Canaccord Genuity Group Reaffirms "Buy" Rating for Core Scientific (NASDAQ:CORZ)

Canaccord Genuity Group restated their buy rating on shares of Core Scientific (NASDAQ:CORZ - Free Report) in a report published on Friday morning,Benzinga reports. They currently have a $17.00 price target on the stock.

CORZ has been the subject of several other reports. 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 report on Tuesday, February 25th. Craig Hallum began coverage on Core Scientific in a report on Tuesday, January 21st. They set a "buy" rating and a $24.00 target price on the stock. Needham & Company LLC lowered their target price on shares of Core Scientific from $18.00 to $17.00 and set a "buy" rating for the company in a report on Thursday, February 27th. HC Wainwright reiterated a "buy" rating and set a $17.00 price objective on shares of Core Scientific in a report on Tuesday, March 11th. Finally, Cantor Fitzgerald dropped their target price on Core Scientific from $24.00 to $21.00 and set an "overweight" rating on the stock in a report on Thursday, February 27th. Sixteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Core Scientific currently has an average rating of "Buy" and an average price target of $18.81.

Core Scientific Stock Up 1.1%

Shares of Core Scientific stock traded up $0.11 during trading hours on Friday, hitting $10.35. The company's stock had a trading volume of 10,515,899 shares, compared to its average volume of 13,025,900. The company has a market capitalization of $3.08 billion, a PE ratio of -1.91 and a beta of 6.66. Core Scientific has a 1-year low of $3.46 and a 1-year high of $18.63. The business has a fifty day moving average of $7.98 and a 200 day moving average of $12.03.

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

Insider Buying and Selling

In related news, Director Todd A. Becker sold 134,250 shares of Core Scientific stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $10.75, for a total transaction of $1,443,187.50. Following the completion of the transaction, the director now directly owns 195,687 shares of the company's stock, valued at approximately $2,103,635.25. The trade was a 40.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Jordan Levy bought 62,500 shares of Core Scientific stock in a transaction on Thursday, March 6th. The stock was purchased at an average price of $8.01 per share, for a total transaction of $500,625.00. Following the completion of the acquisition, the director now owns 306,887 shares in the company, valued at $2,458,164.87. This represents a 25.57% increase in their position. The disclosure for this purchase can be found here. 1.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Wellington Shields & Co. LLC purchased a new stake in shares of Core Scientific in the fourth quarter valued at $26,000. First Horizon Advisors Inc. bought a new position in shares of Core Scientific in the fourth quarter worth about $34,000. Emerald Mutual Fund Advisers Trust bought a new stake in shares of Core Scientific in the first quarter valued at approximately $38,000. Newbridge Financial Services Group Inc. acquired a new position in shares of Core Scientific during the fourth quarter valued at about $42,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in Core Scientific in the first quarter valued at about $50,000.

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.