Core Scientific’s (CORZ) “Buy” Rating Reaffirmed at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Core Scientific (NASDAQ:CORZ) in a research note released on Thursday,Benzinga reports. HC Wainwright currently has a $17.00 price objective on the stock.

CORZ has been the topic of several other reports. BTIG Research raised their price target on shares of Core Scientific from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, December 16th. Keefe, Bruyette & Woods began coverage on Core Scientific in a research note on Monday, January 27th. They set an “outperform” rating and a $22.00 price target on the stock. Macquarie raised their price objective on Core Scientific from $16.00 to $19.00 and gave the stock an “outperform” rating in a research report on Thursday, November 14th. 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 objective on the stock. Finally, B. Riley raised their target price on Core Scientific from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. 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 MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $19.07.

Core Scientific Stock Performance

Core Scientific stock opened at $10.71 on Thursday. The company has a 50 day moving average price of $13.34 and a 200 day moving average price of $13.28. Core Scientific has a 52 week low of $2.61 and a 52 week high of $18.63. The firm has a market capitalization of $2.99 billion and a price-to-earnings ratio of -1.98.

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

Insider Buying and Selling

In related news, insider Todd M. Duchene sold 129,861 shares of Core Scientific stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total transaction of $1,849,220.64. Following the completion of the sale, the insider now directly owns 2,051,649 shares of the company’s stock, valued at approximately $29,215,481.76. This trade represents a 5.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Adam Taylor Sullivan sold 369,712 shares of the business’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $16.24, for a total value of $6,004,122.88. Following the completion of the sale, the chief executive officer now owns 3,758,793 shares of the company’s stock, valued at $61,042,798.32. This trade represents a 8.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 614,032 shares of company stock valued at $9,534,916. 32.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Core Scientific

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Wellington Shields & Co. LLC acquired a new stake in Core Scientific in the 4th quarter worth about $26,000. First Horizon Advisors Inc. bought a new position in shares of Core Scientific during the fourth quarter worth approximately $34,000. Newbridge Financial Services Group Inc. acquired a new stake in shares of Core Scientific in the fourth quarter valued at approximately $42,000. Vestcor Inc bought a new stake in shares of Core Scientific in the fourth quarter valued at approximately $66,000. Finally, US Bancorp DE acquired a new stake in Core Scientific during the fourth quarter worth approximately $99,000.

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.