Brokerages Set Core Scientific, Inc. (NASDAQ:CORZ) PT at $28.14

Shares of Core Scientific, Inc. (NASDAQ:CORZ) have been assigned an average rating of “Moderate Buy” from the twenty-one research firms that are covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, three have given a hold recommendation, fifteen have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $28.3281.

Several equities research analysts recently commented on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Core Scientific in a report on Monday, April 20th. BTIG Research increased their price target on Core Scientific from $23.00 to $33.00 and gave the company a “buy” rating in a report on Wednesday, May 13th. Wall Street Zen raised Core Scientific to a “sell” rating in a report on Saturday, March 14th. LADENBURG THALM/SH SH cut their price target on Core Scientific from $24.50 to $23.75 and set a “buy” rating for the company in a report on Tuesday, March 3rd. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $25.00 price target on shares of Core Scientific in a report on Tuesday, March 3rd.

Core Scientific Price Performance

NASDAQ CORZ opened at $27.20 on Friday. The company has a market cap of $8.65 billion, a PE ratio of -23.86 and a beta of 5.45. The stock’s 50 day simple moving average is $19.99 and its 200-day simple moving average is $17.89. Core Scientific has a 1-year low of $10.45 and a 1-year high of $27.70.

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

Insider Activity at Core Scientific

In related news, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction that occurred 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 sale, the insider owned 1,980,348 shares of the company’s stock, valued at approximately $41,310,059.28. This trade represents a 0.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 50,000 shares of company stock valued at $933,400 over the last ninety days. 1.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Core Scientific

Hedge funds and other institutional investors have recently made changes to their positions in the stock. FNY Investment Advisers LLC acquired a new stake in shares of Core Scientific in the fourth quarter valued at approximately $1,252,000. Kintayl Capital LP acquired a new stake in Core Scientific during the third quarter worth $10,227,000. Universal Beteiligungs und Servicegesellschaft mbH increased its stake in Core Scientific by 39.9% during the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 452,806 shares of the company’s stock worth $8,123,000 after acquiring an additional 129,133 shares during the last quarter. Vanguard Group Inc. increased its stake 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 acquiring an additional 5,359,710 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd increased its stake in Core Scientific by 87.4% during the third quarter. Y Intercept Hong Kong Ltd now owns 668,435 shares of the company’s stock worth $11,992,000 after acquiring an additional 311,813 shares during the last quarter.

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.