Core Scientific (NASDAQ:CORZ) Given “Buy” Rating at Roth Mkm

Roth Mkm reiterated their buy rating on shares of Core Scientific (NASDAQ:CORZ) in a research report sent to investors on Thursday,Benzinga reports. Roth Mkm currently has a $20.00 price target on the stock.

Several other equities analysts have also commented on CORZ. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Core Scientific in a research report on Friday, May 9th. Citigroup started coverage on shares of Core Scientific in a research note on Thursday, May 22nd. They set an “outperform” rating on the stock. JMP Securities began coverage on shares of Core Scientific in a research note on Thursday, May 22nd. They set a “market outperform” rating and a $15.00 price objective for the company. Needham & Company LLC boosted their price objective on shares of Core Scientific from $16.00 to $18.00 and gave the company a “buy” rating in a report on Tuesday, June 10th. Finally, HC Wainwright restated a “buy” rating and issued a $17.00 target price on shares of Core Scientific in a research note on Tuesday, March 11th. Eighteen equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Core Scientific presently has an average rating of “Buy” and a consensus price target of $18.14.

Core Scientific Trading Up 33.0%

Shares of CORZ stock opened at $16.36 on Thursday. Core Scientific has a 12-month low of $6.20 and a 12-month high of $18.63. The business’s fifty day simple moving average is $10.27 and its 200-day simple moving average is $11.08. The company has a market cap of $4.87 billion, a PE ratio of -3.25 and a beta of 6.30.

Core Scientific (NASDAQ:CORZ) last announced its earnings results on Wednesday, May 7th. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.02. The business had revenue of $79.53 million for the quarter, compared to analysts’ expectations of $92.04 million. During the same quarter last year, the firm earned $0.78 earnings per share. The firm’s quarterly revenue was down 55.6% compared to the same quarter last year. On average, equities analysts forecast that Core Scientific will post 0.52 earnings per share for the current year.

Insider Activity

In other news, insider Todd M. Duchene sold 50,000 shares of the stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $12.31, for a total transaction of $615,500.00. Following the sale, the insider now directly owns 2,050,102 shares of the company’s stock, valued at $25,236,755.62. This represents a 2.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Yadin Rozov purchased 110,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 28th. The stock was acquired at an average price of $10.87 per share, with a total value of $1,195,700.00. Following the purchase, the director now owns 475,687 shares in the company, valued at $5,170,717.69. This represents a 30.08% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Xponance Inc. lifted its stake in Core Scientific by 7.9% in the 4th quarter. Xponance Inc. now owns 12,800 shares of the company’s stock valued at $180,000 after buying an additional 937 shares in the last quarter. Summit Investment Advisors Inc. raised its holdings in shares of Core Scientific by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 18,658 shares of the company’s stock valued at $262,000 after acquiring an additional 1,185 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Core Scientific by 11.7% in the first quarter. Wellington Management Group LLP now owns 11,967 shares of the company’s stock valued at $87,000 after acquiring an additional 1,256 shares in the last quarter. SBI Securities Co. Ltd. lifted its position in shares of Core Scientific by 17.8% in the first quarter. SBI Securities Co. Ltd. now owns 10,391 shares of the company’s stock valued at $75,000 after acquiring an additional 1,567 shares in the last quarter. Finally, US Bancorp DE boosted its stake in shares of Core Scientific by 23.7% in the first quarter. US Bancorp DE now owns 8,682 shares of the company’s stock worth $63,000 after acquiring an additional 1,663 shares during the last quarter.

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.