Core Scientific, Inc. (NASDAQ:CORZ) Receives $18.35 Average Price Target from Analysts

Shares of Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) have been assigned an average rating of "Buy" from the nineteen research firms that are covering the stock, Marketbeat Ratings reports. Seventeen research analysts have rated the stock with a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $18.35.

CORZ has been the subject of several recent research reports. Oppenheimer assumed coverage on Core Scientific in a research report on Wednesday, May 14th. They set an "outperform" rating and a $15.00 price objective for the company. Citigroup initiated coverage on shares of Core Scientific in a report on Thursday, May 22nd. They issued an "outperform" rating on the stock. HC Wainwright reaffirmed a "buy" rating and set a $17.00 price objective on shares of Core Scientific in a research report on Tuesday, March 11th. Citizens Jmp raised Core Scientific to a "strong-buy" rating and set a $15.00 target price on the stock in a report on Thursday, May 22nd. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and issued a $17.00 price target on shares of Core Scientific in a research report on Friday, June 27th.

Core Scientific Stock Performance

CORZ traded up $0.31 during trading on Wednesday, reaching $17.56. The stock had a trading volume of 13,857,366 shares, compared to its average volume of 13,243,277. The stock has a market cap of $5.23 billion, a PE ratio of -3.49 and a beta of 6.71. Core Scientific has a one year low of $6.20 and a one year high of $18.63. The business has a 50-day moving average of $11.09 and a 200-day moving average of $11.08.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported ($0.10) earnings per share for the quarter, beating analysts' consensus estimates of ($0.12) by $0.02. The company had revenue of $79.53 million during the quarter, compared to the consensus estimate of $92.04 million. During the same period last year, the firm posted $0.78 EPS. The company's revenue was down 55.6% on a year-over-year basis. Equities research analysts forecast that Core Scientific will post 0.52 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Yadin Rozov purchased 110,000 shares of Core Scientific stock in a transaction on Wednesday, May 28th. The shares were bought at an average price of $10.87 per share, with a total value of $1,195,700.00. Following the transaction, the director directly owned 475,687 shares of the company's stock, valued at approximately $5,170,717.69. This trade represents a 30.08% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Todd M. Duchene sold 60,000 shares of the business's stock in a transaction dated Tuesday, June 3rd. The stock was 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 represents a 2.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 117,759 shares of company stock valued at $1,391,434. Company insiders own 1.40% of the company's stock.

Institutional Trading of Core Scientific

Several hedge funds have recently added to or reduced their stakes in CORZ. Truist Financial Corp acquired a new stake in shares of Core Scientific in the 4th quarter valued at $226,000. Bank of New York Mellon Corp increased its holdings in Core Scientific by 62.8% in the fourth quarter. Bank of New York Mellon Corp now owns 834,077 shares of the company's stock valued at $11,719,000 after buying an additional 321,738 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new stake in Core Scientific in the fourth quarter valued at $160,000. US Bancorp DE purchased a new stake in Core Scientific during the 4th quarter worth about $99,000. Finally, SBI Securities Co. Ltd. acquired a new position in shares of Core Scientific during the 4th quarter worth about $124,000.

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.