Core Scientific, Inc. (NASDAQ:CORZ) Receives Average Recommendation of “Hold” from Brokerages

Shares of Core Scientific, Inc. (NASDAQ:CORZ) have been assigned a consensus recommendation of “Hold” from the twenty-three ratings firms that are presently covering the firm, MarketBeat.com reports. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $22.3947.

A number of research firms have weighed in on CORZ. Macquarie raised Core Scientific from a “hold” rating to an “outperform” rating and increased their price objective for the stock from $18.00 to $34.00 in a research report on Friday, October 31st. B. Riley raised Core Scientific from a “neutral” rating to a “buy” rating and set a $30.00 price target for the company in a report on Wednesday, October 22nd. Jefferies Financial Group set a $24.00 price objective on shares of Core Scientific and gave the company a “buy” rating in a research report on Tuesday, October 28th. UBS Group set a $30.00 price objective on shares of Core Scientific in a research report on Wednesday, October 22nd. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Core Scientific in a report on Tuesday, August 12th.

Insiders Place Their Bets

In other Core Scientific news, Director Eric Stanton Weiss acquired 5,000 shares of the stock in a transaction on Tuesday, November 4th. The shares were bought at an average price of $21.50 per share, with a total value of $107,500.00. Following the acquisition, the director owned 226,687 shares of the company’s stock, valued at $4,873,770.50. This trade represents a 2.26% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.40% of the company’s stock.

Institutional Trading of Core Scientific

Hedge funds have recently modified their holdings of the business. Nisa Investment Advisors LLC grew its stake in shares of Core Scientific by 192.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 4,662 shares of the company’s stock worth $80,000 after purchasing an additional 3,067 shares during the period. Kingswood Wealth Advisors LLC acquired a new stake in shares of Core Scientific in the second quarter valued at about $243,000. Heritage Oak Wealth Advisors LLC boosted its holdings in Core Scientific by 2.4% during the second quarter. Heritage Oak Wealth Advisors LLC now owns 753,846 shares of the company’s stock worth $12,868,000 after buying an additional 17,709 shares in the last quarter. Harvest Portfolios Group Inc. boosted its holdings in Core Scientific by 81.9% during the second quarter. Harvest Portfolios Group Inc. now owns 134,895 shares of the company’s stock worth $2,303,000 after buying an additional 60,746 shares in the last quarter. Finally, Regal Partners Ltd grew its position in Core Scientific by 574.1% during the second quarter. Regal Partners Ltd now owns 625,213 shares of the company’s stock worth $10,672,000 after buying an additional 532,462 shares during the period.

Core Scientific Stock Performance

Shares of Core Scientific stock opened at $16.97 on Friday. The company has a market capitalization of $5.26 billion, a P/E ratio of 113.14 and a beta of 6.59. Core Scientific has a 1 year low of $6.20 and a 1 year high of $23.63. The company’s fifty day moving average is $18.05 and its two-hundred day moving average is $15.07.

Core Scientific (NASDAQ:CORZ) last announced its earnings results on Friday, October 24th. The company reported ($0.46) earnings per share for the quarter, topping the consensus estimate of ($0.85) by $0.39. The business had revenue of $81.10 million for the quarter, compared to analyst estimates of $107.18 million. As a group, equities analysts expect that Core Scientific will post 0.52 earnings per share for the current year.

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.