Core Scientific, Inc. (NASDAQ:CORZ) Given Consensus Recommendation of "Moderate Buy" by Analysts

Key Points

• Analysts maintain a “Moderate Buy” consensus on Core Scientific, with 16 buy ratings, two strong buys, one hold and one sell. The average 12-month price target is $32.18, with recent targets ranging from $29 to $40.
• Core Scientific reported quarterly revenue of $164.2 million, above the $144.83 million consensus estimate, but its adjusted loss of $3.32 per share was substantially worse than the expected $0.06 loss.
• The stock opened at $21.77 and was down 4.6%, while an insider sold 10,000 shares for $222,300. Institutional interest remained notable, including Vanguard’s 18.7% increase in its stake during the fourth quarter.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) has been given an average recommendation of "Moderate Buy" by the twenty ratings firms that are currently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, sixteen have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $32.1806.

A number of research firms have commented on CORZ. BTIG Research reissued a "buy" rating and set a $38.00 target price on shares of Core Scientific in a research report on Tuesday, July 28th. Needham & Company LLC increased their price objective on shares of Core Scientific from $29.00 to $35.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. Lucid Cap Mkts raised shares of Core Scientific to a "strong-buy" rating in a report on Friday, June 12th. Cantor Fitzgerald boosted their price objective on shares of Core Scientific from $25.00 to $29.00 and gave the stock an "overweight" rating in a research note on Thursday, April 9th. Finally, Loop Capital set a $40.00 target price on Core Scientific in a report on Friday, June 12th.

Insider Activity

In other news, insider Todd M. Duchene sold 10,000 shares of the business's stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $22.23, for a total value of $222,300.00. Following the completion of the transaction, the insider directly owned 1,979,101 shares of the company's stock, valued at approximately $43,995,415.23. The trade was a 0.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In the last quarter, insiders sold 90,000 shares of company stock valued at $2,248,600. Company insiders own 1.70% of the company's stock.

Hedge Funds Weigh In On Core Scientific

A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Core Scientific by 18.7% during the 4th quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company's stock worth $494,462,000 after purchasing an additional 5,359,710 shares during the last quarter. Nations Financial Group Inc. IA ADV purchased a new position in shares of Core Scientific in the fourth quarter worth $2,980,000. Jennison Associates LLC acquired a new stake in shares of Core Scientific during the fourth quarter worth $14,075,000. Oasis Management Co Ltd. acquired a new stake in shares of Core Scientific during the fourth quarter worth $38,493,000. Finally, Sandro Wealth Management LLC purchased a new stake in shares of Core Scientific during the fourth quarter valued at $4,493,000.

Core Scientific Trading Down 4.6%

CORZ opened at $21.77 on Thursday. The company has a market capitalization of $7.00 billion, a price-to-earnings ratio of -4.93 and a beta of 5.59. Core Scientific has a 12-month low of $13.14 and a 12-month high of $30.46. The business's fifty day simple moving average is $24.84 and its 200-day simple moving average is $20.93.

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

About Core Scientific

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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