Core Scientific, Inc. (NASDAQ:CORZ) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• "Moderate Buy" consensus from 21 analysts (15 buy, 1 strong buy, 3 hold, 2 sell) and an average 1‑year price target of $25.07.
• Q1 results showed a $0.42 EPS that beat the (-$0.27) consensus, but revenue of $79.76M missed estimates (~$118.45M) and was down 16% year‑over‑year.
• Insider Todd M. Duchene sold 10,000 shares at $19.80 (part of 30,000 shares insiders sold over three months); corporate insiders own 1.7% of the company.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the twenty-one research firms that are covering the firm, Marketbeat reports. Two research analysts have rated the stock with a sell rating, three have given a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $25.0735.

A number of equities research analysts have issued reports on CORZ shares. BTIG Research raised Core Scientific from a "neutral" rating to a "buy" rating and set a $23.00 price target for the company in a research report on Tuesday, January 6th. Zacks Research raised Core Scientific from a "strong sell" rating to a "hold" rating in a research report on Tuesday, January 13th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Core Scientific in a research note on Monday, April 20th. Cantor Fitzgerald boosted their price target on Core Scientific from $25.00 to $29.00 and gave the stock an "overweight" rating in a research note on Thursday, April 9th. Finally, LADENBURG THALM/SH SH cut their price objective on Core Scientific from $24.50 to $23.75 and set a "buy" rating on the stock in a research note on Tuesday, March 3rd.

Insider Transactions at Core Scientific

In related news, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $19.80, for a total value of $198,000.00. Following the completion of the transaction, the insider directly owned 2,000,348 shares of the company's stock, valued at $39,606,890.40. This represents a 0.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last three months, insiders sold 30,000 shares of company stock valued at $515,400. Corporate insiders own 1.70% of the company's stock.

Institutional Investors Weigh In On Core Scientific

Large investors have recently modified their holdings of the stock. Xponance LLC boosted its position in Core Scientific by 2.5% during the fourth quarter. Xponance LLC now owns 22,896 shares of the company's stock valued at $333,000 after purchasing an additional 562 shares during the last quarter. Xponance Inc. grew its holdings in Core Scientific by 2.7% during the third quarter. Xponance Inc. now owns 22,334 shares of the company's stock worth $401,000 after purchasing an additional 595 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Core Scientific by 3.5% during the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 21,029 shares of the company's stock worth $377,000 after purchasing an additional 711 shares during the period. CWA Asset Management Group LLC boosted its holdings in shares of Core Scientific by 0.3% during the fourth quarter. CWA Asset Management Group LLC now owns 239,937 shares of the company's stock worth $3,493,000 after acquiring an additional 756 shares during the period. Finally, Orion Porfolio Solutions LLC boosted its holdings in shares of Core Scientific by 5.2% during the third quarter. Orion Porfolio Solutions LLC now owns 15,539 shares of the company's stock worth $279,000 after acquiring an additional 766 shares during the period.

Core Scientific Stock Performance

Shares of CORZ stock opened at $21.10 on Tuesday. The stock has a fifty day moving average price of $17.27 and a 200 day moving average price of $17.40. The stock has a market cap of $6.66 billion, a PE ratio of 18.03 and a beta of 6.34. Core Scientific has a 1 year low of $7.65 and a 1 year high of $23.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its quarterly earnings data on Monday, March 2nd. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.69. The firm had revenue of $79.76 million for the quarter, compared to analyst estimates of $118.45 million. During the same period in the prior year, the firm posted ($0.69) earnings per share. The business's revenue for the quarter was down 16.0% compared to the same quarter last year. As a group, equities research analysts predict that Core Scientific will post 0.07 earnings per share for the current year.

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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