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

Key Points

• Core Scientific has a consensus analyst rating of “Moderate Buy” from 20 analysts, with 15 buy ratings and 2 strong buys. The average 12-month price target is about $29.78.
• Recent broker updates were mostly positive, including Loop Capital setting a $40 target and Jefferies raising its target to $37 while keeping a buy rating. BTIG also lifted its target to $38, though one firm, Freedom Capital, downgraded the stock to hold.
• The company’s latest quarter showed mixed results: revenue grew 44.9% year over year to $115.24 million, but EPS missed estimates sharply at -$1.06 versus -$0.02 expected. Shares traded near $23.49, below the recent 52-week high of $30.46.

Shares of Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the twenty analysts that are presently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, fifteen have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $29.7794.

Several brokerages have recently issued reports on CORZ. Loop Capital set a $40.00 price target on shares of Core Scientific in a report on Friday, June 12th. Jefferies Financial Group raised their price objective on Core Scientific from $24.00 to $37.00 and gave the company a "buy" rating in a report on Thursday, May 14th. BTIG Research boosted their price objective on Core Scientific from $33.00 to $38.00 and gave the stock a "buy" rating in a research report on Wednesday, June 24th. Lucid Cap Mkts raised Core Scientific to a "strong-buy" rating in a report on Friday, June 12th. Finally, Freedom Capital upgraded Core Scientific to a "hold" rating in a research report on Monday, June 15th.

Core Scientific Stock Performance

Shares of CORZ traded down $0.25 during mid-day trading on Friday, reaching $23.49. The company had a trading volume of 6,588,905 shares, compared to its average volume of 11,337,872. The company has a market capitalization of $7.47 billion, a price-to-earnings ratio of -20.61 and a beta of 5.50. The company's 50 day simple moving average is $25.52 and its 200 day simple moving average is $20.17. Core Scientific has a 1-year low of $12.42 and a 1-year high of $30.46.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported ($1.06) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.02) by ($1.04). The company had revenue of $115.24 million for the quarter, compared to analyst estimates of $117.04 million. During the same period last year, the company posted $1.25 EPS. Core Scientific's quarterly revenue was up 44.9% compared to the same quarter last year. As a group, equities analysts forecast that Core Scientific will post 0.08 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Todd M. Duchene sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $22.63, for a total value of $226,300.00. Following the completion of the transaction, the insider owned 2,023,426 shares in the company, valued at $45,790,130.38. This trade represents a 0.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 90,000 shares of company stock valued at $2,209,800 over the last three months. Corporate insiders own 1.70% of the company's stock.

Hedge Funds Weigh In On Core Scientific

Several large investors have recently modified their holdings of the business. Handelsbanken Fonder AB grew its stake in shares of Core Scientific by 0.7% in the second quarter. Handelsbanken Fonder AB now owns 94,500 shares of the company's stock worth $2,418,000 after purchasing an additional 700 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Core Scientific by 34.5% during the 2nd quarter. GAMMA Investing LLC now owns 3,049 shares of the company's stock worth $78,000 after buying an additional 782 shares during the period. Avior Wealth Management LLC bought a new stake in shares of Core Scientific in the 2nd quarter valued at about $264,000. Harbor Investment Advisory LLC acquired a new stake in shares of Core Scientific in the second quarter valued at about $136,000. Finally, CoreCap Advisors LLC bought a new position in shares of Core Scientific during the second quarter worth about $36,000.

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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