Core Scientific, Inc. (NASDAQ:CORZ) Receives $19.07 Consensus Target Price from Brokerages

Shares of Core Scientific, Inc. (NASDAQ:CORZ) have been assigned a consensus recommendation of “Buy” from the sixteen analysts that are presently covering the firm, Marketbeat.com reports. Fifteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $19.07.

Several analysts have issued reports on the stock. Cantor Fitzgerald reduced their price target on shares of Core Scientific from $24.00 to $21.00 and set an “overweight” rating on the stock in a report on Thursday, February 27th. BTIG Research upped their target price on Core Scientific from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, December 16th. Craig Hallum began coverage on Core Scientific in a research report on Tuesday, January 21st. They set a “buy” rating and a $24.00 price target for the company. Canaccord Genuity Group restated a “buy” rating and issued a $17.00 price objective on shares of Core Scientific in a research report on Wednesday, March 12th. Finally, Compass Point dropped their price objective on Core Scientific from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, February 25th.

Insider Buying and Selling

In related news, CEO Adam Taylor Sullivan sold 369,712 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $16.24, for a total transaction of $6,004,122.88. Following the completion of the sale, the chief executive officer now directly owns 3,758,793 shares in the company, valued at approximately $61,042,798.32. This trade represents a 8.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Todd A. Becker sold 134,250 shares of the business’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $10.75, for a total value of $1,443,187.50. Following the sale, the director now directly owns 195,687 shares in the company, valued at $2,103,635.25. This trade represents a 40.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 748,282 shares of company stock valued at $10,978,104 over the last 90 days. 32.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Core Scientific

A number of large investors have recently made changes to their positions in the business. Wellington Shields & Co. LLC acquired a new stake in shares of Core Scientific during the 4th quarter valued at about $26,000. First Horizon Advisors Inc. acquired a new stake in Core Scientific in the fourth quarter valued at approximately $34,000. Newbridge Financial Services Group Inc. bought a new stake in Core Scientific in the fourth quarter worth approximately $42,000. Vestcor Inc acquired a new position in shares of Core Scientific during the 4th quarter worth $66,000. Finally, US Bancorp DE bought a new position in shares of Core Scientific during the 4th quarter valued at $99,000.

Core Scientific Trading Down 5.1 %

Shares of CORZ stock opened at $7.48 on Monday. The stock has a 50 day simple moving average of $10.89 and a 200-day simple moving average of $13.12. The company has a market cap of $2.20 billion, a price-to-earnings ratio of -1.38 and a beta of 6.83. Core Scientific has a 12-month low of $2.61 and a 12-month high of $18.63.

Core Scientific (NASDAQ:CORZ) last issued its earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.09. The company had revenue of $94.93 million during the quarter, compared to analysts’ expectations of $97.07 million. On average, equities analysts forecast that Core Scientific will post 0.52 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.