Core Scientific’s (CORZ) “Buy” Rating Reaffirmed at Canaccord Genuity Group

by · The Cerbat Gem

Canaccord Genuity Group restated their buy rating on shares of Core Scientific (NASDAQ:CORZ – Free Report) in a research note released on Friday,Benzinga reports. The brokerage currently has a $17.00 price target on the stock.

Several other research analysts have also issued reports on CORZ. Cantor Fitzgerald decreased their price target on shares of Core Scientific from $24.00 to $21.00 and set an “overweight” rating for the company in a research note on Thursday, February 27th. Needham & Company LLC decreased their target price on shares of Core Scientific from $18.00 to $17.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. Compass Point lowered their target price on shares of Core Scientific from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, February 25th. Keefe, Bruyette & Woods began coverage on Core Scientific in a research note on Monday, January 27th. They issued an “outperform” rating and a $22.00 price target on the stock. Finally, HC Wainwright reiterated a “buy” rating and set a $17.00 price objective on shares of Core Scientific in a research note on Tuesday, March 11th. Fifteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $19.07.

View Our Latest Analysis on Core Scientific

Core Scientific Stock Performance

Core Scientific stock opened at $9.32 on Friday. Core Scientific has a fifty-two week low of $3.46 and a fifty-two week high of $18.63. The stock has a market cap of $2.75 billion, a price-to-earnings ratio of -1.72 and a beta of 6.66. The stock’s 50 day simple moving average is $7.92 and its two-hundred day simple moving average is $12.09.

Core Scientific (NASDAQ:CORZ – Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.02. The firm had revenue of $79.53 million during the quarter, compared to analysts’ expectations of $92.04 million. Core Scientific’s revenue for the quarter was down 55.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.78 earnings per share. On average, analysts predict that Core Scientific will post 0.52 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Jordan Levy bought 62,500 shares of the firm’s stock in a transaction on Thursday, March 6th. The stock was acquired at an average cost of $8.01 per share, for a total transaction of $500,625.00. Following the purchase, the director now owns 306,887 shares in the company, valued at approximately $2,458,164.87. This represents a 25.57 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Todd A. Becker sold 134,250 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $10.75, for a total value of $1,443,187.50. Following the transaction, the director now directly owns 195,687 shares in the company, valued at $2,103,635.25. The trade was a 40.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CORZ. CenterBook Partners LP lifted its stake in shares of Core Scientific by 1,099.2% in the 1st quarter. CenterBook Partners LP now owns 1,188,088 shares of the company’s stock worth $8,602,000 after purchasing an additional 1,089,017 shares during the period. Deutsche Bank AG increased its holdings in Core Scientific by 1.3% during the first quarter. Deutsche Bank AG now owns 167,100 shares of the company’s stock valued at $1,210,000 after buying an additional 2,068 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Core Scientific by 0.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,399,960 shares of the company’s stock worth $17,376,000 after acquiring an additional 7,868 shares during the period. Vanguard Group Inc. boosted its stake in shares of Core Scientific by 6.2% during the 1st quarter. Vanguard Group Inc. now owns 20,578,100 shares of the company’s stock worth $148,985,000 after acquiring an additional 1,199,448 shares during the last quarter. Finally, Kazazian Asset Management LLC bought a new stake in shares of Core Scientific during the 1st quarter valued at $261,000.

Core Scientific Company Profile

(Get Free Report)

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.

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