Jefferies Financial Group Issues Positive Forecast for Core Scientific (NASDAQ:CORZ) Stock Price

Core Scientific (NASDAQ:CORZ) had its price objective increased by Jefferies Financial Group from $16.00 to $22.00 in a report published on Monday, MarketBeat.com reports. They currently have a buy rating on the stock.

CORZ has been the topic of several other research reports. HC Wainwright reaffirmed a “neutral” rating on shares of Core Scientific in a research note on Monday, August 11th. Roth Mkm reaffirmed a “buy” rating and issued a $20.00 price target on shares of Core Scientific in a research note on Thursday, June 26th. Canaccord Genuity Group reiterated a “buy” rating and issued a $17.00 price objective on shares of Core Scientific in a research report on Friday, June 27th. Roth Capital reiterated a “neutral” rating and issued a $20.00 price objective on shares of Core Scientific in a research report on Tuesday, July 8th. Finally, Craig Hallum downgraded Core Scientific from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 7th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $18.47.

Core Scientific Price Performance

Shares of CORZ stock opened at $14.08 on Monday. The stock’s fifty day simple moving average is $13.91 and its 200 day simple moving average is $11.06. The firm has a market cap of $4.30 billion, a price-to-earnings ratio of -25.14 and a beta of 6.60. Core Scientific has a one year low of $6.20 and a one year high of $18.63.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Friday, August 8th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.03. The company had revenue of $78.63 million during the quarter, compared to analyst estimates of $82.09 million. The firm’s revenue for the quarter was down 44.3% on a year-over-year basis. On average, research analysts anticipate that Core Scientific will post 0.52 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Todd M. Duchene sold 7,759 shares of the business’s stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $12.39, for a total transaction of $96,134.01. Following the completion of the sale, the insider owned 2,049,689 shares in the company, valued at $25,395,646.71. The trade was a 0.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Yadin Rozov bought 110,000 shares of the company’s stock in a transaction dated Wednesday, May 28th. The shares were purchased at an average price of $10.87 per share, with a total value of $1,195,700.00. Following the transaction, the director owned 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. In the last 90 days, insiders have sold 117,759 shares of company stock valued at $1,391,434. 1.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Core Scientific

Institutional investors and hedge funds have recently made changes to their positions in the company. HHM Wealth Advisors LLC raised its position in shares of Core Scientific by 96.5% during the second quarter. HHM Wealth Advisors LLC now owns 1,926 shares of the company’s stock worth $33,000 after acquiring an additional 946 shares during the last quarter. State of Wyoming bought a new stake in shares of Core Scientific during the first quarter worth $34,000. Emerald Mutual Fund Advisers Trust bought a new stake in shares of Core Scientific during the first quarter worth $38,000. Advisors Asset Management Inc. raised its position in shares of Core Scientific by 68.3% during the second quarter. Advisors Asset Management Inc. now owns 2,690 shares of the company’s stock worth $46,000 after acquiring an additional 1,092 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Core Scientific during the first quarter worth $50,000.

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.