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

Canaccord Genuity Group reaffirmed their buy rating on shares of Core Scientific (NASDAQ:CORZ) in a research note issued to investors on Thursday morning,Benzinga reports. They currently have a $17.00 target price on the stock.

Other equities research analysts have also recently issued reports about the stock. HC Wainwright boosted their price target on shares of Core Scientific from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday. Jefferies Financial Group started coverage on shares of Core Scientific in a report on Monday, October 28th. They issued a “buy” rating and a $19.00 target price for the company. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $17.00 target price on shares of Core Scientific in a report on Tuesday, September 10th. Macquarie started coverage on shares of Core Scientific in a report on Wednesday, September 25th. They issued an “outperform” rating and a $16.00 target price for the company. Finally, Needham & Company LLC upped their target price on shares of Core Scientific from $17.00 to $18.00 and gave the company a “buy” rating in a report on Thursday. Twelve equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $17.21.

Core Scientific Price Performance

CORZ traded up $0.30 on Thursday, reaching $16.76. The company had a trading volume of 6,973,396 shares, compared to its average volume of 8,839,030. Core Scientific has a 1 year low of $2.61 and a 1 year high of $17.00. The stock has a 50-day moving average price of $12.21 and a 200-day moving average price of $9.30.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($4.51) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($4.47). The company had revenue of $141.10 million for the quarter, compared to analysts’ expectations of $128.58 million. Core Scientific’s revenue was up 11.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Core Scientific will post 0.81 EPS for the current year.

Insider Transactions at Core Scientific

In other Core Scientific news, insider Todd M. Duchene sold 11,582 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.41, for a total transaction of $108,986.62. Following the transaction, the insider now directly owns 1,686,474 shares in the company, valued at approximately $15,869,720.34. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Jarrod M. Patten bought 4,000 shares of the stock in a transaction on Wednesday, August 28th. The shares were bought at an average cost of $9.70 per share, for a total transaction of $38,800.00. Following the completion of the transaction, the director now owns 279,239 shares of the company’s stock, valued at $2,708,618.30. This represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Todd M. Duchene sold 11,582 shares of the company’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $9.41, for a total transaction of $108,986.62. Following the transaction, the insider now owns 1,686,474 shares in the company, valued at $15,869,720.34. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have bought a total of 12,761 shares of company stock worth $127,080 over the last ninety days.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CORZ. Concurrent Investment Advisors LLC purchased a new position in shares of Core Scientific during the 1st quarter worth approximately $417,000. Barings LLC purchased a new position in shares of Core Scientific during the 1st quarter worth approximately $36,515,000. Blair William & Co. IL purchased a new stake in Core Scientific in the 1st quarter worth approximately $1,156,000. Dorsey & Whitney Trust CO LLC purchased a new stake in Core Scientific in the 1st quarter worth approximately $122,000. Finally, Vanguard Group Inc. purchased a new stake in Core Scientific in the 1st quarter worth approximately $21,973,000.

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.