Core Scientific (NASDAQ:CORZ) Research Coverage Started at Canaccord Genuity Group

Canaccord Genuity Group initiated coverage on shares of Core Scientific (NASDAQ:CORZ) in a research report sent to investors on Monday morning, Marketbeat reports. The firm issued a buy rating and a $16.00 price target on the stock.

A number of other equities analysts have also recently issued reports on the stock. Cantor Fitzgerald reiterated an overweight rating and set a $20.00 price objective on shares of Core Scientific in a research report on Tuesday, September 3rd. LADENBURG THALM/SH SH reissued a buy rating and set a $14.50 target price on shares of Core Scientific in a report on Tuesday, July 2nd. BTIG Research boosted their target price on shares of Core Scientific from $10.00 to $15.00 and gave the stock a buy rating in a report on Wednesday, June 26th. Sanford C. Bernstein reissued an outperform rating and set a $17.00 target price on shares of Core Scientific in a report on Tuesday, September 10th. Finally, B. Riley raised shares of Core Scientific from a neutral rating to a buy rating and boosted their target price for the stock from $0.50 to $13.00 in a report on Wednesday, July 17th. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of Buy and a consensus price target of $15.18.

Core Scientific Trading Down 4.2 %

CORZ stock opened at $12.35 on Monday. The company has a 50 day simple moving average of $10.26 and a 200 day simple moving average of $7.23. Core Scientific has a 1 year low of $2.61 and a 1 year high of $12.95.

Core Scientific (NASDAQ:CORZ) last released 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 analyst estimates of $128.58 million. The firm’s revenue was up 11.2% compared to the same quarter last year. Research analysts forecast that Core Scientific will post 0.01 EPS for the current fiscal year.

Insider Activity

In other news, insider Todd M. Duchene sold 11,582 shares of the company’s 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 sale, the insider now directly owns 1,686,474 shares of the company’s stock, valued at approximately $15,869,720.34. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Jarrod M. Patten bought 5,021 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average cost of $9.68 per share, with a total value of $48,603.28. Following the completion of the purchase, the director now directly owns 285,760 shares in the company, valued at $2,766,156.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Todd M. Duchene sold 11,582 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $9.41, for a total transaction of $108,986.62. Following the transaction, the insider now directly owns 1,686,474 shares in the company, valued at $15,869,720.34. The disclosure for this sale can be found here. In the last three months, insiders have bought 12,761 shares of company stock valued at $127,080. 32.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Barings LLC bought a new position in Core Scientific during the first quarter worth $36,515,000. Vanguard Group Inc. bought a new position in Core Scientific during the first quarter worth $21,973,000. Kensico Capital Management Corp bought a new position in Core Scientific during the first quarter worth $18,513,000. Van ECK Associates Corp acquired a new position in Core Scientific during the second quarter worth $12,239,000. Finally, Vident Advisory LLC acquired a new position in Core Scientific during the first quarter worth $4,047,000.

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.