Core Scientific (NASDAQ:CORZ) Earns Buy Rating from Roth Mkm

Core Scientific (NASDAQ:CORZ)‘s stock had its “buy” rating reissued by investment analysts at Roth Mkm in a research report issued on Thursday,Benzinga reports. They presently have a $20.00 price target on the stock. Roth Mkm’s target price would indicate a potential upside of 20.12% from the company’s current price.

A number of other analysts have also recently commented on CORZ. Canaccord Genuity Group restated a “buy” rating and issued a $17.00 price target on shares of Core Scientific in a research report on Friday, May 9th. Oppenheimer initiated coverage on Core Scientific in a research note on Wednesday, May 14th. They set an “outperform” rating and a $15.00 price objective for the company. Cantor Fitzgerald decreased their target price on shares of Core Scientific from $24.00 to $21.00 and set an “overweight” rating on the stock in a research note on Thursday, February 27th. Citizens Jmp upgraded shares of Core Scientific to a “strong-buy” rating and set a $15.00 price target for the company in a research report on Thursday, May 22nd. Finally, Needham & Company LLC raised their price objective on shares of Core Scientific from $16.00 to $18.00 and gave the company a “buy” rating in a research report on Tuesday, June 10th. Eighteen analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $18.14.

Core Scientific Trading Up 1.8%

Shares of CORZ stock opened at $16.65 on Thursday. Core Scientific has a 12 month low of $6.20 and a 12 month high of $18.63. The stock has a market cap of $4.96 billion, a P/E ratio of -3.31 and a beta of 6.30. The company has a 50 day simple moving average of $10.47 and a two-hundred day simple moving average of $11.09.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.02. The business had revenue of $79.53 million for the quarter, compared to the consensus estimate of $92.04 million. During the same period in the previous year, the firm earned $0.78 EPS. The company’s revenue was down 55.6% on a year-over-year basis. As a group, equities analysts forecast that Core Scientific will post 0.52 earnings per share for the current year.

Insider Activity

In related news, insider Todd M. Duchene sold 60,000 shares of the company’s stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $11.33, for a total transaction of $679,800.00. Following the sale, the insider now owns 2,100,102 shares of the company’s stock, valued at $23,794,155.66. This represents a 2.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Yadin Rozov acquired 110,000 shares of the stock in a transaction on Wednesday, May 28th. The shares were acquired at an average price of $10.87 per share, with a total value of $1,195,700.00. Following the transaction, the director now directly owns 475,687 shares of the company’s stock, valued at $5,170,717.69. The trade was a 30.08% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 117,759 shares of company stock worth $1,391,434 over the last 90 days. Corporate insiders own 1.40% of the company’s stock.

Institutional Trading of Core Scientific

Several hedge funds have recently made changes to their positions in the business. FMR LLC grew its position in Core Scientific by 2,937.7% in the fourth quarter. FMR LLC now owns 7,436,229 shares of the company’s stock worth $104,479,000 after acquiring an additional 7,191,428 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Core Scientific by 54.3% in the 4th quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company’s stock valued at $272,270,000 after purchasing an additional 6,819,406 shares during the last quarter. Helix Partners Management LP purchased a new position in shares of Core Scientific in the 4th quarter worth approximately $86,498,000. Driehaus Capital Management LLC increased its position in shares of Core Scientific by 112.1% during the 4th quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company’s stock valued at $144,212,000 after purchasing an additional 5,424,901 shares during the last quarter. Finally, Situational Awareness LP bought a new position in shares of Core Scientific during the 1st quarter valued at approximately $32,736,000.

About Core Scientific

Core Scientific, Inc provides digital asset mining services in North America. It operates through two segments, Mining and Hosting. The company offers blockchain infrastructure, software solutions, and services; and operates data center mining facilities. It also mines digital assets for its own account; and provides hosting services for other large bitcoin miners, which include deployment, monitoring, trouble shooting, optimization, and maintenance of its customers' digital asset mining equipment.