Core Scientific's (CORZ) Buy Rating Reaffirmed at Canaccord Genuity Group

Core Scientific (NASDAQ:CORZ - Get Free Report)'s stock had its "buy" rating reissued by stock analysts at Canaccord Genuity Group in a report issued on Friday,Benzinga reports. They currently have a $17.00 price target on the stock. Canaccord Genuity Group's price objective would indicate a potential upside of 3.91% from the company's current price.

A number of other equities research analysts have also weighed in on the stock. Needham & Company LLC lifted their target price on shares of Core Scientific from $16.00 to $18.00 and gave the company a "buy" rating in a research note on Tuesday, June 10th. Cantor Fitzgerald lowered their price target on Core Scientific from $24.00 to $21.00 and set an "overweight" rating on the stock in a report on Thursday, February 27th. Citizens Jmp upgraded Core Scientific to a "strong-buy" rating and set a $15.00 price objective for the company in a research note on Thursday, May 22nd. Oppenheimer initiated coverage on shares of Core Scientific in a research note on Wednesday, May 14th. They set an "outperform" rating and a $15.00 target price on the stock. Finally, HC Wainwright restated a "buy" rating and set a $17.00 price objective on shares of Core Scientific in a research report on Tuesday, March 11th. Eighteen investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $18.14.

Core Scientific Trading Up 33.0%

Shares of CORZ stock opened at $16.36 on Friday. The firm's 50 day moving average is $10.27 and its 200 day moving average is $11.08. 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 $4.87 billion, a P/E ratio of -3.25 and a beta of 6.30.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported ($0.10) EPS for the quarter, beating 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. During the same period in the prior year, the company earned $0.78 EPS. The firm's revenue was down 55.6% compared to the same quarter last year. On average, equities analysts predict that Core Scientific will post 0.52 EPS for the current year.

Insider Buying and Selling at Core Scientific

In related news, insider Todd M. Duchene sold 50,000 shares of the 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 sale, the insider now directly owns 2,050,102 shares of the company's stock, valued at $25,236,755.62. This represents a 2.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Yadin Rozov acquired 110,000 shares of the firm's stock in a transaction on Wednesday, May 28th. The stock was purchased at an average cost of $10.87 per share, with a total value of $1,195,700.00. Following the purchase, the director now owns 475,687 shares of the company's stock, valued at $5,170,717.69. The trade was a 30.08% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 1.40% of the company's stock.

Institutional Trading of Core Scientific

A number of hedge funds and other institutional investors have recently bought and sold shares of CORZ. Rhumbline Advisers grew its holdings in shares of Core Scientific by 1.6% in the first quarter. Rhumbline Advisers now owns 257,142 shares of the company's stock worth $1,862,000 after purchasing an additional 4,171 shares during the last quarter. Anson Funds Management LP bought a new position in Core Scientific in the 1st quarter worth about $689,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Core Scientific by 180.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,109,387 shares of the company's stock worth $8,032,000 after acquiring an additional 714,388 shares during the period. Arete Wealth Advisors LLC raised its stake in shares of Core Scientific by 39.1% during the first quarter. Arete Wealth Advisors LLC now owns 22,942 shares of the company's stock valued at $166,000 after acquiring an additional 6,453 shares in the last quarter. Finally, Clearline Capital LP boosted its holdings in shares of Core Scientific by 157.8% in the first quarter. Clearline Capital LP now owns 5,403,963 shares of the company's stock valued at $39,125,000 after purchasing an additional 3,308,100 shares during the period.

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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