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

Shares of Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) have been given an average rating of "Buy" by the sixteen analysts that are presently covering the stock, Marketbeat.com reports. Fifteen research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $19.07.

CORZ has been the subject of a number of research reports. Keefe, Bruyette & Woods started coverage on shares of Core Scientific in a research report on Monday, January 27th. They set an "outperform" rating and a $22.00 price target for the company. HC Wainwright reiterated a "buy" rating and set a $17.00 target price on shares of Core Scientific in a research report on Tuesday, March 11th. Cantor Fitzgerald dropped their price target on Core Scientific from $24.00 to $21.00 and set an "overweight" rating for the company in a research report on Thursday, February 27th. Craig Hallum started coverage on Core Scientific in a research report on Tuesday, January 21st. They set a "buy" rating and a $24.00 price objective for the company. Finally, Needham & Company LLC reduced their price objective on Core Scientific from $18.00 to $17.00 and set a "buy" rating on the stock in a research report on Thursday, February 27th.

Insider Buying and Selling at Core Scientific

In other Core Scientific news, CEO Adam Taylor Sullivan sold 369,712 shares of the company's stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $16.24, for a total transaction of $6,004,122.88. Following the completion of the sale, the chief executive officer now directly owns 3,758,793 shares in the company, valued at $61,042,798.32. This represents a 8.96 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Todd M. Duchene sold 25,277 shares of Core Scientific stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $16.24, for a total value of $410,498.48. Following the completion of the transaction, the insider now directly owns 2,023,423 shares in the company, valued at $32,860,389.52. This represents a 1.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 529,239 shares of company stock worth $7,857,809 in the last quarter. 1.40% of the stock is owned by insiders.

Institutional Trading of Core Scientific

Institutional investors and hedge funds have recently bought and sold shares of the business. State Street Corp increased its position in shares of Core Scientific by 17.0% in the third quarter. State Street Corp now owns 4,006,922 shares of the company's stock worth $47,522,000 after acquiring an additional 583,493 shares in the last quarter. Geode Capital Management LLC boosted its position in Core Scientific by 26.7% during the 3rd quarter. Geode Capital Management LLC now owns 5,276,573 shares of the company's stock worth $62,594,000 after purchasing an additional 1,113,285 shares during the period. Sanctuary Advisors LLC increased its holdings in Core Scientific by 130.1% in the 3rd quarter. Sanctuary Advisors LLC now owns 34,527 shares of the company's stock valued at $409,000 after purchasing an additional 19,522 shares in the last quarter. JPMorgan Chase & Co. raised its position in Core Scientific by 48.0% in the third quarter. JPMorgan Chase & Co. now owns 437,812 shares of the company's stock valued at $5,192,000 after purchasing an additional 142,068 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its position in Core Scientific by 25.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 98,077 shares of the company's stock valued at $1,378,000 after purchasing an additional 20,000 shares during the period.

Core Scientific Stock Performance

NASDAQ:CORZ traded up $0.21 during trading hours on Friday, hitting $7.13. The company's stock had a trading volume of 14,669,072 shares, compared to its average volume of 12,569,518. Core Scientific has a 52-week low of $2.88 and a 52-week high of $18.63. The business's 50-day moving average is $8.47 and its two-hundred day moving average is $12.43. The company has a market capitalization of $2.10 billion, a PE ratio of -1.32 and a beta of 6.80.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its quarterly earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.10) by $0.09. The company had revenue of $94.93 million during the quarter, compared to analysts' expectations of $97.07 million. As a group, analysts predict that Core Scientific will post 0.52 EPS for the current fiscal year.

About Core Scientific

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.