Core Scientific (NASDAQ:CORZ) Price Target Raised to $36.00

Core Scientific (NASDAQ:CORZ) had its target price lifted by Canaccord Genuity Group from $30.00 to $36.00 in a research report released on Wednesday morning, Marketbeat reports. They currently have a buy rating on the stock.

Other equities research analysts have also issued research reports about the stock. Loop Capital set a $40.00 price target on shares of Core Scientific in a report on Friday, June 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Core Scientific in a research report on Friday, July 17th. Keefe, Bruyette & Woods downgraded Core Scientific from an “outperform” rating to a “market perform” rating and set a $25.00 price target on the stock. in a report on Monday, July 27th. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $32.00 price objective on shares of Core Scientific in a research report on Wednesday, June 3rd. Finally, Freedom Capital raised Core Scientific to a “hold” rating in a research report on Monday, June 15th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Core Scientific presently has an average rating of “Moderate Buy” and an average price target of $31.68.

Core Scientific Stock Performance

Shares of CORZ stock opened at $20.72 on Wednesday. The firm has a market capitalization of $6.66 billion, a PE ratio of -4.69 and a beta of 5.50. Core Scientific has a 52-week low of $12.60 and a 52-week high of $30.46. The stock has a fifty day simple moving average of $25.07 and a two-hundred day simple moving average of $20.81.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings data on Tuesday, July 28th. The company reported ($3.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($3.26). The business had revenue of $164.20 million during the quarter, compared to analyst estimates of $144.83 million. On average, sell-side analysts forecast that Core Scientific will post -1.3 EPS for the current fiscal year.

Insider Activity

In related news, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction on Monday, July 27th. The shares were sold at an average price of $20.95, for a total value of $209,500.00. Following the transaction, the insider directly owned 1,989,101 shares of the company’s stock, valued at $41,671,665.95. This trade represents a 0.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold 90,000 shares of company stock valued at $2,234,900 in the last 90 days. 1.70% of the stock is currently owned by company insiders.

Institutional Trading of Core Scientific

Several large investors have recently bought and sold shares of CORZ. Allworth Financial LP boosted its stake in Core Scientific by 206.5% in the 3rd quarter. Allworth Financial LP now owns 1,410 shares of the company’s stock worth $25,000 after buying an additional 950 shares during the last quarter. Larson Financial Group LLC increased its holdings in Core Scientific by 936.7% during the 4th 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. raised its stake in Core Scientific by 112.1% during the second quarter. Osaic Holdings Inc. now owns 2,017 shares of the company’s stock valued at $34,000 after buying an additional 1,066 shares in the last quarter. Danske Bank A S bought a new position in shares of Core Scientific in the 4th quarter worth about $36,000. Finally, CoreCap Advisors LLC acquired a new position in Core Scientific in the second quarter valued at approximately $36,000.

About Core Scientific

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.