Brokerages Set Core Scientific, Inc. (NASDAQ:CORZ) PT at $18.33

Shares of Core Scientific, Inc. (NASDAQ:CORZ) have received a consensus recommendation of “Buy” from the twenty brokerages that are currently covering the firm, MarketBeat.com reports. Eighteen investment analysts have rated the stock with a buy recommendation and two have given a strong buy recommendation to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $18.44.

CORZ has been the topic of several recent analyst reports. Canaccord Genuity Group reissued a “buy” rating and set a $17.00 price objective on shares of Core Scientific in a research note on Friday, May 9th. Citigroup assumed coverage on shares of Core Scientific in a research note on Thursday, May 22nd. They set an “outperform” rating on the stock. Citizens Jmp upgraded shares of Core Scientific to a “strong-buy” rating and set a $15.00 target price on the stock in a report on Thursday, May 22nd. Needham & Company LLC raised their target price on shares of Core Scientific from $16.00 to $18.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Oppenheimer assumed coverage on shares of Core Scientific in a report on Wednesday, May 14th. They set an “outperform” rating and a $15.00 target price on the stock.

Core Scientific Stock Down 2.1%

Shares of NASDAQ:CORZ opened at $11.89 on Friday. Core Scientific has a 12 month low of $6.20 and a 12 month high of $18.63. The company’s 50-day moving average price is $9.37 and its two-hundred day moving average price is $11.41. The firm has a market cap of $3.54 billion, a P/E ratio of -2.20 and a beta of 6.30.

Core Scientific (NASDAQ:CORZ) last issued its earnings results on Wednesday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.02. The business had revenue of $79.53 million during the quarter, compared to the consensus estimate of $92.04 million. The firm’s revenue for the quarter was down 55.6% compared to the same quarter last year. During the same period last year, the business posted $0.78 EPS. As a group, equities analysts predict that Core Scientific will post 0.52 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Yadin Rozov acquired 110,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 28th. The stock was acquired at an average price of $10.87 per share, with a total value of $1,195,700.00. Following the completion of the transaction, the director now directly owns 475,687 shares of the company’s stock, valued at $5,170,717.69. This trade represents a 30.08% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Todd M. Duchene sold 50,000 shares of the company’s stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $12.31, for a total transaction of $615,500.00. Following the sale, the insider now directly owns 2,050,102 shares of the company’s stock, valued at $25,236,755.62. This represents a 2.38% decrease in their position. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Core Scientific

Several institutional investors and hedge funds have recently bought and sold shares of the company. Xponance Inc. lifted its position in Core Scientific by 7.9% during the fourth quarter. Xponance Inc. now owns 12,800 shares of the company’s stock worth $180,000 after purchasing an additional 937 shares during the period. Summit Investment Advisors Inc. raised its stake in Core Scientific by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 18,658 shares of the company’s stock worth $262,000 after acquiring an additional 1,185 shares in the last quarter. Wellington Management Group LLP raised its stake in Core Scientific by 11.7% during the first quarter. Wellington Management Group LLP now owns 11,967 shares of the company’s stock worth $87,000 after acquiring an additional 1,256 shares in the last quarter. SBI Securities Co. Ltd. raised its stake in Core Scientific by 17.8% during the first quarter. SBI Securities Co. Ltd. now owns 10,391 shares of the company’s stock worth $75,000 after acquiring an additional 1,567 shares in the last quarter. Finally, US Bancorp DE raised its stake in Core Scientific by 23.7% during the first quarter. US Bancorp DE now owns 8,682 shares of the company’s stock worth $63,000 after acquiring an additional 1,663 shares in 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.