Core Scientific, Inc. (NASDAQ:CORZ) Receives Average Recommendation of “Buy” from Analysts

Shares of Core Scientific, Inc. (NASDAQ:CORZ) have been assigned an average recommendation of “Buy” from the eight analysts that are covering the firm, MarketBeat reports. Eight investment analysts have rated the stock with a buy recommendation. The average 1-year target price among brokerages that have covered the stock in the last year is $14.88.

Several equities analysts recently weighed in on the stock. Sanford C. Bernstein assumed coverage on shares of Core Scientific in a research report on Wednesday, July 10th. They set an “outperform” rating and a $17.00 price objective on the stock. B. Riley raised shares of Core Scientific from a “neutral” rating to a “buy” rating and raised their price objective for the company from $0.50 to $13.00 in a research report on Wednesday, July 17th. LADENBURG THALM/SH SH reaffirmed a “buy” rating and set a $14.50 price objective on shares of Core Scientific in a research report on Tuesday, July 2nd. Needham & Company LLC initiated coverage on shares of Core Scientific in a research report on Wednesday, September 4th. They set a “buy” rating and a $16.00 price objective on the stock. Finally, HC Wainwright lifted their price target on shares of Core Scientific from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th.

Core Scientific Price Performance

NASDAQ CORZ opened at $10.00 on Thursday. The company has a 50 day simple moving average of $9.99 and a 200-day simple moving average of $6.55. Core Scientific has a 52-week low of $2.61 and a 52-week high of $12.25.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($4.51) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($4.47). The company had revenue of $141.10 million for the quarter, compared to analysts’ expectations of $128.58 million. The business’s revenue for the quarter was up 11.2% on a year-over-year basis. Research analysts predict that Core Scientific will post 0.01 EPS for the current fiscal year.

Insider Activity

In related news, Director Jarrod M. Patten acquired 5,021 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average price of $9.68 per share, for a total transaction of $48,603.28. Following the completion of the purchase, the director now owns 285,760 shares in the company, valued at approximately $2,766,156.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Core Scientific news, Director Jarrod M. Patten purchased 4,000 shares of the firm’s stock in a transaction on Wednesday, August 28th. The shares were purchased at an average price of $9.70 per share, for a total transaction of $38,800.00. Following the completion of the purchase, the director now directly owns 279,239 shares of the company’s stock, valued at $2,708,618.30. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Jarrod M. Patten purchased 5,021 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were acquired at an average price of $9.68 per share, for a total transaction of $48,603.28. Following the purchase, the director now directly owns 285,760 shares of the company’s stock, valued at $2,766,156.80. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 10,521 shares of company stock valued at $102,328 and have sold 31,425 shares valued at $297,749. Insiders own 32.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CORZ. Banque Cantonale Vaudoise bought a new position in shares of Core Scientific during the second quarter valued at $28,000. Aspect Partners LLC bought a new position in shares of Core Scientific during the first quarter valued at $29,000. Sunbelt Securities Inc. bought a new position in shares of Core Scientific during the second quarter valued at $33,000. Hexagon Capital Partners LLC bought a new position in shares of Core Scientific during the first quarter valued at $34,000. Finally, Lindbrook Capital LLC bought a new position in shares of Core Scientific during the first quarter valued at $65,000.

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.