Core Scientific (NASDAQ:CORZ) Receives Buy Rating from Canaccord Genuity Group

Core Scientific (NASDAQ:CORZ)‘s stock had its “buy” rating reissued by equities research analysts at Canaccord Genuity Group in a research report issued on Thursday,Benzinga reports. They presently have a $17.00 target price on the stock. Canaccord Genuity Group’s target price points to a potential upside of 52.33% from the stock’s previous close.

A number of other brokerages also recently issued reports on CORZ. Needham & Company LLC dropped their price target on shares of Core Scientific from $18.00 to $17.00 and set a “buy” rating on the stock in a report on Thursday. Roth Capital upgraded shares of Core Scientific to a “strong-buy” rating in a report on Thursday, November 14th. BTIG Research boosted their target price on shares of Core Scientific from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, December 16th. Roth Mkm began coverage on Core Scientific in a research note on Friday, November 15th. They issued a “buy” rating and a $25.50 price target on the stock. Finally, B. Riley lifted their price objective on Core Scientific from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Fifteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Core Scientific presently has a consensus rating of “Buy” and an average target price of $19.07.

Core Scientific Trading Up 4.2 %

CORZ stock opened at $11.16 on Thursday. The stock’s 50 day simple moving average is $13.26 and its 200 day simple moving average is $13.26. Core Scientific has a 12-month low of $2.61 and a 12-month high of $18.63. The stock has a market capitalization of $3.12 billion and a PE ratio of -2.06.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.09. The business had revenue of $94.93 million for the quarter, compared to the consensus estimate of $97.07 million. On average, research analysts predict that Core Scientific will post 0.52 earnings per share for the current year.

Insider Activity at Core Scientific

In related news, insider Todd M. Duchene sold 25,277 shares of Core Scientific stock in a transaction on Friday, January 24th. The shares were sold at an average price of $16.24, for a total transaction of $410,498.48. Following the transaction, the insider now owns 2,023,423 shares in the company, valued at approximately $32,860,389.52. The trade was a 1.23 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Adam Taylor Sullivan sold 88,380 shares of the company’s stock in a transaction on 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 directly owns 4,128,505 shares of the company’s stock, valued at $58,789,911.20. This represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 614,032 shares of company stock worth $9,534,916. 32.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Core Scientific

Several large investors have recently made changes to their positions in CORZ. Wellington Shields & Co. LLC bought a new stake in Core Scientific during the 4th quarter valued at approximately $26,000. First Horizon Advisors Inc. purchased a new stake in Core Scientific during the 4th quarter valued at approximately $34,000. Newbridge Financial Services Group Inc. bought a new stake in shares of Core Scientific during the fourth quarter valued at approximately $42,000. Vestcor Inc purchased a new position in shares of Core Scientific in the fourth quarter worth $66,000. Finally, US Bancorp DE purchased a new position in shares of Core Scientific in the fourth quarter worth $99,000.

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.