Core Scientific (NASDAQ:CORZ) Stock Price Expected to Rise, Macquarie Analyst Says

Core Scientific (NASDAQ:CORZ) had its target price boosted by stock analysts at Macquarie from $16.00 to $19.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Macquarie’s price target suggests a potential upside of 20.03% from the stock’s current price.

Several other research firms have also recently weighed in on CORZ. Sanford C. Bernstein reiterated an “outperform” rating and issued a $17.00 price target on shares of Core Scientific in a report on Tuesday, September 10th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $17.00 target price on shares of Core Scientific in a research note on Thursday, November 7th. Needham & Company LLC increased their price target on shares of Core Scientific from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. B. Riley lifted their price objective on Core Scientific from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Compass Point increased their target price on Core Scientific from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $18.38.

Core Scientific Stock Performance

Shares of CORZ stock opened at $15.83 on Thursday. Core Scientific has a fifty-two week low of $2.61 and a fifty-two week high of $18.03. The firm has a market cap of $4.42 billion and a P/E ratio of -2.93. The business’s 50 day moving average price is $12.86 and its 200-day moving average price is $9.76.

Insiders Place Their Bets

In other news, Director Jarrod M. Patten purchased 5,021 shares of Core Scientific stock in a transaction that occurred on Tuesday, September 3rd. The stock was bought at an average price of $9.68 per share, with a total value of $48,603.28. Following the completion of the transaction, the director now directly owns 285,760 shares of the company’s stock, valued at approximately $2,766,156.80. The trade was a 1.79 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last three months, insiders have purchased 12,761 shares of company stock valued at $127,080. 32.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Core Scientific

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CORZ. ORG Wealth Partners LLC purchased a new position in shares of Core Scientific in the third quarter worth $106,266,000. Vanguard Group Inc. bought a new stake in Core Scientific in the 1st quarter worth about $21,973,000. Parsifal Capital Management LP raised its position in Core Scientific by 3.9% in the 3rd quarter. Parsifal Capital Management LP now owns 5,412,825 shares of the company’s stock worth $64,196,000 after buying an additional 204,314 shares during the last quarter. State Street Corp lifted its stake in Core Scientific by 17.0% during the 3rd quarter. State Street Corp now owns 4,006,922 shares of the company’s stock valued at $47,522,000 after acquiring an additional 583,493 shares during the period. Finally, Taconic Capital Advisors LP boosted its holdings in shares of Core Scientific by 178.7% during the 3rd quarter. Taconic Capital Advisors LP now owns 2,717,462 shares of the company’s stock valued at $32,229,000 after acquiring an additional 1,742,462 shares during the last quarter.

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.