Core Scientific (NASDAQ:CORZ) Coverage Initiated at Macquarie

Research analysts at Macquarie initiated coverage on shares of Core Scientific (NASDAQ:CORZ) in a research report issued on Wednesday, Marketbeat reports. The firm set an “outperform” rating and a $16.00 price target on the stock. Macquarie’s target price suggests a potential upside of 29.24% from the stock’s current price.

CORZ has been the topic of a number of other research reports. Cantor Fitzgerald restated an “overweight” rating and set a $20.00 price target on shares of Core Scientific in a research note on Tuesday, September 3rd. LADENBURG THALM/SH SH reiterated a “buy” rating and set a $14.50 price target on shares of Core Scientific in a research note on Tuesday, July 2nd. Needham & Company LLC began coverage on shares of Core Scientific in a research note on Wednesday, September 4th. They issued a “buy” rating and a $16.00 price objective on the stock. HC Wainwright increased their target price on shares of Core Scientific from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and set a $17.00 price objective on shares of Core Scientific in a research note on Tuesday, September 10th. Eleven analysts have rated the stock with a buy rating, According to data from MarketBeat, Core Scientific presently has a consensus rating of “Buy” and an average price target of $15.18.

Core Scientific Stock Performance

CORZ stock opened at $12.38 on Wednesday. The business has a 50 day moving average price of $10.31 and a 200 day moving average price of $7.26. Core Scientific has a fifty-two week low of $2.61 and a fifty-two week high of $12.95.

Core Scientific (NASDAQ:CORZ) last issued its earnings results on Wednesday, August 7th. The company reported ($4.51) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($4.47). The firm had revenue of $141.10 million for the quarter, compared to analyst estimates of $128.58 million. The firm’s revenue was up 11.2% on a year-over-year basis. Analysts forecast that Core Scientific will post 0.01 EPS for the current fiscal year.

Insider Buying and Selling at Core Scientific

In related news, Director Jarrod M. Patten purchased 5,021 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average cost of $9.68 per share, with a total value of $48,603.28. Following the purchase, the director now directly owns 285,760 shares in the company, valued at approximately $2,766,156.80. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Jarrod M. Patten bought 4,000 shares of the firm’s stock in a transaction on Wednesday, August 28th. The shares were bought at an average cost of $9.70 per share, for a total transaction of $38,800.00. Following the completion of the transaction, the director now owns 279,239 shares in the company, valued at $2,708,618.30. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jarrod M. Patten bought 5,021 shares of the stock in a transaction on Tuesday, September 3rd. The stock was purchased at an average cost of $9.68 per share, for a total transaction of $48,603.28. Following the acquisition, the director now directly owns 285,760 shares of the company’s stock, valued at approximately $2,766,156.80. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 12,761 shares of company stock valued at $127,080. 32.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Barings LLC acquired a new stake in Core Scientific in the 1st quarter valued at about $36,515,000. Vanguard Group Inc. purchased a new stake in shares of Core Scientific in the first quarter valued at about $21,973,000. Kensico Capital Management Corp acquired a new stake in shares of Core Scientific in the first quarter valued at approximately $18,513,000. Van ECK Associates Corp acquired a new stake in shares of Core Scientific in the second quarter valued at approximately $12,239,000. Finally, Vident Advisory LLC purchased a new position in shares of Core Scientific during the 1st quarter worth approximately $4,047,000.

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.