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

Core Scientific, Inc. (NASDAQ:CORZ) has been assigned a consensus recommendation of “Moderate Buy” from the twenty-one brokerages that are presently covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, three have issued a hold recommendation, fifteen have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $28.1406.

CORZ has been the subject of a number of research analyst reports. Canaccord Genuity Group set a $30.00 price target on Core Scientific in a research report on Friday, May 8th. BTIG Research raised their price target on Core Scientific from $23.00 to $33.00 and gave the company a “buy” rating in a research report on Wednesday, May 13th. Keefe, Bruyette & Woods lifted their price objective on Core Scientific from $19.00 to $25.00 and gave the stock a “moderate buy” rating in a research report on Tuesday, January 27th. LADENBURG THALM/SH SH dropped their price objective on Core Scientific from $24.50 to $23.75 and set a “buy” rating for the company in a research report on Tuesday, March 3rd. Finally, Jefferies Financial Group lifted their price objective on Core Scientific from $24.00 to $37.00 and gave the stock a “buy” rating in a research report on Thursday, May 14th.

Core Scientific Price Performance

NASDAQ CORZ opened at $25.26 on Friday. The firm’s 50-day moving average is $19.41 and its two-hundred day moving average is $17.82. Core Scientific has a 12 month low of $10.40 and a 12 month high of $25.63. The stock has a market capitalization of $8.03 billion, a P/E ratio of -22.16 and a beta of 5.45.

Core Scientific (NASDAQ:CORZ) last issued its earnings results on Wednesday, May 6th. The company reported ($1.06) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($1.04). The company had revenue of $115.24 million for the quarter, compared to analysts’ expectations of $117.04 million. The firm’s quarterly revenue was up 44.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.25 earnings per share. As a group, analysts anticipate that Core Scientific will post 0.11 EPS for the current year.

Insider Buying and Selling

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $20.86, for a total value of $208,600.00. Following the transaction, the insider directly owned 1,980,348 shares of the company’s stock, valued at $41,310,059.28. This represents a 0.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last quarter, insiders sold 50,000 shares of company stock worth $933,400. Insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On Core Scientific

Hedge funds have recently modified their holdings of the stock. Segall Bryant & Hamill LLC increased its holdings in shares of Core Scientific by 108.2% during the 1st quarter. Segall Bryant & Hamill LLC now owns 2,305,498 shares of the company’s stock valued at $34,490,000 after acquiring an additional 1,198,020 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Core Scientific by 412.5% during the 1st quarter. Bank of America Corp DE now owns 4,806,363 shares of the company’s stock valued at $71,903,000 after acquiring an additional 3,868,535 shares during the last quarter. Anson Funds Management LP acquired a new position in shares of Core Scientific during the 1st quarter valued at about $4,578,000. Amundi acquired a new position in shares of Core Scientific during the 1st quarter valued at about $153,000. Finally, California State Teachers Retirement System increased its holdings in shares of Core Scientific by 22.1% during the 1st quarter. California State Teachers Retirement System now owns 288,936 shares of the company’s stock valued at $4,322,000 after acquiring an additional 52,260 shares during the last quarter.

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.