Core Scientific, Inc. (NASDAQ:CORZ) Stock Has Average Target Price of $30.86 According to Brokerages

Shares of Core Scientific, Inc. (NASDAQ:CORZ) have earned an average recommendation of “Moderate Buy” from the twenty-three analysts that are presently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $30.86.

A number of equities research analysts have issued reports on the stock. Canaccord Genuity Group increased their target price on shares of Core Scientific from $30.00 to $36.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Core Scientific in a research report on Friday, July 17th. Wolfe Research reiterated a “buy” rating on shares of Core Scientific in a research note on Wednesday, July 29th. UBS Group assumed coverage on Core Scientific in a report on Wednesday. They issued a “buy” rating and a $24.00 target price for the company. Finally, Loop Capital set a $40.00 target price on Core Scientific in a research note on Friday, June 12th.

Core Scientific Price Performance

Shares of NASDAQ:CORZ opened at $18.12 on Friday. The firm has a market capitalization of $5.82 billion, a PE ratio of -4.10 and a beta of 5.48. Core Scientific has a 1 year low of $13.35 and a 1 year high of $30.46. The firm’s 50-day moving average is $19.27 and its two-hundred day moving average is $21.09.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings data on Tuesday, July 28th. The company reported ($3.32) 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 analyst estimates of $144.83 million. Analysts expect that Core Scientific will post -1.36 EPS for the current fiscal year.

Insider Activity

In related news, Director Eric Weiss acquired 7,000 shares of the stock in a transaction dated Tuesday, August 18th. The stock was acquired at an average cost of $19.19 per share, with a total value of $134,330.00. Following the completion of the transaction, the director owned 259,262 shares in the company, valued at $4,975,237.78. This represents a 2.77% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Todd DuChene sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $19.97, for a total transaction of $199,700.00. Following the sale, the insider owned 1,969,101 shares in the company, valued at $39,322,946.97. The trade was a 0.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders bought 19,000 shares of company stock valued at $342,290 and sold 90,000 shares valued at $1,887,400. Company insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Situational Awareness LP increased its position in shares of Core Scientific by 42.5% in the 4th quarter. Situational Awareness LP now owns 28,756,478 shares of the company’s stock valued at $418,694,000 after purchasing an additional 8,575,944 shares during the last quarter. BlackRock Inc. purchased a new position in Core Scientific in the second quarter valued at $719,649,000. Jericho Capital Asset Management L.P. increased its holdings in Core Scientific by 11.4% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 13,038,619 shares of the company’s stock valued at $189,842,000 after buying an additional 1,338,796 shares during the last quarter. Geode Capital Management LLC raised its stake in Core Scientific by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 7,651,002 shares of the company’s stock valued at $111,417,000 after buying an additional 109,145 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in Core Scientific by 412.5% in the first quarter. Bank of America Corp DE now owns 4,806,363 shares of the company’s stock valued at $71,903,000 after buying an additional 3,868,535 shares in the last quarter.

About Core Scientific

Core Scientific, Inc (NASDAQ: CORZ) is a digital infrastructure company that develops and operates data centers for high-performance computing. Its business has historically centered on large-scale bitcoin mining, including the deployment and operation of specialized computing equipment and supporting power, networking and facility infrastructure.

The company also provides hosting and colocation services for digital asset miners and other high-performance computing customers. Core Scientific has increasingly focused on expanding its data center platform for artificial intelligence and other compute-intensive workloads, including infrastructure designed to support graphics processing unit (GPU) deployments.

Founded in 2017, Core Scientific operates data center facilities in the United States and emerged from Chapter 11 bankruptcy protection in January 2024.