Core Scientific, Inc. (NASDAQ:CORZ) Receives Consensus Recommendation of "Buy" from Analysts

Shares of Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) have received an average recommendation of "Buy" from the twenty research firms that are presently covering the stock, MarketBeat Ratings reports. Eighteen research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $18.33.

CORZ has been the subject of a number of recent research reports. Cantor Fitzgerald dropped their price objective on shares of Core Scientific from $24.00 to $21.00 and set an "overweight" rating for the company in a research note on Thursday, February 27th. Oppenheimer assumed coverage on Core Scientific in a research report on Wednesday, May 14th. They set an "outperform" rating and a $15.00 target price on the stock. 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 reissued a "buy" rating and issued a $17.00 price objective on shares of Core Scientific in a report on Tuesday, March 11th. Finally, Compass Point decreased their target price on shares of Core Scientific from $26.00 to $20.00 and set a "buy" rating for the company in a research note on Tuesday, February 25th.

Core Scientific Stock Up 2.2%

Shares of Core Scientific stock opened at $12.19 on Friday. Core Scientific has a twelve month low of $6.20 and a twelve month high of $18.63. The company has a market cap of $3.63 billion, a price-to-earnings ratio of -2.25 and a beta of 6.66. The company's 50 day moving average is $8.97 and its 200 day moving average is $11.55.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.02. The firm had revenue of $79.53 million for the quarter, compared to the consensus estimate of $92.04 million. The firm's revenue for the quarter was down 55.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.78 earnings per share. Sell-side analysts expect that Core Scientific will post 0.52 EPS for the current fiscal year.

Insider Transactions at Core Scientific

In related news, Director Yadin Rozov acquired 110,000 shares of the stock in a transaction that occurred on Wednesday, May 28th. The stock was purchased at an average price of $10.87 per share, with a total value of $1,195,700.00. Following the transaction, the director now owns 475,687 shares of the company's stock, valued at approximately $5,170,717.69. This trade represents a 30.08% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Todd M. Duchene sold 50,000 shares of the firm's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $12.31, for a total value of $615,500.00. Following the transaction, the insider now owns 2,050,102 shares of the company's stock, valued at $25,236,755.62. This trade represents a 2.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.40% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Core Scientific by 6.2% in the 1st quarter. Vanguard Group Inc. now owns 20,578,100 shares of the company's stock valued at $148,985,000 after purchasing an additional 1,199,448 shares during the period. Beryl Capital Management LLC grew its holdings in shares of Core Scientific by 24.3% in the 4th quarter. Beryl Capital Management LLC now owns 18,179,586 shares of the company's stock worth $255,423,000 after acquiring an additional 3,548,396 shares during the period. Driehaus Capital Management LLC boosted its position in shares of Core Scientific by 112.1% in the 4th quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company's stock worth $144,212,000 after buying an additional 5,424,901 shares in the last quarter. FMR LLC lifted its stake in Core Scientific by 2,937.7% in the 4th quarter. FMR LLC now owns 7,436,229 shares of the company's stock valued at $104,479,000 after buying an additional 7,191,428 shares in the last quarter. Finally, Fred Alger Management LLC boosted its stake in shares of Core Scientific by 46.7% during the first quarter. Fred Alger Management LLC now owns 6,473,552 shares of the company's stock valued at $46,869,000 after acquiring an additional 2,059,985 shares during the last quarter.

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.

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