns 6,232,888 shares of the company’s stock valued at $87,572,000 after buying an additional 527,097 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Core Scientific by 76.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 394,999 shares of the company’s stock worth $5,550,000 after buying an additional 171,461 shares in the last quarter. Finally, Voloridge Investment Management LLC raised its position in Core Scientific by 4.5% in the 4th quarter. Voloridge Investment Management LLC now owns 4,048,932 shares of the company’s stock worth $56,887,000 after buying an additional 175,587 shares during 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.