Core Scientific’s (CORZ) Buy Rating Reaffirmed at Canaccord Genuity Group

Core Scientific (NASDAQ:CORZ)‘s stock had its “buy” rating reissued by investment analysts at Canaccord Genuity Group in a report released on Thursday,Benzinga reports. They currently have a $17.00 target price on the stock. Canaccord Genuity Group’s price objective indicates a potential upside of 69.66% from the company’s previous close.

Other equities research analysts have also issued research reports about the stock. B. Riley raised their price target on shares of Core Scientific from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Macquarie raised their target price on Core Scientific from $16.00 to $19.00 and gave the company an “outperform” rating in a research report on Thursday, November 14th. Keefe, Bruyette & Woods began coverage on Core Scientific in a research report on Monday, January 27th. They set an “outperform” rating and a $22.00 price target for the company. Roth Mkm began coverage on Core Scientific in a report on Friday, November 15th. They set a “buy” rating and a $25.50 price target on the stock. Finally, Compass Point cut their price objective on shares of Core Scientific from $26.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday. Fifteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Core Scientific presently has a consensus rating of “Buy” and a consensus target price of $19.00.

Core Scientific Trading Up 2.7 %

Shares of NASDAQ CORZ opened at $10.02 on Thursday. Core Scientific has a 12-month low of $2.61 and a 12-month high of $18.63. The stock’s 50 day simple moving average is $13.34 and its 200 day simple moving average is $13.28. The company has a market cap of $2.80 billion and a price-to-earnings ratio of -1.85.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.09. As a group, equities analysts forecast that Core Scientific will post 0.52 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Adam Taylor Sullivan sold 369,712 shares of the stock in a transaction on Friday, January 24th. The stock was sold at an average price of $16.24, for a total value of $6,004,122.88. Following the completion of the transaction, the chief executive officer now owns 3,758,793 shares in the company, valued at $61,042,798.32. This trade represents a 8.96 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Todd M. Duchene sold 129,861 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total value of $1,849,220.64. Following the sale, the insider now owns 2,051,649 shares in the company, valued at approximately $29,215,481.76. The trade was a 5.95 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 614,032 shares of company stock worth $9,534,916. 32.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Core Scientific

Several hedge funds have recently made changes to their positions in the company. Wellington Shields & Co. LLC purchased a new position in Core Scientific during the 4th quarter worth approximately $26,000. First Horizon Advisors Inc. acquired a new stake in shares of Core Scientific in the fourth quarter worth $34,000. Newbridge Financial Services Group Inc. purchased a new position in shares of Core Scientific during the fourth quarter valued at $42,000. Vestcor Inc purchased a new position in shares of Core Scientific during the fourth quarter valued at $66,000. Finally, US Bancorp DE acquired a new position in Core Scientific during the fourth quarter valued at $99,000.

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.