Core Scientific, Inc. (CORZ) - What Are Analysts Thinking About This Stock?

Key Points

• Analyst sentiment is broadly positive: 20 of 22 analysts rate Core Scientific a Buy or Strong Buy, and the average 12-month price target is $30.32.
• Quarterly results beat expectations: Core Scientific reported EPS of $0.47 versus the consensus estimate of a $0.05 loss, while revenue of $232.87 million exceeded estimates of $196.54 million.
• The shares traded at $14.52, below their 50-day and 200-day moving averages; the stock’s 52-week range is $10.59 to $30.46.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) has earned an average rating of "Buy" from the twenty-two analysts that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $30.32.

Several analysts recently commented on CORZ shares. UBS Group reaffirmed a "market outperform" rating on shares of Core Scientific in a report on Wednesday, October 14th. Canaccord Genuity Group reissued a "buy" rating and issued a $36.00 price target on shares of Core Scientific in a report on Thursday, October 15th. Keefe, Bruyette & Woods upgraded Core Scientific from a "market perform" rating to an "outperform" rating and upped their price objective for the stock from $25.00 to $28.00 in a research report on Thursday, July 30th. Rothschild & Co Redburn assumed coverage on Core Scientific in a research report on Monday, September 21st. They issued a "neutral" rating and a $16.00 price objective on the stock. Finally, Wolfe Research reaffirmed a "buy" rating on shares of Core Scientific in a research note on Wednesday, July 29th.

Core Scientific Price Performance

NASDAQ:CORZ traded up $0.14 during midday trading on Friday, hitting $14.52. The company's stock had a trading volume of 19,998,097 shares, compared to its average volume of 17,799,004. Core Scientific has a fifty-two week low of $10.59 and a fifty-two week high of $30.46. The firm's 50 day moving average is $15.39 and its 200-day moving average is $19.36. The firm has a market cap of $4.68 billion, a P/E ratio of -4.16 and a beta of 5.56.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its quarterly earnings results on Thursday, November 5th. The company reported $0.47 EPS for the quarter, beating the consensus estimate of ($0.05) by $0.52. The company had revenue of $232.87 million for the quarter, compared to analyst estimates of $196.54 million. Core Scientific had a negative net margin of 18.31% and a negative return on equity of 70.05%. As a group, analysts forecast that Core Scientific will post 0.08 EPS for the current year.

Insiders Place Their Bets

In other news, Director Eric Weiss bought 6,000 shares of the stock in a transaction dated Tuesday, September 15th. The shares were acquired at an average cost of $16.33 per share, with a total value of $97,980.00. Following the purchase, the director directly owned 265,262 shares in the company, valued at $4,331,728.46. The trade was a 2.31% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Todd M. Duchene sold 10,000 shares of the firm's stock in a transaction dated Monday, November 9th. The shares were sold at an average price of $12.45, for a total value of $124,500.00. Following the sale, the insider owned 1,113,286 shares in the company, valued at $13,860,410.70. This trade represents a 0.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have purchased 19,000 shares of company stock worth $342,290 and have sold 100,000 shares worth $1,553,400. Corporate insiders own 1.70% of the company's stock.

Institutional Investors Weigh In On Core Scientific

A number of institutional investors have recently added to or reduced their stakes in CORZ. Handelsbanken Fonder AB increased its holdings in shares of Core Scientific by 0.7% in the second quarter. Handelsbanken Fonder AB now owns 94,500 shares of the company's stock valued at $2,418,000 after purchasing an additional 700 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Core Scientific by 34.5% during the second quarter. GAMMA Investing LLC now owns 3,049 shares of the company's stock worth $78,000 after purchasing an additional 782 shares during the period. Parallel Advisors LLC lifted its holdings in shares of Core Scientific by 125.0% during the third quarter. Parallel Advisors LLC now owns 1,800 shares of the company's stock worth $29,000 after purchasing an additional 1,000 shares during the period. Parkside Financial Bank & Trust grew its position in Core Scientific by 1,371.3% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,177 shares of the company's stock valued at $30,000 after buying an additional 1,097 shares during the last quarter. Finally, Carronade Capital Management LP grew its position in Core Scientific by 1.1% in the 1st quarter. Carronade Capital Management LP now owns 101,103 shares of the company's stock valued at $1,513,000 after buying an additional 1,103 shares during the last quarter.

About Core Scientific

Core Scientific, Inc. is a U.S.-based digital infrastructure company that operates data centers and provides computing services. Its business includes mining bitcoin, which involves using specialized computers to help process transactions and secure the Bitcoin network, as well as hosting equipment for third-party mining customers. The company also provides data center infrastructure for high-performance computing workloads, including artificial intelligence applications. Its facilities and services are designed to support the power, cooling, and computing needs of these operations.

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