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

Shares of Core Scientific, Inc. (NASDAQ:CORZ) have received a consensus rating of “Moderate Buy” from the twenty analysts that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $29.7794.

CORZ has been the topic of a number of research analyst reports. Cantor Fitzgerald increased their price target on shares of Core Scientific from $25.00 to $29.00 and gave the stock an “overweight” rating in a report on Thursday, April 9th. Lucid Cap Mkts raised shares of Core Scientific to a “strong-buy” rating in a report on Friday, June 12th. Needham & Company LLC upped their target price on shares of Core Scientific from $23.00 to $29.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Canaccord Genuity Group set a $30.00 target price on Core Scientific in a research note on Friday, May 8th. Finally, Sanford C. Bernstein restated an “outperform” rating and set a $32.00 price target on shares of Core Scientific in a research report on Wednesday, June 3rd.

Core Scientific Trading Down 7.5%

Shares of NASDAQ CORZ opened at $21.02 on Friday. The business has a 50-day moving average of $25.50 and a 200-day moving average of $20.39. The firm has a market capitalization of $6.68 billion, a price-to-earnings ratio of -18.44 and a beta of 5.50. Core Scientific has a 12 month low of $12.60 and a 12 month high of $30.46.

Core Scientific (NASDAQ:CORZ) last announced its earnings results on Wednesday, May 6th. The company reported ($1.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($1.04). The company had revenue of $115.24 million for the quarter, compared to analyst estimates of $117.04 million. During the same quarter in the prior year, the company earned $1.25 earnings per share. Core Scientific’s quarterly revenue was up 44.9% compared to the same quarter last year. On average, analysts predict that Core Scientific will post 0.08 earnings per share for the current year.

Insider Activity

In other news, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $22.63, for a total transaction of $226,300.00. Following the transaction, the insider directly owned 2,023,426 shares in the company, valued at approximately $45,790,130.38. This represents a 0.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last three months, insiders sold 90,000 shares of company stock valued at $2,209,800. 1.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Core Scientific

Large investors have recently modified their holdings of the company. Handelsbanken Fonder AB raised its stake in shares of Core Scientific by 0.7% during the second quarter. Handelsbanken Fonder AB now owns 94,500 shares of the company’s stock worth $2,418,000 after acquiring an additional 700 shares in the last quarter. GAMMA Investing LLC lifted its stake in Core Scientific by 34.5% in the second quarter. GAMMA Investing LLC now owns 3,049 shares of the company’s stock worth $78,000 after purchasing an additional 782 shares during the last quarter. Avior Wealth Management LLC bought a new stake in Core Scientific in the second quarter worth $264,000. Harbor Investment Advisory LLC purchased a new stake in Core Scientific during the second quarter valued at about $136,000. Finally, CoreCap Advisors LLC purchased a new stake in Core Scientific during the second quarter valued at about $36,000.

Core Scientific Company Profile

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.