Core Scientific, Inc. (NASDAQ:CORZ) Receives $18.39 Consensus Target Price from Analysts

Core Scientific, Inc. (NASDAQ:CORZ) has been given a consensus rating of “Hold” by the twenty-one ratings firms that are currently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, eight have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $18.3889.

A number of analysts recently commented on CORZ shares. Barclays lowered Core Scientific to an “underweight” rating in a research report on Tuesday, July 8th. Needham & Company LLC lowered Core Scientific from a “moderate buy” rating to a “hold” rating and set a $18.00 price objective for the company. in a research report on Thursday, July 10th. Citizens Jmp lowered Core Scientific from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 14th. HC Wainwright reiterated a “neutral” rating on shares of Core Scientific in a research report on Monday, August 11th. Finally, Compass Point started coverage on Core Scientific in a research report on Monday. They issued a “buy” rating for the company.

Insider Buying and Selling

In related news, insider Todd M. Duchene sold 7,759 shares of Core Scientific stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $12.39, for a total value of $96,134.01. Following the completion of the sale, the insider directly owned 2,049,689 shares in the company, valued at $25,395,646.71. This trade represents a 0.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Core Scientific

Institutional investors have recently modified their holdings of the business. HHM Wealth Advisors LLC lifted its holdings in shares of Core Scientific by 96.5% during the 2nd quarter. HHM Wealth Advisors LLC now owns 1,926 shares of the company’s stock valued at $33,000 after purchasing an additional 946 shares in the last quarter. Osaic Holdings Inc. lifted its holdings in shares of Core Scientific by 112.1% during the 2nd quarter. Osaic Holdings Inc. now owns 2,017 shares of the company’s stock valued at $34,000 after purchasing an additional 1,066 shares in the last quarter. Advisors Asset Management Inc. lifted its holdings in shares of Core Scientific by 68.3% during the 2nd quarter. Advisors Asset Management Inc. now owns 2,690 shares of the company’s stock valued at $46,000 after purchasing an additional 1,092 shares in the last quarter. Bernard Wealth Management Corp. bought a new position in shares of Core Scientific during the 2nd quarter valued at about $51,000. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Core Scientific by 396.8% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,731 shares of the company’s stock valued at $64,000 after purchasing an additional 2,980 shares in the last quarter.

Core Scientific Price Performance

Core Scientific stock opened at $16.27 on Monday. Core Scientific has a 52-week low of $6.20 and a 52-week high of $18.63. The firm has a market capitalization of $4.97 billion, a P/E ratio of -29.05 and a beta of 6.59. The stock has a fifty day moving average price of $14.09 and a two-hundred day moving average price of $11.45.

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

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.