Core Scientific, Inc. (NASDAQ:CORZ) Receives Average Recommendation of “Moderate Buy” from Brokerages

Core Scientific, Inc. (NASDAQ:CORZ) has earned an average recommendation of “Moderate Buy” from the twenty-one ratings firms that are currently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $28.3281.

A number of analysts recently commented on the company. LADENBURG THALM/SH SH dropped their price target on Core Scientific from $24.50 to $23.75 and set a “buy” rating on the stock in a report on Tuesday, March 3rd. BTIG Research boosted their target price on Core Scientific from $23.00 to $33.00 and gave the company a “buy” rating in a research note on Wednesday, May 13th. Cantor Fitzgerald boosted their target price on Core Scientific from $25.00 to $29.00 and gave the company an “overweight” rating in a research note on Thursday, April 9th. Jefferies Financial Group boosted their target price on Core Scientific from $24.00 to $37.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. Finally, Needham & Company LLC boosted their target price on Core Scientific from $23.00 to $29.00 and gave the company a “buy” rating in a research note on Thursday, May 7th.

Insider Activity

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the business’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $26.25, for a total value of $262,500.00. Following the sale, the insider directly owned 2,088,895 shares in the company, valued at $54,833,493.75. The trade was a 0.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold 60,000 shares of company stock valued at $1,195,900 in the last 90 days. Insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Core Scientific

Several hedge funds have recently made changes to their positions in the stock. Xponance LLC grew its position in Core Scientific by 2.5% during the fourth quarter. Xponance LLC now owns 22,896 shares of the company’s stock worth $333,000 after buying an additional 562 shares in the last quarter. Xponance Inc. grew its position in Core Scientific by 2.7% during the third quarter. Xponance Inc. now owns 22,334 shares of the company’s stock worth $401,000 after buying an additional 595 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Core Scientific by 3.5% during the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 21,029 shares of the company’s stock worth $377,000 after buying an additional 711 shares in the last quarter. CWA Asset Management Group LLC grew its position in Core Scientific by 0.3% during the fourth quarter. CWA Asset Management Group LLC now owns 239,937 shares of the company’s stock worth $3,493,000 after buying an additional 756 shares in the last quarter. Finally, Orion Porfolio Solutions LLC boosted its holdings in shares of Core Scientific by 5.2% in the 3rd quarter. Orion Porfolio Solutions LLC now owns 15,539 shares of the company’s stock worth $279,000 after purchasing an additional 766 shares in the last quarter.

Core Scientific Trading Down 3.3%

Shares of Core Scientific stock opened at $26.85 on Friday. The business’s fifty day simple moving average is $20.43 and its 200 day simple moving average is $18.01. The firm has a market capitalization of $8.54 billion, a P/E ratio of -23.55 and a beta of 5.45. Core Scientific has a 12 month low of $10.45 and a 12 month high of $28.19.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($1.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($1.04). The company had revenue of $115.24 million during the quarter, compared to analyst estimates of $117.04 million. The company’s revenue for the quarter was up 44.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.25 EPS. Analysts predict that Core Scientific will post 0.16 EPS for the current fiscal year.

Core Scientific Company Profile

Core Scientific, Inc (NASDAQ: CORZ) is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific’s service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.