Core Scientific, Inc. (NASDAQ:CORZ) Stock Rated "Moderate Buy" by Sell-Side Analysts

Key Points

• Analysts rate Core Scientific “Moderate Buy,” with 18 buy and two strong-buy recommendations among 23 analysts. The average 12-month price target is $31.36, though targets range from $16 to $39.
• Shares opened at $13.73, well below their 52-week high of $30.46. The company reported a quarterly loss of $3.32 per share, missing estimates by $3.26, despite revenue of $164.2 million exceeding expectations.
• Core Scientific is expanding beyond bitcoin mining into high-performance computing and artificial intelligence infrastructure, while recent insider activity included both purchases and sales of company stock.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) has earned a consensus rating of "Moderate Buy" from the twenty-three research firms that are currently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have given a hold recommendation, eighteen have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $31.36.

A number of equities research analysts have recently weighed in on the company. UBS Group reaffirmed a "market outperform" rating on shares of Core Scientific in a research note on Wednesday, October 14th. Compass Point reiterated a "buy" rating and issued a $36.00 price objective on shares of Core Scientific in a report on Wednesday, July 29th. Cantor Fitzgerald reissued an "overweight" rating and set a $39.00 target price on shares of Core Scientific in a research note on Wednesday, October 14th. Canaccord Genuity Group restated a "buy" rating and set a $36.00 target price on shares of Core Scientific in a report on Thursday, October 15th. Finally, Rothschild & Co Redburn started coverage on Core Scientific in a research report on Monday, September 21st. They issued a "neutral" rating and a $16.00 target price for the company.

Core Scientific Stock Performance

Core Scientific stock opened at $13.73 on Tuesday. Core Scientific has a fifty-two week low of $12.31 and a fifty-two week high of $30.46. The firm has a 50 day moving average price of $17.19 and a 200 day moving average price of $21.04. The company has a market capitalization of $4.41 billion, a PE ratio of -3.11 and a beta of 5.49.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The company reported ($3.32) EPS for the quarter, missing analysts' consensus estimates of ($0.06) by ($3.26). The business had revenue of $164.20 million during the quarter, compared to the consensus estimate of $144.83 million. As a group, equities research analysts forecast that Core Scientific will post -1.36 earnings per share for the current year.

Insider Transactions at Core Scientific

In other Core Scientific news, Director Eric Weiss acquired 6,000 shares of the company's stock in a transaction that occurred on Tuesday, September 15th. The stock was purchased at an average price of $16.33 per share, for a total transaction of $97,980.00. Following the completion of the acquisition, the director owned 265,262 shares of the company's stock, valued at approximately $4,331,728.46. This trade represents a 2.31% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Todd M. Duchene sold 10,000 shares of Core Scientific stock in a transaction that occurred on Monday, October 12th. The shares were sold at an average price of $15.12, for a total transaction of $151,200.00. Following the completion of the transaction, the insider owned 1,159,668 shares of the company's stock, valued at $17,534,180.16. This trade represents a 0.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have acquired 19,000 shares of company stock valued at $342,290 and have sold 90,000 shares valued at $1,658,300. Corporate insiders own 1.70% of the company's stock.

Institutional Investors Weigh In On Core Scientific

A number of hedge funds have recently added to or reduced their stakes in the business. Handelsbanken Fonder AB increased its position in Core Scientific by 0.7% during the second quarter. Handelsbanken Fonder AB now owns 94,500 shares of the company's stock worth $2,418,000 after buying an additional 700 shares during the period. GAMMA Investing LLC lifted its stake in Core Scientific by 34.5% in the second quarter. GAMMA Investing LLC now owns 3,049 shares of the company's stock valued at $78,000 after buying an additional 782 shares during the last quarter. Parkside Financial Bank & Trust boosted its holdings in shares of Core Scientific by 1,371.3% in the second quarter. Parkside Financial Bank & Trust now owns 1,177 shares of the company's stock valued at $30,000 after acquiring an additional 1,097 shares during the period. Carronade Capital Management LP boosted its holdings in shares of Core Scientific by 1.1% in the first quarter. Carronade Capital Management LP now owns 101,103 shares of the company's stock valued at $1,513,000 after acquiring an additional 1,103 shares during the period. Finally, Counterpoint Mutual Funds LLC boosted its holdings in shares of Core Scientific by 9.3% in the third quarter. Counterpoint Mutual Funds LLC now owns 14,425 shares of the company's stock valued at $231,000 after acquiring an additional 1,224 shares during the period.

Core Scientific Company Profile

Core Scientific, Inc is a digital infrastructure company that develops and operates data centers for high-performance computing. The company has historically focused on bitcoin mining, using specialized computing equipment and supporting infrastructure to validate transactions on the Bitcoin network. It also provides hosting and infrastructure services for other digital asset miners.

Core Scientific is expanding its business toward hosting high-performance computing and artificial intelligence workloads.

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