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

Shares of Core Scientific, Inc. (NASDAQ:CORZ) have earned an average rating of “Moderate Buy” from the twenty-one analysts that are covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, three have issued a hold recommendation, fifteen have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $24.8382.

Several research analysts have recently commented on the company. Zacks Research upgraded Core Scientific from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 13th. HC Wainwright reissued a “buy” rating and set a $25.00 price target on shares of Core Scientific in a research report on Tuesday, March 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Core Scientific in a research note on Wednesday, January 21st. Cantor Fitzgerald lowered their target price on shares of Core Scientific from $26.00 to $25.00 and set an “overweight” rating for the company in a research note on Tuesday, March 3rd. Finally, Needham & Company LLC raised shares of Core Scientific from a “hold” rating to a “buy” rating and set a $23.00 target price on the stock in a report on Tuesday, March 3rd.

Insider Activity at Core Scientific

In related news, insider Todd M. Duchene sold 10,000 shares of the business’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $15.25, for a total transaction of $152,500.00. Following the completion of the sale, the insider owned 2,047,089 shares of the company’s stock, valued at $31,218,107.25. This represents a 0.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Core Scientific

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Allworth Financial LP grew its holdings in shares of Core Scientific by 206.5% during the third quarter. Allworth Financial LP now owns 1,410 shares of the company’s stock valued at $25,000 after purchasing an additional 950 shares during the last quarter. Larson Financial Group LLC lifted its holdings in shares of Core Scientific by 936.7% in the 4th quarter. Larson Financial Group LLC now owns 1,866 shares of the company’s stock worth $27,000 after purchasing an additional 1,686 shares during the last quarter. Osaic Holdings Inc. boosted its position in 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 during the period. Danske Bank A S acquired a new position in Core Scientific during the 4th quarter valued at approximately $36,000. Finally, Advisors Asset Management Inc. grew its stake in Core Scientific by 68.3% during the 2nd quarter. Advisors Asset Management Inc. now owns 2,690 shares of the company’s stock worth $46,000 after buying an additional 1,092 shares during the last quarter.

Core Scientific Stock Performance

Shares of Core Scientific stock opened at $16.23 on Friday. Core Scientific has a 1 year low of $6.20 and a 1 year high of $23.63. The firm’s 50-day simple moving average is $16.90 and its 200-day simple moving average is $17.18. The firm has a market cap of $5.12 billion, a PE ratio of 13.87 and a beta of 6.34.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings results on Monday, March 2nd. The company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.69. The firm had revenue of $79.76 million during the quarter, compared to analyst estimates of $118.45 million. The firm’s revenue for the quarter was down 16.0% on a year-over-year basis. During the same quarter last year, the business posted ($0.69) earnings per share. On average, equities analysts predict that Core Scientific will post 0.52 earnings per share for the current year.

About Core Scientific

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.