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

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

Several other brokerages also recently commented on CORZ. 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 on the stock. Needham & Company LLC upped their price objective on shares of Core Scientific from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday. Sanford C. Bernstein reissued an “outperform” rating and set a $17.00 target price on shares of Core Scientific in a research report on Tuesday, September 10th. 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 report on Thursday. Finally, Jefferies Financial Group assumed coverage on shares of Core Scientific in a report on Monday, October 28th. They set a “buy” rating and a $19.00 price objective for the company. Twelve research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $17.21.

Core Scientific Price Performance

CORZ opened at $16.96 on Thursday. The company has a market capitalization of $4.74 billion and a PE ratio of -3.13. The business has a 50-day moving average of $12.34 and a 200-day moving average of $9.43. Core Scientific has a fifty-two week low of $2.61 and a fifty-two week high of $17.01.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($4.51) earnings per share (EPS) 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. On average, equities research analysts expect that Core Scientific will post 0.81 earnings per share for the current fiscal year.

Insider Transactions at Core Scientific

In other Core Scientific news, CFO Denise Marie Brucia Sterling sold 8,752 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.41, for a total value of $82,356.32. Following the completion of the sale, the chief financial officer now owns 122,217 shares in the company, valued at approximately $1,150,061.97. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, insider Todd M. Duchene sold 11,582 shares of the business’s stock in a transaction that occurred on 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 owns 1,686,474 shares in the company, valued at $15,869,720.34. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Denise Marie Brucia Sterling sold 8,752 shares of the stock in a transaction on Friday, August 16th. The shares were sold at an average price of $9.41, for a total value of $82,356.32. Following the completion of the transaction, the chief financial officer now owns 122,217 shares in the company, valued at $1,150,061.97. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have acquired 12,761 shares of company stock worth $127,080. Insiders own 32.00% of the company’s stock.

Institutional Investors Weigh In On Core Scientific

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Highland Peak Capital LLC boosted its holdings in Core Scientific by 37.9% in the third quarter. Highland Peak Capital LLC now owns 413,584 shares of the company’s stock valued at $4,905,000 after acquiring an additional 113,584 shares during the last quarter. Intech Investment Management LLC acquired a new position in Core Scientific during the 3rd quarter valued at about $315,000. Natixis Advisors LLC acquired a new position in Core Scientific during the 3rd quarter valued at about $252,000. Regal Partners Ltd boosted its stake in shares of Core Scientific by 71.5% in the 3rd quarter. Regal Partners Ltd now owns 996,551 shares of the company’s stock valued at $11,819,000 after purchasing an additional 415,363 shares during the last quarter. Finally, Victory Capital Management Inc. grew its position in shares of Core Scientific by 41.5% during the 3rd quarter. Victory Capital Management Inc. now owns 26,633 shares of the company’s stock worth $316,000 after buying an additional 7,814 shares during the period.

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.