Core Scientific (NASDAQ:CORZ) Earns Buy Rating from HC Wainwright

Core Scientific (NASDAQ:CORZ)‘s stock had its “buy” rating restated by HC Wainwright in a research note issued on Thursday,Benzinga reports. They currently have a $17.00 target price on the stock. HC Wainwright’s target price points to a potential upside of 52.33% from the company’s current price.

Several other analysts have also weighed in on CORZ. Craig Hallum started coverage on shares of Core Scientific in a research note on Tuesday, January 21st. They set a “buy” rating and a $24.00 target price for the company. Keefe, Bruyette & Woods initiated coverage on shares of Core Scientific in a research report on Monday, January 27th. They set an “outperform” rating and a $22.00 price objective for the company. Compass Point dropped 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. Roth Mkm assumed coverage on Core Scientific in a research note on Friday, November 15th. They issued a “buy” rating and a $25.50 target price for the company. Finally, Needham & Company LLC lowered their target price on Core Scientific from $18.00 to $17.00 and set a “buy” rating for the company in a report on Thursday. Fifteen research 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, Core Scientific presently has a consensus rating of “Buy” and an average target price of $19.07.

Core Scientific Stock Performance

NASDAQ:CORZ opened at $11.16 on Thursday. The company has a market capitalization of $3.12 billion and a price-to-earnings ratio of -2.06. Core Scientific has a one year low of $2.61 and a one year high of $18.63. The stock has a 50-day simple moving average of $13.26 and a 200 day simple moving average of $13.26.

Core Scientific (NASDAQ:CORZ) last issued its earnings results on Wednesday, February 26th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.09. The firm had revenue of $94.93 million during the quarter, compared to analyst estimates of $97.07 million. On average, equities research analysts forecast that Core Scientific will post 0.52 EPS for the current fiscal year.

Insider Transactions at Core Scientific

In related news, CEO Adam Taylor Sullivan sold 369,712 shares of the company’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $16.24, for a total value of $6,004,122.88. Following the completion of the sale, the chief executive officer now owns 3,758,793 shares of the company’s stock, valued at $61,042,798.32. This represents a 8.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Todd M. Duchene sold 25,277 shares of the stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $16.24, for a total transaction of $410,498.48. Following the completion of the transaction, the insider now owns 2,023,423 shares of the company’s stock, valued at $32,860,389.52. This represents a 1.23 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 614,032 shares of company stock valued at $9,534,916. 32.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Core Scientific

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wellington Shields & Co. LLC acquired a new position in shares of Core Scientific during the 4th quarter valued at $26,000. First Horizon Advisors Inc. acquired a new stake in shares of Core Scientific in the fourth quarter valued at $34,000. Newbridge Financial Services Group Inc. bought a new position in Core Scientific during the fourth quarter valued at about $42,000. Vestcor Inc acquired a new position in Core Scientific during the fourth quarter worth about $66,000. Finally, US Bancorp DE acquired a new position in Core Scientific during the fourth quarter worth about $99,000.

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.