Canaccord Genuity Group Boosts Core Scientific (NASDAQ:CORZ) Price Target to $17.00

Core Scientific (NASDAQ:CORZ) had its price objective boosted by Canaccord Genuity Group from $16.00 to $17.00 in a research note released on Wednesday morning, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Several other equities research analysts have also issued reports on the stock. HC Wainwright increased their target price on shares of Core Scientific from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. Cantor Fitzgerald reissued an “overweight” rating and issued a $20.00 price objective on shares of Core Scientific in a research note on Thursday, October 3rd. BTIG Research raised their price objective on shares of Core Scientific from $10.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, June 26th. 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, Canaccord Genuity Group assumed coverage on Core Scientific in a research note on Monday, September 23rd. They issued a “buy” rating and a $16.00 price target for the company. Eleven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $16.50.

Core Scientific Stock Performance

NASDAQ:CORZ opened at $13.37 on Wednesday. Core Scientific has a one year low of $2.61 and a one year high of $14.06. The business has a fifty day moving average price of $11.57 and a 200-day moving average price of $8.61.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($4.51) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($4.47). The business had revenue of $141.10 million during the quarter, compared to analyst estimates of $128.58 million. Core Scientific’s revenue for the quarter was up 11.2% on a year-over-year basis. Equities research analysts anticipate that Core Scientific will post 0.01 EPS for the current year.

Insider Activity

In related news, CFO Denise Marie Brucia Sterling sold 8,752 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $9.41, for a total value of $82,356.32. Following the sale, the chief financial officer now directly owns 122,217 shares in the company, valued at approximately $1,150,061.97. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Core Scientific news, insider Todd M. Duchene sold 11,582 shares of Core Scientific stock in a transaction 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 directly owns 1,686,474 shares of the company’s stock, valued at $15,869,720.34. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Denise Marie Brucia Sterling sold 8,752 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $9.41, for a total transaction 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 ownership of the stock. The disclosure for this sale can be found here. Insiders bought a total of 12,761 shares of company stock worth $127,080 over the last 90 days. Corporate insiders own 32.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Banque Cantonale Vaudoise purchased a new stake in Core Scientific during the second quarter valued at approximately $28,000. Sunbelt Securities Inc. purchased a new position in shares of Core Scientific in the 2nd quarter worth approximately $33,000. Rise Advisors LLC bought a new position in shares of Core Scientific during the 2nd quarter valued at approximately $65,000. Aspect Partners LLC purchased a new stake in Core Scientific during the 1st quarter valued at $29,000. Finally, Hexagon Capital Partners LLC bought a new stake in Core Scientific in the first quarter worth $34,000.

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.