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

Core Scientific, Inc. (NASDAQ:CORZ) has been given an average rating of “Moderate Buy” by the twenty research firms that are currently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, sixteen have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $32.1806.

A number of equities analysts have recently weighed in on the company. B. Riley Financial boosted their price target on Core Scientific from $33.00 to $42.00 and gave the stock a “buy” rating in a report on Monday, August 3rd. Canaccord Genuity Group increased their price objective on Core Scientific from $30.00 to $36.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. 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. Capital One Financial set a $33.00 target price on shares of Core Scientific in a research note on Thursday, July 30th. Finally, BTIG Research restated a “buy” rating and issued a $38.00 target price on shares of Core Scientific in a report on Tuesday, July 28th.

Insider Buying and Selling at Core Scientific

In related news, insider Todd M. Duchene sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $19.97, for a total transaction of $199,700.00. Following the transaction, the insider owned 1,969,101 shares of the company’s stock, valued at approximately $39,322,946.97. This represents a 0.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold a total of 100,000 shares of company stock valued at $2,360,300 over the last ninety days. Insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CORZ. BlackRock Inc. acquired a new stake in shares of Core Scientific during the second quarter worth $719,649,000. Situational Awareness LP increased its stake in Core Scientific by 42.5% in the fourth quarter. Situational Awareness LP now owns 28,756,478 shares of the company’s stock valued at $418,694,000 after purchasing an additional 8,575,944 shares during the last quarter. Value Aligned Research Advisors LLC acquired a new position in Core Scientific in the fourth quarter valued at $117,786,000. California State Teachers Retirement System lifted its position in Core Scientific by 2,488.6% during the second quarter. California State Teachers Retirement System now owns 7,479,420 shares of the company’s stock worth $191,398,000 after buying an additional 7,190,484 shares during the period. Finally, Vanguard Group Inc. lifted its position in Core Scientific by 18.7% during the fourth quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock worth $494,462,000 after buying an additional 5,359,710 shares during the period.

Core Scientific Price Performance

Shares of CORZ opened at $16.51 on Monday. The firm has a 50 day simple moving average of $21.85 and a 200-day simple moving average of $21.03. Core Scientific has a 1-year low of $13.14 and a 1-year high of $30.46. The stock has a market cap of $5.31 billion, a price-to-earnings ratio of -3.74 and a beta of 5.59.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings data on Tuesday, July 28th. The company reported ($3.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The company had revenue of $164.20 million during the quarter, compared to analysts’ expectations of $144.83 million. On average, equities analysts expect that Core Scientific will post -1.36 earnings per share for the current fiscal year.

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.