Core Scientific (NASDAQ:CORZ) Now Covered by Arete

Stock analysts at Arete started coverage on shares of Core Scientific (NASDAQ:CORZ - Get Free Report) in a report issued on Tuesday, Marketbeat Ratings reports. The brokerage set a "buy" rating and a $20.00 price target on the stock. Arete's price objective would suggest a potential upside of 44.88% from the company's current price.

CORZ has been the subject of a number of other research reports. Canaccord Genuity Group restated a "buy" rating and set a $17.00 target price on shares of Core Scientific in a research report on Friday, June 27th. Oppenheimer restated a "market perform" rating on shares of Core Scientific in a research report on Monday, July 7th. Citigroup lowered shares of Core Scientific from an "outperform" rating to a "market perform" rating in a research report on Monday, July 14th. JMP Securities restated a "market perform" rating and set a $15.00 target price on shares of Core Scientific in a research report on Monday, July 14th. Finally, B. Riley lowered shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 9th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Core Scientific has an average rating of "Hold" and a consensus price target of $18.32.

Core Scientific Stock Performance

Shares of CORZ traded up $0.12 during mid-day trading on Tuesday, reaching $13.81. The stock had a trading volume of 7,833,463 shares, compared to its average volume of 16,402,443. The firm has a market cap of $4.11 billion, a price-to-earnings ratio of -2.74 and a beta of 6.71. Core Scientific has a 12 month low of $6.20 and a 12 month high of $18.63. The business has a fifty day moving average of $12.93 and a 200 day moving average of $11.06.

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

Insider Buying and Selling at Core Scientific

In other news, Director Yadin Rozov bought 110,000 shares of Core Scientific stock in a transaction dated Wednesday, May 28th. The shares were acquired at an average price of $10.87 per share, with a total value of $1,195,700.00. Following the completion of the purchase, the director owned 475,687 shares in the company, valued at $5,170,717.69. The trade was a 30.08% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Todd M. Duchene sold 7,759 shares of the stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $12.39, for a total transaction of $96,134.01. Following the completion of the sale, the insider directly owned 2,049,689 shares in the company, valued at approximately $25,395,646.71. This represents a 0.38% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 117,759 shares of company stock worth $1,391,434. Insiders own 1.40% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CORZ. FMR LLC increased 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 worth $104,479,000 after buying an additional 7,191,428 shares during the period. Vanguard Group Inc. increased its stake in Core Scientific by 54.3% in the 4th quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company's stock worth $272,270,000 after buying an additional 6,819,406 shares during the period. Helix Partners Management LP purchased a new position in Core Scientific in the 4th quarter worth about $86,498,000. Driehaus Capital Management LLC increased its stake in 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 during the period. Finally, Situational Awareness LP purchased a new position in Core Scientific in the 1st quarter worth about $32,736,000.

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.