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

Core Scientific, Inc. (NASDAQ:CORZ) has earned an average recommendation of “Moderate Buy” from the twenty-one brokerages that are currently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $28.1406.

CORZ has been the topic of several analyst reports. Cantor Fitzgerald upped their target price on Core Scientific from $25.00 to $29.00 and gave the stock an “overweight” rating in a report on Thursday, April 9th. Needham & Company LLC upped their price objective on Core Scientific from $23.00 to $29.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Canaccord Genuity Group set a $30.00 price objective on Core Scientific in a research note on Friday, May 8th. LADENBURG THALM/SH SH dropped their price objective on Core Scientific from $24.50 to $23.75 and set a “buy” rating on the stock in a research note on Tuesday, March 3rd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Core Scientific in a research note on Monday, April 20th.

Insiders Place Their Bets

In other news, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction 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 completion of the transaction, the insider directly owned 1,980,348 shares in the company, valued at approximately $41,310,059.28. This represents a 0.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 50,000 shares of company stock worth $933,400 in the last three months. 1.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Core Scientific

Hedge funds have recently added to or reduced their stakes in the stock. Jericho Capital Asset Management L.P. purchased a new position in Core Scientific in the third quarter valued at approximately $209,895,000. Situational Awareness LP lifted 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 purchased a new position in Core Scientific in the fourth quarter valued at approximately $117,786,000. Oaktree Capital Management LP purchased a new position in Core Scientific in the third quarter valued at approximately $114,829,000. Finally, Vanguard Group Inc. lifted its stake in Core Scientific by 18.7% in the fourth quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock valued at $494,462,000 after purchasing an additional 5,359,710 shares during the last quarter.

Core Scientific Trading Up 1.8%

Shares of NASDAQ:CORZ opened at $25.26 on Friday. Core Scientific has a 1-year low of $10.40 and a 1-year high of $25.63. The firm has a market capitalization of $8.03 billion, a PE ratio of -22.16 and a beta of 5.45. The business’s 50 day moving average is $19.41 and its 200-day moving average is $17.82.

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

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.