Core Scientific (NASDAQ:CORZ) Given Buy Rating at Canaccord Genuity Group

Core Scientific (NASDAQ:CORZ)‘s stock had its “buy” rating restated by stock analysts at Canaccord Genuity Group in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $17.00 price objective on the stock. Canaccord Genuity Group’s price objective indicates a potential upside of 89.94% from the company’s current price.

Other analysts also recently issued reports about the stock. Macquarie increased their price target on shares of Core Scientific from $16.00 to $19.00 and gave the stock an “outperform” rating in a report on Thursday, November 14th. Roth Capital raised shares of Core Scientific to a “strong-buy” rating in a research note on Thursday, November 14th. BTIG Research raised their target price on Core Scientific from $19.00 to $20.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. Cantor Fitzgerald decreased their price objective on Core Scientific from $24.00 to $21.00 and set an “overweight” rating on the stock in a report on Thursday, February 27th. Finally, Keefe, Bruyette & Woods assumed coverage on shares of Core Scientific in a research note on Monday, January 27th. They set an “outperform” rating and a $22.00 target price for the company. Fifteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Core Scientific has an average rating of “Buy” and a consensus target price of $19.07.

Core Scientific Price Performance

NASDAQ:CORZ opened at $8.95 on Wednesday. Core Scientific has a 1-year low of $2.61 and a 1-year high of $18.63. The company has a 50-day moving average of $12.32 and a 200 day moving average of $13.24. The firm has a market cap of $2.63 billion, a PE ratio of -1.65 and a beta of 6.83.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.09. The business had revenue of $94.93 million for the quarter, compared to analysts’ expectations of $97.07 million. Sell-side analysts anticipate that Core Scientific will post 0.52 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Todd A. Becker sold 134,250 shares of Core Scientific stock in a transaction dated 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 transaction, the director now owns 195,687 shares of the company’s stock, valued at approximately $2,103,635.25. This trade represents a 40.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Adam Taylor Sullivan sold 88,380 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total value of $1,258,531.20. Following the sale, the chief executive officer now owns 4,128,505 shares in the company, valued at approximately $58,789,911.20. The trade was a 2.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 748,282 shares of company stock valued at $10,978,104 in the last ninety days. Corporate insiders own 32.00% of the company’s stock.

Institutional Investors Weigh In On Core Scientific

A number of large investors have recently made changes to their positions in the company. FMR LLC grew its position in Core Scientific by 2,937.7% during the 4th quarter. FMR LLC now owns 7,436,229 shares of the company’s stock worth $104,479,000 after purchasing an additional 7,191,428 shares in the last quarter. Vanguard Group Inc. lifted its stake in Core Scientific by 54.3% in the 4th quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company’s stock worth $272,270,000 after acquiring an additional 6,819,406 shares in the last quarter. Helix Partners Management LP purchased a new position in Core Scientific during the 4th quarter valued at about $86,498,000. Driehaus Capital Management LLC lifted its position in shares of Core Scientific by 112.1% in the fourth quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company’s stock worth $144,212,000 after purchasing an additional 5,424,901 shares in the last quarter. Finally, Fred Alger Management LLC acquired a new stake in shares of Core Scientific during the fourth quarter worth approximately $62,011,000.

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.