Analysts Set Core Scientific, Inc. (NASDAQ:CORZ) Target Price at $32.18

Shares of Core Scientific, Inc. (NASDAQ:CORZ) have been assigned a consensus recommendation of “Moderate Buy” from the twenty research firms that are covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, one has given a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $32.1806.

A number of equities analysts have recently commented on CORZ shares. Jefferies Financial Group raised their price objective on shares of Core Scientific from $24.00 to $37.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of Core Scientific in a research note on Friday, July 17th. Lucid Cap Mkts upgraded Core Scientific to a “strong-buy” rating in a research report on Friday, June 12th. Compass Point reiterated a “buy” rating and set a $36.00 target price on shares of Core Scientific in a report on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods upgraded shares of Core Scientific from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $25.00 to $28.00 in a report on Thursday, July 30th.

Core Scientific Stock Performance

CORZ stock opened at $20.87 on Thursday. The company has a market capitalization of $6.71 billion, a price-to-earnings ratio of -4.72 and a beta of 5.59. The stock has a fifty day moving average of $24.06 and a 200-day moving average of $21.00. Core Scientific has a fifty-two week low of $13.14 and a fifty-two week high of $30.46.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings results on Tuesday, July 28th. The company reported ($3.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The firm had revenue of $164.20 million for the quarter, compared to the consensus estimate of $144.83 million. Equities analysts predict that Core Scientific will post -1.36 EPS for the current year.

Insider Transactions at Core Scientific

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $19.97, for a total value of $199,700.00. Following the completion of the transaction, the insider owned 1,969,101 shares in the company, valued at approximately $39,322,946.97. This represents a 0.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 100,000 shares of company stock valued at $2,448,300 in the last ninety days. 1.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Allworth Financial LP grew its stake in shares of Core Scientific by 206.5% in the third quarter. Allworth Financial LP now owns 1,410 shares of the company’s stock worth $25,000 after acquiring an additional 950 shares during the last quarter. CoreCap Advisors LLC purchased a new position in shares of Core Scientific during the second quarter valued at approximately $36,000. Rakuten Securities Inc. bought a new position in shares of Core Scientific during the 2nd quarter valued at $47,000. Larson Financial Group LLC boosted its position in Core Scientific by 936.7% in the fourth quarter. Larson Financial Group LLC now owns 1,866 shares of the company’s stock worth $27,000 after purchasing an additional 1,686 shares during the last quarter. Finally, Osaic Holdings Inc. lifted its stake in shares of Core Scientific by 112.1% in the 2nd quarter. Osaic Holdings Inc. now owns 2,017 shares of the company’s stock worth $34,000 after purchasing an additional 1,066 shares during the period.

About Core Scientific

Core Scientific, Inc (NASDAQ: CORZ) is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific’s service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.