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

HC Wainwright reaffirmed their buy rating on shares of Core Scientific (NASDAQ:CORZ) in a report issued on Thursday,Benzinga reports. The brokerage currently has a $17.00 price target on the stock.

Other equities research analysts also recently issued reports about the stock. Craig Hallum began coverage on shares of Core Scientific in a research note on Tuesday, January 21st. They issued a “buy” rating and a $24.00 price target on the stock. Keefe, Bruyette & Woods started coverage on shares of Core Scientific in a research report on Monday, January 27th. They issued an “outperform” rating and a $22.00 target price on the stock. Compass Point lowered their price target on shares of Core Scientific from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday. B. Riley raised their price objective on Core Scientific from $16.00 to $17.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $17.00 target price on shares of Core Scientific in a report on Thursday, November 7th. Fifteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Core Scientific presently has an average rating of “Buy” and an average target price of $19.07.

Core Scientific Price Performance

Shares of NASDAQ:CORZ opened at $10.71 on Thursday. Core Scientific has a 1 year low of $2.61 and a 1 year high of $18.63. The stock has a market capitalization of $2.99 billion and a price-to-earnings ratio of -1.98. The company’s 50 day simple moving average is $13.34 and its 200 day simple moving average is $13.28.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings data on Wednesday, February 26th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.09. The business had revenue of $94.93 million for the quarter, compared to the consensus estimate of $97.07 million. As a group, analysts anticipate that Core Scientific will post 0.52 EPS for the current fiscal year.

Insider Activity

In other news, CEO Adam Taylor Sullivan sold 369,712 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 3,758,793 shares of the company’s stock, valued at $61,042,798.32. The trade was a 8.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Todd M. Duchene sold 25,277 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $16.24, for a total value of $410,498.48. Following the sale, the insider now directly 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. In the last three months, insiders have sold 614,032 shares of company stock valued at $9,534,916. 32.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Creative Planning increased its stake in Core Scientific by 88.0% in the third quarter. Creative Planning now owns 32,925 shares of the company’s stock valued at $389,000 after purchasing an additional 15,413 shares in the last quarter. Arkadios Wealth Advisors bought a new stake in Core Scientific in the 3rd quarter valued at about $119,000. Wealth Enhancement Advisory Services LLC raised its stake in Core Scientific by 96.2% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 78,077 shares of the company’s stock worth $926,000 after buying an additional 38,292 shares during the period. Van ECK Associates Corp boosted its holdings in Core Scientific by 22.9% in the third quarter. Van ECK Associates Corp now owns 1,616,944 shares of the company’s stock worth $19,177,000 after acquiring an additional 300,942 shares in the last quarter. Finally, Harvest Portfolios Group Inc. grew its stake in Core Scientific by 10.1% in the third quarter. Harvest Portfolios Group Inc. now owns 55,881 shares of the company’s stock valued at $663,000 after acquiring an additional 5,109 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.