Keefe, Bruyette & Woods Initiates Coverage on Core Scientific (NASDAQ:CORZ)

Research analysts at Keefe, Bruyette & Woods started coverage on shares of Core Scientific (NASDAQ:CORZ) in a report issued on Monday,Briefing.com Automated Import reports. The brokerage set an “outperform” rating and a $22.00 price target on the stock. Keefe, Bruyette & Woods’ price objective indicates a potential upside of 37.67% from the company’s previous close.

Several other analysts have also commented on the company. Canaccord Genuity Group reiterated a “buy” rating and set a $17.00 price objective on shares of Core Scientific in a report on Thursday, November 7th. Roth Mkm initiated coverage on Core Scientific in a research report on Friday, November 15th. They set a “buy” rating and a $25.50 target price on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $20.00 price target on shares of Core Scientific in a report on Thursday, October 3rd. Craig Hallum assumed coverage on shares of Core Scientific in a report on Tuesday, January 21st. They set a “buy” rating and a $24.00 price objective on the stock. Finally, B. Riley lifted their target price on shares of Core Scientific from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Fifteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Core Scientific presently has a consensus rating of “Buy” and an average target price of $19.07.

Core Scientific Price Performance

Core Scientific stock opened at $15.98 on Monday. The stock has a market cap of $4.46 billion and a price-to-earnings ratio of -2.95. The firm has a 50-day moving average of $15.56 and a two-hundred day moving average of $13.01. Core Scientific has a 1 year low of $2.61 and a 1 year high of $18.63.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.02). The firm had revenue of $95.35 million during the quarter, compared to analysts’ expectations of $94.80 million. Research analysts expect that Core Scientific will post 0.5 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Yadin Rozov sold 105,000 shares of the stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $18.11, for a total transaction of $1,901,550.00. Following the sale, the director now directly owns 345,239 shares of the company’s stock, valued at approximately $6,252,278.29. This represents a 23.32 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Adam Taylor Sullivan sold 88,380 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total transaction of $1,258,531.20. Following the completion of the transaction, the chief executive officer now owns 4,128,505 shares of the company’s stock, valued at approximately $58,789,911.20. This trade represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 349,043 shares of company stock valued at $5,449,345. Company insiders own 32.00% of the company’s stock.

Institutional Investors Weigh In On Core Scientific

Institutional investors have recently added to or reduced their stakes in the stock. Calamos Advisors LLC acquired a new position in shares of Core Scientific during the 4th quarter worth about $1,405,000. Moody Aldrich Partners LLC purchased a new position in shares of Core Scientific in the fourth quarter valued at approximately $4,853,000. Mount Yale Investment Advisors LLC acquired a new stake in shares of Core Scientific in the fourth quarter worth approximately $421,000. KBC Group NV purchased a new stake in shares of Core Scientific during the fourth quarter worth approximately $114,000. Finally, Duncan Williams Asset Management LLC purchased a new stake in shares of Core Scientific during the fourth quarter worth approximately $141,000.

About Core Scientific

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.