Canaccord Genuity Group Reiterates Buy Rating for Core Scientific (NASDAQ:CORZ)

Core Scientific (NASDAQ:CORZ)‘s stock had its “buy” rating restated by research analysts at Canaccord Genuity Group in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $17.00 target price on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 52.33% from the stock’s previous close.

CORZ has been the subject of several other reports. Keefe, Bruyette & Woods began coverage on Core Scientific in a report on Monday, January 27th. They set an “outperform” rating and a $22.00 target price for the company. Needham & Company LLC dropped their price objective on Core Scientific from $18.00 to $17.00 and set a “buy” rating for the company in a research note on Thursday. HC Wainwright restated a “buy” rating and issued a $17.00 target price on shares of Core Scientific in a report on Thursday. Roth Capital upgraded shares of Core Scientific to a “strong-buy” rating in a report on Thursday, November 14th. Finally, BTIG Research increased their price target on shares of Core Scientific from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, December 16th. Fifteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $19.07.

Core Scientific Stock Performance

CORZ stock opened at $11.16 on Thursday. The company has a market capitalization of $3.12 billion and a PE ratio of -2.06. Core Scientific has a one year low of $2.61 and a one year high of $18.63. The company’s 50 day moving average price is $13.26 and its two-hundred day moving average price is $13.26.

Core Scientific (NASDAQ:CORZ) last issued its earnings results on Wednesday, February 26th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.09. The business had revenue of $94.93 million during the quarter, compared to analysts’ expectations of $97.07 million. On average, research analysts predict that Core Scientific will post 0.52 EPS for the current year.

Insider Transactions at Core Scientific

In related news, insider Todd M. Duchene sold 129,861 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total value of $1,849,220.64. Following the sale, the insider now directly owns 2,051,649 shares of the company’s stock, valued at $29,215,481.76. This represents a 5.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Adam Taylor Sullivan sold 369,712 shares of the stock in a transaction on Friday, January 24th. The stock was sold at an average price of $16.24, for a total value of $6,004,122.88. Following the completion of the transaction, the chief executive officer now owns 3,758,793 shares of the company’s stock, valued at approximately $61,042,798.32. This trade represents a 8.96 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 614,032 shares of company stock valued at $9,534,916. Corporate insiders own 32.00% of the company’s stock.

Institutional Investors Weigh In On Core Scientific

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in shares of Core Scientific by 54.3% during the fourth quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company’s stock valued at $272,270,000 after purchasing an additional 6,819,406 shares during the last quarter. Beryl Capital Management LLC increased its position in Core Scientific by 24.3% during the 4th quarter. Beryl Capital Management LLC now owns 18,179,586 shares of the company’s stock valued at $255,423,000 after buying an additional 3,548,396 shares in the last quarter. Driehaus Capital Management LLC raised its stake in Core Scientific by 112.1% during the fourth quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company’s stock valued at $144,212,000 after buying an additional 5,424,901 shares during the last quarter. ORG Wealth Partners LLC boosted its holdings in Core Scientific by 0.3% in the fourth quarter. ORG Wealth Partners LLC now owns 8,986,651 shares of the company’s stock worth $126,262,000 after acquiring an additional 26,649 shares in the last quarter. Finally, FMR LLC grew its stake in shares of Core Scientific by 2,937.7% in the fourth quarter. FMR LLC now owns 7,436,229 shares of the company’s stock worth $104,479,000 after acquiring an additional 7,191,428 shares during the last quarter.

Core Scientific Company Profile

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.