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

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

A number of other research analysts have also recently weighed in on the stock. Cantor Fitzgerald dropped their target price on shares of Core Scientific from $24.00 to $21.00 and set an "overweight" rating on the stock in a research note on Thursday, February 27th. HC Wainwright reiterated a "buy" rating and issued a $17.00 target price on shares of Core Scientific in a research note on Tuesday, March 11th. Keefe, Bruyette & Woods initiated coverage on shares of Core Scientific in a research note on Monday, January 27th. They issued an "outperform" rating and a $22.00 target price on the stock. Compass Point dropped their target price on shares of Core Scientific from $26.00 to $20.00 and set a "buy" rating on the stock in a research note on Tuesday, February 25th. Finally, Craig Hallum initiated coverage on shares of Core Scientific in a research note on Tuesday, January 21st. They set a "buy" rating and a $24.00 price target on the stock. Fifteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $19.07.

Core Scientific Stock Down 1.4%

Core Scientific stock traded down $0.13 during midday trading on Friday, hitting $9.32. 7,891,097 shares of the stock were exchanged, compared to its average volume of 13,005,471. Core Scientific has a 52-week low of $3.46 and a 52-week high of $18.63. The stock has a market capitalization of $2.75 billion, a price-to-earnings ratio of -1.72 and a beta of 6.66. The business's 50-day moving average price is $7.92 and its 200-day moving average price is $12.06.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.02. The firm had revenue of $79.53 million for the quarter, compared to analysts' expectations of $92.04 million. The firm's revenue for the quarter was down 55.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.78 earnings per share. On average, sell-side analysts predict 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 the company's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $10.75, for a total transaction of $1,443,187.50. Following the sale, the director now owns 195,687 shares of the company's stock, valued at approximately $2,103,635.25. This represents a 40.69% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Jordan Levy bought 62,500 shares of the firm's stock in a transaction that occurred on Thursday, March 6th. The shares were purchased at an average cost of $8.01 per share, for a total transaction of $500,625.00. Following the acquisition, the director now directly owns 306,887 shares in the company, valued at $2,458,164.87. This trade represents a 25.57% increase in their position. The disclosure for this purchase can be found here. 1.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Core Scientific

A number of institutional investors have recently made changes to their positions in CORZ. FMR LLC increased its holdings in shares of 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 last quarter. Vanguard Group Inc. grew its holdings in shares of Core Scientific by 54.3% during the 4th quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company's stock valued at $272,270,000 after purchasing an additional 6,819,406 shares during the last quarter. Helix Partners Management LP bought a new position in shares of Core Scientific during the 4th quarter valued at $86,498,000. Driehaus Capital Management LLC grew its holdings in shares of Core Scientific by 112.1% during the 4th quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company's stock valued at $144,212,000 after purchasing an additional 5,424,901 shares during the last quarter. Finally, Fred Alger Management LLC bought a new position in shares of Core Scientific during the 4th quarter valued at $62,011,000.

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.