Core Scientific, Inc. (NASDAQ:CORZ) Receives $19.07 Consensus Target Price from Analysts

Core Scientific, Inc. (NASDAQ:CORZ) has been assigned a consensus rating of “Buy” from the sixteen research firms that are presently covering the company, Marketbeat.com reports. Fifteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $19.07.

CORZ has been the topic of a number of analyst reports. Keefe, Bruyette & Woods started coverage on Core Scientific in a research note on Monday, January 27th. They set an “outperform” rating and a $22.00 target price on the stock. Craig Hallum initiated coverage on Core Scientific in a research note on Tuesday, January 21st. They issued a “buy” rating and a $24.00 target price on the stock. BTIG Research boosted their target price on shares of Core Scientific from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, December 16th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $17.00 price target on shares of Core Scientific in a research note on Wednesday, March 12th. Finally, Needham & Company LLC lowered their price objective on shares of Core Scientific from $18.00 to $17.00 and set a “buy” rating for the company in a research report on Thursday, February 27th.

Insider Buying and Selling at Core Scientific

In related news, Director Todd A. Becker sold 134,250 shares of Core Scientific stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $10.75, for a total value of $1,443,187.50. Following the completion of the transaction, the director now owns 195,687 shares in the company, valued at approximately $2,103,635.25. The trade was a 40.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Adam Taylor Sullivan sold 88,380 shares of the company’s stock in a transaction on 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 directly owns 4,128,505 shares in the company, valued at $58,789,911.20. This represents 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 worth $10,978,104 over the last three months. Insiders own 32.00% of the company’s stock.

Institutional Investors Weigh In On Core Scientific

Institutional investors have recently modified their holdings of the company. Victory Capital Management Inc. lifted its stake in Core Scientific by 41.5% during the third quarter. Victory Capital Management Inc. now owns 26,633 shares of the company’s stock worth $316,000 after purchasing an additional 7,814 shares during the last quarter. Natixis Advisors LLC purchased a new position in shares of Core Scientific in the 3rd quarter valued at $252,000. Intech Investment Management LLC acquired a new stake in shares of Core Scientific during the third quarter worth about $315,000. Charles Schwab Investment Management Inc. lifted its stake in Core Scientific by 44.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,932,462 shares of the company’s stock valued at $22,919,000 after buying an additional 590,946 shares during the last quarter. Finally, Seldon Capital LP purchased a new stake in Core Scientific in the 3rd quarter valued at $3,530,000.

Core Scientific Stock Down 5.1 %

CORZ opened at $7.48 on Monday. Core Scientific has a 52 week low of $2.61 and a 52 week high of $18.63. The firm has a 50-day simple moving average of $10.89 and a two-hundred day simple moving average of $13.12. The company has a market capitalization of $2.20 billion, a PE ratio of -1.38 and a beta of 6.83.

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

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.