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

Core Scientific, Inc. (NASDAQ:CORZ) has been given an average rating of “Moderate Buy” by the twenty-one analysts that are presently covering the company, MarketBeat reports. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $24.8382.

Several brokerages have commented on CORZ. Wall Street Zen upgraded shares of Core Scientific to a “sell” rating in a research note on Saturday, March 14th. HC Wainwright reissued a “buy” rating and issued a $25.00 price objective on shares of Core Scientific in a report on Tuesday, March 3rd. Canaccord Genuity Group raised their target price on Core Scientific from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Wednesday, March 4th. Zacks Research raised Core Scientific from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 13th. Finally, Needham & Company LLC upgraded Core Scientific from a “hold” rating to a “buy” rating and set a $23.00 price target for the company in a research report on Tuesday, March 3rd.

Insiders Place Their Bets

In related news, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $15.25, for a total value of $152,500.00. Following the completion of the transaction, the insider owned 2,047,089 shares in the company, valued at $31,218,107.25. This represents a 0.49% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.40% of the stock is owned by insiders.

Institutional Trading of Core Scientific

Institutional investors have recently made changes to their positions in the stock. Xponance LLC boosted its holdings in shares of Core Scientific by 2.5% in the fourth quarter. Xponance LLC now owns 22,896 shares of the company’s stock valued at $333,000 after acquiring an additional 562 shares in the last quarter. Xponance Inc. raised its holdings in Core Scientific by 2.7% during the third quarter. Xponance Inc. now owns 22,334 shares of the company’s stock worth $401,000 after purchasing an additional 595 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Core Scientific by 3.5% in the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 21,029 shares of the company’s stock worth $377,000 after purchasing an additional 711 shares during the period. CWA Asset Management Group LLC lifted its position in Core Scientific by 0.3% in the fourth quarter. CWA Asset Management Group LLC now owns 239,937 shares of the company’s stock worth $3,493,000 after purchasing an additional 756 shares during the period. Finally, Orion Porfolio Solutions LLC boosted its stake in Core Scientific by 5.2% during the 3rd quarter. Orion Porfolio Solutions LLC now owns 15,539 shares of the company’s stock valued at $279,000 after purchasing an additional 766 shares in the last quarter.

Core Scientific Stock Performance

Core Scientific stock opened at $16.23 on Friday. The company has a 50-day simple moving average of $16.90 and a 200-day simple moving average of $17.18. The firm has a market capitalization of $5.12 billion, a P/E ratio of 13.87 and a beta of 6.34. Core Scientific has a one year low of $6.20 and a one year high of $23.63.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings data on Monday, March 2nd. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.69. The firm had revenue of $79.76 million during the quarter, compared to the consensus estimate of $118.45 million. The company’s revenue for the quarter was down 16.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.69) earnings per share. As a group, sell-side analysts forecast that Core Scientific will post 0.52 earnings per share for the current 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.