Core Scientific (NASDAQ:CORZ) Stock Price Expected to Rise, Macquarie Analyst Says

Core Scientific (NASDAQ:CORZ) had its price target increased by Macquarie from $16.00 to $19.00 in a report issued on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Macquarie’s price objective would suggest a potential upside of 20.03% from the company’s previous close.

A number of other equities research analysts also recently issued reports on CORZ. HC Wainwright increased their price target on shares of Core Scientific from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Canaccord Genuity Group reiterated a “buy” rating and issued a $17.00 target price on shares of Core Scientific in a research note on Thursday, November 7th. Compass Point boosted their price target on shares of Core Scientific from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Jefferies Financial Group initiated coverage on Core Scientific in a research report on Monday, October 28th. They issued a “buy” rating and a $19.00 price objective on the stock. Finally, Sanford C. Bernstein reissued an “outperform” rating and set a $17.00 price objective on shares of Core Scientific in a research note on Tuesday, September 10th. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat, Core Scientific presently has a consensus rating of “Buy” and an average target price of $18.38.

Core Scientific Stock Performance

NASDAQ:CORZ opened at $15.83 on Thursday. The business’s fifty day moving average is $12.86 and its 200 day moving average is $9.76. The firm has a market cap of $4.42 billion and a price-to-earnings ratio of -2.93. Core Scientific has a 52-week low of $2.61 and a 52-week high of $18.03.

Insiders Place Their Bets

In other Core Scientific news, Director Jarrod M. Patten bought 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The shares were bought at an average price of $9.70 per share, for a total transaction of $38,800.00. Following the transaction, the director now directly owns 279,239 shares in the company, valued at $2,708,618.30. This trade represents a 1.45 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders bought a total of 12,761 shares of company stock valued at $127,080 over the last quarter. 32.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Sender Co & Partners Inc. purchased a new stake in Core Scientific during the 3rd quarter valued at about $2,426,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Core Scientific during the third quarter valued at approximately $1,459,000. Anson Funds Management LP purchased a new stake in shares of Core Scientific during the third quarter valued at approximately $3,641,000. Main Management ETF Advisors LLC bought a new position in shares of Core Scientific in the third quarter worth approximately $1,068,000. Finally, Whitefort Capital Management LP increased its stake in shares of Core Scientific by 337.1% in the third quarter. Whitefort Capital Management LP now owns 1,147,500 shares of the company’s stock worth $13,609,000 after buying an additional 885,000 shares during the period.

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.