Analysts Set Core Scientific, Inc. (NASDAQ:CORZ) Price Target at $29.49

Shares of Core Scientific, Inc. (NASDAQ:CORZ) have received an average recommendation of “Moderate Buy” from the twenty-three research firms that are covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, four have issued a hold recommendation, fifteen have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $29.4853.

CORZ has been the subject of a number of recent research reports. HC Wainwright reiterated a “buy” rating and issued a $25.00 target price on shares of Core Scientific in a research report on Tuesday, March 3rd. Freedom Capital upgraded shares of Core Scientific to a “hold” rating in a research report on Monday, June 15th. LADENBURG THALM/SH SH reduced their target price on shares of Core Scientific from $24.50 to $23.75 and set a “buy” rating for the company in a research report on Tuesday, March 3rd. Jefferies Financial Group raised their price objective on shares of Core Scientific from $24.00 to $37.00 and gave the stock a “buy” rating in a research report on Thursday, May 14th. Finally, Lucid Cap Mkts upgraded shares of Core Scientific to a “strong-buy” rating in a research report on Friday, June 12th.

Insider Transactions at Core Scientific

In related news, insider Todd M. Duchene sold 10,000 shares of the firm’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $28.19, for a total transaction of $281,900.00. Following the completion of the sale, the insider directly owned 2,058,895 shares in the company, valued at approximately $58,040,250.05. This trade represents a 0.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 80,000 shares of company stock worth $1,746,300 in the last ninety days. 1.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Core Scientific

Hedge funds and other institutional investors have recently bought and sold shares of the company. Allworth Financial LP increased its position in Core Scientific by 206.5% during the third quarter. Allworth Financial LP now owns 1,410 shares of the company’s stock worth $25,000 after purchasing an additional 950 shares during the last quarter. Larson Financial Group LLC increased its position in Core Scientific by 936.7% during 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. Osaic Holdings Inc. increased its position in Core Scientific by 112.1% during the second 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 last quarter. Danske Bank A S acquired a new stake in Core Scientific during the fourth quarter worth about $36,000. Finally, Russell Investments Group Ltd. increased its position in Core Scientific by 61.9% during the second quarter. Russell Investments Group Ltd. now owns 3,942 shares of the company’s stock worth $67,000 after purchasing an additional 1,507 shares during the last quarter.

Core Scientific Stock Up 0.3%

Shares of NASDAQ CORZ opened at $29.16 on Wednesday. The firm has a 50-day simple moving average of $24.41 and a 200-day simple moving average of $19.46. The stock has a market capitalization of $9.27 billion, a price-to-earnings ratio of -25.58 and a beta of 5.49. Core Scientific has a 52 week low of $11.44 and a 52 week high of $30.46.

Core Scientific (NASDAQ:CORZ) last issued its earnings results on Wednesday, May 6th. The company reported ($1.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($1.04). The firm had revenue of $115.24 million for the quarter, compared to analyst estimates of $117.04 million. The firm’s revenue was up 44.9% on a year-over-year basis. During the same period last year, the business earned $1.25 EPS. As a group, equities research analysts expect that Core Scientific will post 0.08 EPS for the current year.

Core Scientific Company Profile

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.