Core Scientific (NASDAQ:CORZ) Given “Outperform” Rating at Sanford C. Bernstein

Core Scientific (NASDAQ:CORZ)‘s stock had its “outperform” rating reissued by stock analysts at Sanford C. Bernstein in a research note issued to investors on Tuesday, Benzinga reports. They presently have a $17.00 target price on the stock. Sanford C. Bernstein’s target price would suggest a potential upside of 70.51% from the company’s current price.

A number of other equities analysts also recently commented on the stock. Needham & Company LLC assumed coverage on shares of Core Scientific in a research note on Wednesday, September 4th. They issued a “buy” rating and a $16.00 target price on the stock. B. Riley raised Core Scientific from a “neutral” rating to a “buy” rating and lifted their target price for the company from $0.50 to $13.00 in a research report on Wednesday, July 17th. LADENBURG THALM/SH SH reiterated a “buy” rating and issued a $14.50 target price on shares of Core Scientific in a report on Tuesday, July 2nd. HC Wainwright raised their price target on Core Scientific from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $20.00 price objective on shares of Core Scientific in a research note on Tuesday, September 3rd. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $14.88.

Core Scientific Stock Performance

Shares of Core Scientific stock traded down $0.03 during trading hours on Tuesday, reaching $9.97. The company’s stock had a trading volume of 3,612,386 shares, compared to its average volume of 8,232,194. Core Scientific has a one year low of $2.61 and a one year high of $12.25. The firm has a 50 day moving average price of $10.00 and a 200-day moving average price of $6.60.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($4.51) EPS for the quarter, missing the consensus estimate of ($0.04) by ($4.47). The business had revenue of $141.10 million for the quarter, compared to the consensus estimate of $128.58 million. The firm’s revenue for the quarter was up 11.2% compared to the same quarter last year. On average, equities research analysts forecast that Core Scientific will post 0.01 EPS for the current fiscal year.

Insider Activity

In other Core Scientific news, insider Todd M. Duchene sold 11,582 shares of Core Scientific stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $9.41, for a total transaction of $108,986.62. Following the completion of the transaction, the insider now owns 1,686,474 shares in the company, valued at approximately $15,869,720.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Todd M. Duchene sold 3,770 shares of the firm’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $9.99, for a total transaction of $37,662.30. Following the sale, the insider now owns 393,428 shares in the company, valued at $3,930,345.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Todd M. Duchene sold 11,582 shares of the stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $9.41, for a total transaction of $108,986.62. Following the sale, 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 ninety days, insiders have acquired 10,521 shares of company stock valued at $102,328 and have sold 31,425 shares valued at $297,749. Insiders own 32.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Banque Cantonale Vaudoise purchased a new stake in Core Scientific during the 2nd quarter valued at about $28,000. Sunbelt Securities Inc. acquired a new stake in shares of Core Scientific in the second quarter valued at approximately $33,000. Rise Advisors LLC purchased a new position in Core Scientific during the second quarter worth approximately $65,000. Aspect Partners LLC purchased a new position in Core Scientific during the first quarter worth approximately $29,000. Finally, Hexagon Capital Partners LLC acquired a new position in Core Scientific during the first quarter worth $34,000.

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.