HC Wainwright Forecasts Strong Price Appreciation for Core Scientific (NASDAQ:CORZ) Stock

Core Scientific (NASDAQ:CORZ) had its target price hoisted by HC Wainwright from $15.00 to $17.00 in a research note released on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other analysts also recently issued research reports about the stock. Compass Point raised their price target on shares of Core Scientific from $18.00 to $20.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Canaccord Genuity Group lifted their price target on shares of Core Scientific from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Cantor Fitzgerald restated an “overweight” rating and issued a $20.00 price objective on shares of Core Scientific in a research note on Thursday, October 3rd. Jefferies Financial Group assumed coverage on Core Scientific in a research report on Monday, October 28th. They set a “buy” rating and a $19.00 target price on the stock. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $17.00 price objective on shares of Core Scientific in a research note on Tuesday, September 10th. Twelve analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $17.21.

Core Scientific Price Performance

NASDAQ CORZ traded up $0.50 during trading on Thursday, reaching $16.96. The company’s stock had a trading volume of 12,164,781 shares, compared to its average volume of 8,864,858. The firm has a fifty day moving average of $12.21 and a 200 day moving average of $9.30. Core Scientific has a one year low of $2.61 and a one year high of $17.00.

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

Insider Transactions at Core Scientific

In other Core Scientific news, Director Jarrod M. Patten purchased 5,021 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was bought at an average cost of $9.68 per share, for a total transaction of $48,603.28. Following the completion of the purchase, the director now owns 285,760 shares in the company, valued at $2,766,156.80. This represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Jarrod M. Patten acquired 5,021 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average cost of $9.68 per share, with a total value of $48,603.28. Following the completion of the acquisition, the director now owns 285,760 shares of the company’s stock, valued at approximately $2,766,156.80. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Todd M. Duchene sold 11,582 shares of Core Scientific stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $9.41, for a total value of $108,986.62. Following the sale, the insider now directly owns 1,686,474 shares of the company’s stock, valued at $15,869,720.34. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have bought 12,761 shares of company stock valued at $127,080.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CORZ. Natixis Advisors LLC purchased a new position in shares of Core Scientific during the 3rd quarter valued at about $252,000. Regal Partners Ltd raised its position in Core Scientific by 71.5% during the third quarter. Regal Partners Ltd now owns 996,551 shares of the company’s stock valued at $11,819,000 after acquiring an additional 415,363 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in Core Scientific by 41.5% in the third quarter. Victory Capital Management Inc. now owns 26,633 shares of the company’s stock valued at $316,000 after acquiring an additional 7,814 shares during the period. CWA Asset Management Group LLC acquired a new stake in shares of Core Scientific during the 3rd quarter worth approximately $890,000. Finally, Harvest Portfolios Group Inc. increased its holdings in shares of Core Scientific by 10.1% during the 3rd quarter. Harvest Portfolios Group Inc. now owns 55,881 shares of the company’s stock valued at $663,000 after purchasing an additional 5,109 shares in the last quarter.

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.