Brokerages Set Core Scientific, Inc. (NASDAQ:CORZ) PT at $18.33

Shares of Core Scientific, Inc. (NASDAQ:CORZ) have received a consensus rating of “Buy” from the twenty research firms that are currently covering the firm, Marketbeat.com reports. Eighteen research analysts have rated the stock with a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $18.44.

CORZ has been the subject of several recent research reports. JMP Securities initiated coverage on Core Scientific in a research note on Thursday, May 22nd. They issued a “market outperform” rating and a $15.00 price objective for the company. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Core Scientific in a research note on Friday, May 9th. Citigroup started coverage on Core Scientific in a report on Thursday, May 22nd. They issued an “outperform” rating on the stock. Compass Point reduced their target price on Core Scientific from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, February 25th. Finally, Cantor Fitzgerald reduced their target price on Core Scientific from $24.00 to $21.00 and set an “overweight” rating on the stock in a report on Thursday, February 27th.

Core Scientific Trading Down 2.1%

Shares of NASDAQ CORZ opened at $11.89 on Friday. The company has a market cap of $3.54 billion, a price-to-earnings ratio of -2.20 and a beta of 6.30. Core Scientific has a 12 month low of $6.20 and a 12 month high of $18.63. The stock has a 50-day moving average price of $9.37 and a two-hundred day moving average price of $11.41.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.02. The firm had revenue of $79.53 million during the quarter, compared to analyst estimates of $92.04 million. During the same period in the prior year, the company earned $0.78 EPS. The business’s quarterly revenue was down 55.6% compared to the same quarter last year. On average, sell-side analysts predict that Core Scientific will post 0.52 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Yadin Rozov bought 110,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 28th. The shares were bought at an average cost of $10.87 per share, for a total transaction of $1,195,700.00. Following the acquisition, the director now directly owns 475,687 shares in the company, valued at approximately $5,170,717.69. This trade represents a 30.08% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Todd M. Duchene sold 50,000 shares of the firm’s stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $12.31, for a total value of $615,500.00. Following the transaction, the insider now owns 2,050,102 shares in the company, valued at approximately $25,236,755.62. This trade represents a 2.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Core Scientific

Several large investors have recently bought and sold shares of CORZ. Wellington Shields & Co. LLC bought a new stake in shares of Core Scientific during the 4th quarter worth $26,000. First Horizon Advisors Inc. bought a new stake in shares of Core Scientific during the 4th quarter worth $34,000. Newbridge Financial Services Group Inc. bought a new stake in shares of Core Scientific during the 4th quarter worth $42,000. Vestcor Inc bought a new stake in shares of Core Scientific during the 4th quarter worth $66,000. Finally, State of Wyoming bought a new stake in shares of Core Scientific during the 1st quarter worth $34,000.

Core Scientific Company Profile

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.