Jefferies Financial Group Forecasts Strong Price Appreciation for Core Scientific (NASDAQ:CORZ) Stock

Key Points

• Jefferies Financial Group has increased its price target for Core Scientific stock from $16.00 to $22.00, suggesting a potential upside of 55.70%.
• The current consensus rating for Core Scientific is "Hold" with a price target average of $18.47, despite mixed ratings from various analysts.
• Core Scientific reported a quarterly earnings per share of ($0.04), which was better than analyst expectations, although their revenue declined 44.3% year-over-year.

Core Scientific (NASDAQ:CORZ - Free Report) had its price target increased by Jefferies Financial Group from $16.00 to $22.00 in a report published on Monday, Marketbeat reports. The firm currently has a buy rating on the stock.

Other analysts also recently issued reports about the company. B. Riley downgraded Core Scientific from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 9th. Craig Hallum downgraded Core Scientific from a "strong-buy" rating to a "hold" rating in a report on Monday, July 7th. Citigroup downgraded Core Scientific from an "outperform" rating to a "market perform" rating in a report on Monday, July 14th. Arete began coverage on Core Scientific in a report on Tuesday, July 22nd. They issued a "buy" rating and a $20.00 price objective for the company. Finally, Roth Capital restated a "neutral" rating and issued a $20.00 price objective on shares of Core Scientific in a report on Tuesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $18.32.

Core Scientific Stock Performance

Shares of CORZ traded down $0.24 during trading hours on Monday, reaching $13.55. The stock had a trading volume of 19,792,961 shares, compared to its average volume of 18,075,042. Core Scientific has a 12 month low of $6.20 and a 12 month high of $18.63. The stock has a market capitalization of $4.14 billion, a PE ratio of -24.20 and a beta of 6.60. The company's 50-day moving average is $13.97 and its two-hundred day moving average is $11.08.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its quarterly earnings results on Friday, August 8th. The company reported ($0.04) EPS for the quarter, beating analysts' consensus estimates of ($0.07) by $0.03. The firm had revenue of $78.63 million during the quarter, compared to the consensus estimate of $82.09 million. The company's revenue for the quarter was down 44.3% on a year-over-year basis. Equities analysts anticipate that Core Scientific will post 0.52 earnings per share for the current fiscal year.

Insider Transactions at Core Scientific

In other Core Scientific news, insider Todd M. Duchene sold 7,759 shares of the stock in a transaction dated Wednesday, June 25th. The stock was 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 trade represents a 0.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Yadin Rozov purchased 110,000 shares of the firm's stock in a transaction on 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 acquisition, the director owned 475,687 shares in the company, valued at approximately $5,170,717.69. This trade represents a 30.08% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 117,759 shares of company stock valued at $1,391,434. Company insiders own 1.40% of the company's stock.

Institutional Trading of Core Scientific

Several large investors have recently made changes to their positions in CORZ. HHM Wealth Advisors LLC grew its stake in shares of Core Scientific by 96.5% in the 2nd quarter. HHM Wealth Advisors LLC now owns 1,926 shares of the company's stock valued at $33,000 after buying an additional 946 shares during the period. State of Wyoming acquired a new stake in shares of Core Scientific in the 1st quarter valued at about $34,000. Emerald Mutual Fund Advisers Trust acquired a new stake in shares of Core Scientific in the 1st quarter valued at about $38,000. Advisors Asset Management Inc. boosted its stake in Core Scientific by 68.3% during the 2nd quarter. Advisors Asset Management Inc. now owns 2,690 shares of the company's stock valued at $46,000 after purchasing an additional 1,092 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in Core Scientific during the 1st 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.