Core Scientific, Inc. (NASDAQ:CORZ) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Core Scientific, Inc. (NASDAQ:CORZ) has been assigned a consensus rating of “Moderate Buy” from the twenty-two research firms that are presently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $29.4853.

CORZ has been the subject of a number of research reports. Needham & Company LLC increased their target price on Core Scientific from $23.00 to $29.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Lucid Cap Mkts upgraded Core Scientific to a “strong-buy” rating in a research report on Friday, June 12th. Canaccord Genuity Group set a $30.00 target price on Core Scientific in a research report on Friday, May 8th. HC Wainwright reiterated a “buy” rating and set a $25.00 target price on shares of Core Scientific in a research report on Tuesday, March 3rd. Finally, Sanford C. Bernstein reiterated an “outperform” rating and set a $32.00 target price on shares of Core Scientific in a research report on Wednesday, June 3rd.

Insiders Place Their Bets

In related news, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $26.85, for a total transaction of $268,500.00. Following the sale, the insider owned 2,068,895 shares in the company, valued at approximately $55,549,830.75. This represents a 0.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders sold 70,000 shares of company stock worth $1,464,400. Corporate insiders own 1.70% of the company’s stock.

Institutional Trading of Core Scientific

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Allworth Financial LP raised its holdings in Core Scientific by 206.5% during the 3rd quarter. Allworth Financial LP now owns 1,410 shares of the company’s stock valued at $25,000 after buying an additional 950 shares during the period. Larson Financial Group LLC increased its stake in Core Scientific by 936.7% in the fourth 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 period. Osaic Holdings Inc. increased its stake in Core Scientific by 112.1% in the second quarter. Osaic Holdings Inc. now owns 2,017 shares of the company’s stock worth $34,000 after purchasing an additional 1,066 shares during the period. Danske Bank A S purchased a new stake in Core Scientific in the fourth quarter worth $36,000. Finally, PNC Financial Services Group Inc. increased its stake in Core Scientific by 41.3% in the first quarter. PNC Financial Services Group Inc. now owns 4,396 shares of the company’s stock worth $66,000 after purchasing an additional 1,285 shares during the period.

Core Scientific Stock Performance

NASDAQ CORZ opened at $28.08 on Wednesday. The company has a market capitalization of $8.93 billion, a P/E ratio of -24.63 and a beta of 5.49. Core Scientific has a one year low of $10.93 and a one year high of $30.46. The stock has a 50 day moving average price of $23.25 and a 200-day moving average price of $19.02.

Core Scientific (NASDAQ:CORZ) last posted its earnings results on Wednesday, May 6th. The company reported ($1.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($1.04). The firm had revenue of $115.24 million during the quarter, compared to analysts’ expectations of $117.04 million. The business’s revenue was up 44.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.25 EPS. As a group, equities analysts predict that Core Scientific will post 0.08 EPS for the current fiscal year.

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.