Brokerages Set Core Scientific, Inc. (NASDAQ:CORZ) Target Price at $16.50

Core Scientific, Inc. (NASDAQ:CORZ) has been given a consensus recommendation of “Buy” by the twelve ratings firms that are covering the company, MarketBeat reports. Twelve analysts have rated the stock with a buy recommendation. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $16.71.

Several research firms have commented on CORZ. Canaccord Genuity Group lifted their price target on Core Scientific from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Compass Point upped their price target on shares of Core Scientific from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Macquarie started coverage on shares of Core Scientific in a research report on Wednesday, September 25th. They set an “outperform” rating and a $16.00 price objective on the stock. 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. Finally, HC Wainwright raised their price target on Core Scientific from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th.

Insiders Place Their Bets

In other Core Scientific news, Director Jarrod M. Patten bought 4,000 shares of the business’s stock in a transaction dated Wednesday, August 28th. The stock was acquired at an average cost of $9.70 per share, with a total value of $38,800.00. Following the purchase, the director now owns 279,239 shares in the company, valued at approximately $2,708,618.30. This represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Core Scientific news, insider Todd M. Duchene sold 11,582 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.41, for a total value of $108,986.62. Following the completion of the transaction, the insider now directly owns 1,686,474 shares of the company’s stock, valued at approximately $15,869,720.34. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Jarrod M. Patten acquired 4,000 shares of Core Scientific stock in a transaction that occurred on Wednesday, August 28th. The shares were purchased at an average cost of $9.70 per share, with a total value of $38,800.00. Following the completion of the acquisition, the director now owns 279,239 shares of the company’s stock, valued at $2,708,618.30. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 12,761 shares of company stock worth $127,080. Company insiders own 32.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Rise Advisors LLC increased its stake in shares of Core Scientific by 14.3% during the 3rd quarter. Rise Advisors LLC now owns 8,000 shares of the company’s stock valued at $95,000 after acquiring an additional 1,000 shares during the last quarter. Banque Cantonale Vaudoise purchased a new stake in Core Scientific in the second quarter valued at approximately $28,000. Sunbelt Securities Inc. acquired a new position in Core Scientific during the second quarter worth approximately $33,000. Vontobel Holding Ltd. raised its stake in Core Scientific by 10.4% during the third quarter. Vontobel Holding Ltd. now owns 38,089 shares of the company’s stock worth $452,000 after purchasing an additional 3,591 shares during the period. Finally, Harvest Portfolios Group Inc. boosted its holdings in shares of Core Scientific by 10.1% in 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 during the last quarter.

Core Scientific Price Performance

CORZ stock opened at $13.29 on Friday. Core Scientific has a twelve month low of $2.61 and a twelve month high of $14.64. The company’s 50 day moving average is $11.80 and its two-hundred day moving average is $8.88.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($4.51) EPS for the quarter, missing the consensus estimate 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. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year. On average, equities research analysts expect that Core Scientific will post 0.01 earnings per share for the current fiscal year.

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.