Core Scientific, Inc. (NASDAQ:CORZ) Receives $18.47 Consensus Price Target from Brokerages

Key Points

• Core Scientific, Inc. (NASDAQ:CORZ) has received an average rating of "Hold" from 22 analysts, with 1 sell, 11 hold, 9 buy, and 1 strong buy ratings.
• The company's recent quarterly earnings showed a 44.3% decline in revenue year-over-year, reporting $78.63 million against an estimate of $82.09 million.
• Insider activity included Director Yadin Rozov purchasing 110,000 shares at an average price of $10.87, significantly increasing his stake in the company.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) has been given an average recommendation of "Hold" by the twenty-two analysts that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, eleven have assigned a hold recommendation, nine have given a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $18.3158.

A number of analysts have commented on CORZ shares. Arete started coverage on Core Scientific in a report on Tuesday, July 22nd. They set a "buy" rating and a $20.00 price objective for the company. Citigroup lowered Core Scientific from an "outperform" rating to a "market perform" rating in a report on Monday, July 14th. Needham & Company LLC lowered Core Scientific from a "moderate buy" rating to a "hold" rating and set a $18.00 price objective for the company. in a report on Thursday, July 10th. Barclays lowered Core Scientific to an "underweight" rating in a report on Tuesday, July 8th. Finally, BTIG Research lowered Core Scientific from a "strong-buy" rating to a "hold" rating and set a $20.00 target price for the company. in a report on Monday, July 7th.

Insider Activity at Core Scientific

In other news, Director Yadin Rozov acquired 110,000 shares of Core Scientific stock in a transaction on Wednesday, May 28th. The stock was acquired at an average cost of $10.87 per share, with a total value of $1,195,700.00. Following the completion of the acquisition, the director owned 475,687 shares in the company, valued at approximately $5,170,717.69. This trade represents a 30.08% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Todd M. Duchene sold 60,000 shares of the stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $11.33, for a total value of $679,800.00. Following the transaction, the insider directly owned 2,100,102 shares of the company's stock, valued at approximately $23,794,155.66. This trade represents a 2.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 117,759 shares of company stock valued at $1,391,434. 1.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Core Scientific

Institutional investors and hedge funds have recently bought and sold shares of the company. HHM Wealth Advisors LLC grew its holdings in Core Scientific by 96.5% during the second quarter. HHM Wealth Advisors LLC now owns 1,926 shares of the company's stock valued at $33,000 after purchasing an additional 946 shares during the period. Advisors Asset Management Inc. lifted its position in shares of Core Scientific by 68.3% during the second quarter. Advisors Asset Management Inc. now owns 2,690 shares of the company's stock worth $46,000 after acquiring an additional 1,092 shares in the last quarter. Bernard Wealth Management Corp. bought a new position in shares of Core Scientific in the second quarter worth $51,000. PNC Financial Services Group Inc. boosted its holdings in shares of Core Scientific by 396.8% in the second quarter. PNC Financial Services Group Inc. now owns 3,731 shares of the company's stock worth $64,000 after acquiring an additional 2,980 shares during the period. Finally, Farther Finance Advisors LLC bought a new position in shares of Core Scientific in the second quarter worth $65,000.

Core Scientific Trading Up 2.6%

Core Scientific stock traded up $0.36 during midday trading on Thursday, reaching $14.04. The stock had a trading volume of 10,865,134 shares, compared to its average volume of 18,461,674. Core Scientific has a 12 month low of $6.20 and a 12 month high of $18.63. The company has a market capitalization of $4.29 billion, a P/E ratio of -25.07 and a beta of 6.60. The company has a fifty day moving average price of $14.05 and a two-hundred day moving average price of $11.09.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its quarterly earnings data on Friday, August 8th. The company reported ($0.04) EPS for the quarter, topping analysts' consensus estimates of ($0.07) by $0.03. The company had revenue of $78.63 million for the quarter, compared to the consensus estimate of $82.09 million. Core Scientific's quarterly revenue was down 44.3% on a year-over-year basis. On average, equities research analysts predict that Core Scientific will post 0.52 earnings per share for the current fiscal year.

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.