Canaccord Genuity Group Begins Coverage on Core Scientific (NASDAQ:CORZ)

Canaccord Genuity Group initiated coverage on shares of Core Scientific (NASDAQ:CORZ) in a report issued on Monday, Marketbeat reports. The firm issued a buy rating and a $16.00 price objective on the stock.

A number of other brokerages have also recently commented on CORZ. Cantor Fitzgerald restated an overweight rating and set a $20.00 target price on shares of Core Scientific in a report on Tuesday, September 3rd. B. Riley upgraded shares of Core Scientific from a neutral rating to a buy rating and boosted their target price for the company from $0.50 to $13.00 in a report on Wednesday, July 17th. Sanford C. Bernstein reiterated an outperform rating and issued a $17.00 price target on shares of Core Scientific in a research note on Tuesday, September 10th. Needham & Company LLC initiated coverage on shares of Core Scientific in a research report on Wednesday, September 4th. They set a buy rating and a $16.00 price objective on the stock. Finally, LADENBURG THALM/SH SH reissued a buy rating and set a $14.50 price objective on shares of Core Scientific in a research report on Tuesday, July 2nd. Eleven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of Buy and an average target price of $15.18.

Core Scientific Stock Performance

Shares of CORZ stock opened at $12.35 on Monday. Core Scientific has a 12 month low of $2.61 and a 12 month high of $12.95. The company’s fifty day moving average price is $10.26 and its 200-day moving average price is $7.23.

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

Insider Buying and Selling at Core Scientific

In related news, Director Jarrod M. Patten bought 4,000 shares of the stock in a transaction on Wednesday, August 28th. The shares were acquired at an average price of $9.70 per share, for a total transaction of $38,800.00. Following the purchase, the director now owns 279,239 shares of the company’s stock, valued at $2,708,618.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Director Jarrod M. Patten bought 4,000 shares of the stock in a transaction on Wednesday, August 28th. The shares were acquired at an average price of $9.70 per share, for a total transaction of $38,800.00. Following the purchase, the director now owns 279,239 shares of the company’s stock, valued at $2,708,618.30. 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 company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.41, for a total transaction of $108,986.62. Following the transaction, the insider now owns 1,686,474 shares in the company, valued at approximately $15,869,720.34. The disclosure for this sale can be found here. In the last 90 days, insiders have purchased 12,761 shares of company stock worth $127,080. Company insiders own 32.00% of the company’s stock.

Hedge Funds Weigh In On Core Scientific

Institutional investors have recently made changes to their positions in the business. P Schoenfeld Asset Management LP bought a new position in shares of Core Scientific in the 2nd quarter worth approximately $4,185,000. Vanguard Group Inc. bought a new position in shares of Core Scientific in the 1st quarter worth approximately $21,973,000. Hexagon Capital Partners LLC bought a new position in shares of Core Scientific in the 1st quarter worth approximately $34,000. Blair William & Co. IL bought a new position in shares of Core Scientific in the 1st quarter worth approximately $1,156,000. Finally, Central Asset Investments & Management Holdings HK Ltd bought a new position in shares of Core Scientific in the 2nd quarter worth approximately $1,218,000.

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.