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

Core Scientific, Inc. (NASDAQ:CORZ) has been given a consensus recommendation of “Moderate Buy” by the twenty-two research firms that are currently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation, thirteen have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $23.1842.

Several equities research analysts have commented on CORZ shares. Citigroup raised shares of Core Scientific from a “market perform” rating to an “outperform” rating in a report on Thursday, December 18th. Sanford C. Bernstein upped their target price on Core Scientific from $17.00 to $24.00 and gave the stock an “outperform” rating in a research note on Monday, November 3rd. Macquarie upgraded Core Scientific from a “hold” rating to an “outperform” rating and lifted their price target for the company from $18.00 to $34.00 in a research report on Friday, October 31st. B. Riley upgraded Core Scientific from a “neutral” rating to a “buy” rating and set a $30.00 price objective on the stock in a research report on Wednesday, October 22nd. Finally, HC Wainwright raised shares of Core Scientific from a “neutral” rating to a “buy” rating and set a $25.00 price objective on the stock in a research note on Tuesday, October 28th.

Insider Buying and Selling

In other news, Director Eric Stanton Weiss purchased 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 4th. The shares were bought at an average price of $21.50 per share, for a total transaction of $107,500.00. Following the completion of the transaction, the director owned 226,687 shares in the company, valued at $4,873,770.50. This represents a 2.26% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On Core Scientific

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Core Scientific by 5.0% during the 3rd quarter. Vanguard Group Inc. now owns 28,600,610 shares of the company’s stock valued at $513,095,000 after acquiring an additional 1,351,395 shares during the period. Jericho Capital Asset Management L.P. purchased a new position in Core Scientific during the third quarter worth approximately $209,895,000. Situational Awareness LP grew its holdings in Core Scientific by 76.8% in the second quarter. Situational Awareness LP now owns 7,994,038 shares of the company’s stock valued at $136,458,000 after purchasing an additional 3,472,460 shares during the period. Geode Capital Management LLC increased its position in shares of Core Scientific by 26.2% in the second quarter. Geode Capital Management LLC now owns 7,371,211 shares of the company’s stock valued at $125,842,000 after buying an additional 1,530,466 shares in the last quarter. Finally, ORG Wealth Partners LLC increased its position in shares of Core Scientific by 1.8% in the third quarter. ORG Wealth Partners LLC now owns 7,290,481 shares of the company’s stock valued at $130,791,000 after buying an additional 128,284 shares in the last quarter.

Core Scientific Trading Down 1.9%

Shares of NASDAQ:CORZ opened at $15.49 on Wednesday. Core Scientific has a twelve month low of $6.20 and a twelve month high of $23.63. The company has a market cap of $4.80 billion, a PE ratio of 103.27 and a beta of 6.77. The company’s 50 day moving average is $17.52 and its 200 day moving average is $15.74.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings data on Friday, October 24th. The company reported ($0.46) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.85) by $0.39. The business had revenue of $81.10 million during the quarter, compared to analyst estimates of $107.18 million. Equities research analysts predict that Core Scientific will post 0.52 earnings per share 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.