Canaccord Genuity Group Boosts Core Scientific (NASDAQ:CORZ) Price Target to $36.00

Key Points

• Canaccord Genuity raised Core Scientific’s price target to $36 from $30 and maintained a “Buy” rating, implying approximately 73% upside from the reported $20.75 share price.
• Analyst sentiment is broadly positive: Core Scientific has a “Moderate Buy” consensus rating from MarketBeat, with 15 Buy ratings and a consensus target price of $30.77.
• Execution risks remain after the company reported a $3.32 quarterly loss per share, far below the expected $0.06 loss, despite revenue of $164.2 million exceeding estimates.

Core Scientific (NASDAQ:CORZ - Get Free Report) had its target price increased by equities research analysts at Canaccord Genuity Group from $30.00 to $36.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's price objective would suggest a potential upside of 73.49% from the company's current price.

Other equities research analysts have also recently issued reports about the stock. Wolfe Research reissued a "buy" rating on shares of Core Scientific in a research report on Wednesday. Loop Capital set a $40.00 price target on Core Scientific in a report on Friday, June 12th. Cantor Fitzgerald raised their price objective on Core Scientific from $25.00 to $29.00 and gave the stock an "overweight" rating in a report on Thursday, April 9th. BTIG Research reaffirmed a "buy" rating and set a $38.00 target price on shares of Core Scientific in a research report on Tuesday. Finally, Sanford C. Bernstein reissued an "outperform" rating and set a $32.00 price target on shares of Core Scientific in a research report on Wednesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Core Scientific presently has a consensus rating of "Moderate Buy" and a consensus target price of $30.77.

Core Scientific Price Performance

Shares of NASDAQ CORZ opened at $20.75 on Wednesday. The company has a market cap of $6.60 billion, a P/E ratio of -18.20 and a beta of 5.50. Core Scientific has a 1 year low of $12.60 and a 1 year high of $30.46. The firm has a 50-day simple moving average of $25.32 and a two-hundred day simple moving average of $20.77.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The company reported ($3.32) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The firm had revenue of $164.20 million during the quarter, compared to analysts' expectations of $144.83 million. As a group, equities research analysts expect that Core Scientific will post 0.08 EPS for the current year.

Insider Buying and Selling

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $22.30, for a total value of $223,000.00. Following the completion of the sale, the insider directly owned 1,999,101 shares in the company, valued at $44,579,952.30. This trade represents a 0.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 80,000 shares of company stock worth $2,025,400 over the last three months. Corporate insiders own 1.70% of the company's stock.

Institutional Trading of Core Scientific

Institutional investors have recently bought and sold shares of the stock. Handelsbanken Fonder AB grew its holdings in shares of Core Scientific by 0.7% during the second quarter. Handelsbanken Fonder AB now owns 94,500 shares of the company's stock valued at $2,418,000 after buying an additional 700 shares during the last quarter. GAMMA Investing LLC raised its stake in Core Scientific by 34.5% in the 2nd quarter. GAMMA Investing LLC now owns 3,049 shares of the company's stock worth $78,000 after acquiring an additional 782 shares during the last quarter. Avior Wealth Management LLC acquired a new stake in Core Scientific during the 2nd quarter worth about $264,000. Harbor Investment Advisory LLC purchased a new stake in Core Scientific during the 2nd quarter valued at about $136,000. Finally, CoreCap Advisors LLC purchased a new stake in Core Scientific during the 2nd quarter valued at about $36,000.

Key Stories Impacting Core Scientific

Here are the key news stories impacting Core Scientific this week:

• Positive Sentiment: AMD partnership strengthens Core Scientific’s AI pivot. AMD agreed to secure up to 2.5 gigawatts of data-center capacity for AI deployments. The initial 530-megawatt rollout across five sites is covered by 15-year agreements and represents approximately $14 billion in potential base contracted revenue. AMD also received warrants to purchase 30 million CORZ shares at $23.47, with vesting tied to capacity deployment. Reuters AMD infrastructure partnership article
• Positive Sentiment: Colocation growth supports a shift away from bitcoin mining. Second-quarter revenue was $164.2 million, above estimates of $144.8 million. Colocation revenue reportedly surged to $136.7 million from $10.6 million a year earlier, while adjusted EBITDA reached $41.1 million, indicating stronger demand for AI-ready infrastructure. Core Scientific second-quarter results
• Positive Sentiment: Analyst and board developments add credibility. Needham reaffirmed a Buy rating with a $29 target, and BTIG maintained Buy with a $38 target. Core Scientific also appointed technology and AI-infrastructure veteran Mark W. Adams to its seven-member board. Core Scientific appoints Mark Adams article
• Neutral Sentiment: Options activity indicates heightened speculation. Traders purchased 141,404 CORZ call options, about 55% above typical daily volume. This reflects increased bullish interest but does not guarantee further gains.
• Negative Sentiment: KBW downgraded the stock to Market Perform. The firm cited valuation concerns following the AI deal, with a $25 price target. The downgrade contributed to an earlier decline in the shares and highlights the risk that investors have already priced in much of the partnership’s benefits.
• Negative Sentiment: Reported earnings and execution risks remain significant. Core Scientific posted a GAAP loss of $3.32 per share versus expectations for a $0.06 loss, although adjusted EPS cited by Zacks was $0.18. The company also spent approximately $797.5 million on capital expenditures to convert sites for high-density computing. An insider’s sale of 10,000 shares adds a modest negative signal, while AMD’s warrants could dilute shareholders.

Core Scientific Company Profile

Core Scientific, Inc NASDAQ: CORZ is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific's service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.

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