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

Shares of Core Scientific, Inc. (NASDAQ:CORZ) have received an average recommendation of “Moderate Buy” from the twenty ratings firms that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $32.1806.

Several equities analysts recently weighed in on CORZ shares. Lucid Cap Mkts upgraded shares of Core Scientific to a “strong-buy” rating in a report on Friday, June 12th. Sanford C. Bernstein restated an “outperform” rating and set a $32.00 price objective on shares of Core Scientific in a research note on Wednesday, June 3rd. B. Riley Financial upped their price objective on shares of Core Scientific from $33.00 to $42.00 and gave the company a “buy” rating in a report on Monday. Jefferies Financial Group increased their price objective on shares of Core Scientific from $24.00 to $37.00 and gave the stock a “buy” rating in a research note on Thursday, May 14th. Finally, Keefe, Bruyette & Woods raised shares of Core Scientific from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $25.00 to $28.00 in a report on Thursday, July 30th.

Insider Buying and Selling

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $22.23, for a total transaction of $222,300.00. Following the sale, the insider directly owned 1,979,101 shares of the company’s stock, valued at approximately $43,995,415.23. This trade represents a 0.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 90,000 shares of company stock valued at $2,248,600 over the last 90 days. 1.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Core Scientific

Several institutional investors and hedge funds have recently modified their holdings of CORZ. Handelsbanken Fonder AB boosted its stake in shares of Core Scientific by 0.7% in the second quarter. Handelsbanken Fonder AB now owns 94,500 shares of the company’s stock worth $2,418,000 after buying an additional 700 shares during the last quarter. GAMMA Investing LLC raised its position in Core Scientific by 34.5% during the second quarter. GAMMA Investing LLC now owns 3,049 shares of the company’s stock valued at $78,000 after acquiring an additional 782 shares in the last quarter. Avior Wealth Management LLC purchased a new position in Core Scientific during the second quarter valued at approximately $264,000. Harbor Investment Advisory LLC acquired a new position in Core Scientific in the second quarter valued at approximately $136,000. Finally, CoreCap Advisors LLC acquired a new position in Core Scientific in the second quarter valued at approximately $36,000.

Core Scientific Stock Performance

Shares of CORZ stock opened at $21.77 on Thursday. Core Scientific has a fifty-two week low of $13.14 and a fifty-two week high of $30.46. The firm has a market capitalization of $7.00 billion, a PE ratio of -4.93 and a beta of 5.59. The stock’s 50-day simple moving average is $24.84 and its 200-day simple moving average is $20.93.

Core Scientific (NASDAQ:CORZ) last released its earnings results on Tuesday, July 28th. The company reported ($3.32) EPS for the quarter, missing analysts’ consensus estimates 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. Sell-side analysts forecast that Core Scientific will post -1.36 earnings per share for the current 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.