Macquarie Issues Positive Forecast for Core Scientific (NASDAQ:CORZ) Stock Price

Core Scientific (NASDAQ:CORZ) had its target price lifted by research analysts at Macquarie from $16.00 to $19.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Macquarie’s price objective would indicate a potential upside of 21.41% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $20.00 price target on shares of Core Scientific in a report on Thursday, October 3rd. Needham & Company LLC lifted their price objective on Core Scientific from $17.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Canaccord Genuity Group began coverage on Core Scientific in a research report on Monday, September 23rd. They set a “buy” rating and a $16.00 price objective for the company. HC Wainwright upped their price target on shares of Core Scientific from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Compass Point upped their target price on shares of Core Scientific from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Twelve investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Core Scientific has a consensus rating of “Buy” and an average target price of $17.46.

Core Scientific Stock Performance

CORZ traded down $0.48 during trading on Thursday, hitting $15.65. 4,053,005 shares of the stock were exchanged, compared to its average volume of 8,886,990. The firm has a market cap of $4.37 billion and a price-to-earnings ratio of -2.88. Core Scientific has a 1 year low of $2.61 and a 1 year high of $18.03. The firm has a 50 day simple moving average of $12.76 and a 200 day simple moving average of $9.72.

Insider Buying and Selling at Core Scientific

In other Core Scientific news, CFO Denise Marie Brucia Sterling sold 8,752 shares of the stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $9.41, for a total value of $82,356.32. Following the sale, the chief financial officer now owns 122,217 shares of the company’s stock, valued at $1,150,061.97. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Core Scientific news, insider Todd M. Duchene sold 11,582 shares of Core Scientific stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $9.41, for a total value of $108,986.62. Following the transaction, the insider now directly owns 1,686,474 shares in the company, valued at approximately $15,869,720.34. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Denise Marie Brucia Sterling sold 8,752 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $9.41, for a total value of $82,356.32. Following the completion of the sale, the chief financial officer now directly owns 122,217 shares of the company’s stock, valued at $1,150,061.97. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders purchased a total of 12,761 shares of company stock worth $127,080 in the last three months. 32.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Core Scientific

A number of hedge funds and other institutional investors have recently made changes to their positions in CORZ. P Schoenfeld Asset Management LP acquired a new position in shares of Core Scientific during the second quarter worth about $4,185,000. Vanguard Group Inc. bought a new position in shares of Core Scientific during the first quarter valued at approximately $21,973,000. Blair William & Co. IL bought a new position in Core Scientific in the 1st quarter worth approximately $1,156,000. Van ECK Associates Corp grew its holdings in Core Scientific by 22.9% in the 3rd quarter. Van ECK Associates Corp now owns 1,616,944 shares of the company’s stock worth $19,177,000 after buying an additional 300,942 shares in the last quarter. Finally, DeepCurrents Investment Group LLC boosted its stake in Core Scientific by 157.7% during the 2nd quarter. DeepCurrents Investment Group LLC now owns 255,162 shares of the company’s stock valued at $2,373,000 after purchasing an additional 156,162 shares in the last quarter.

Core Scientific Company Profile

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.