Roth Mkm Reiterates Buy Rating for Core Scientific (NASDAQ:CORZ)

Core Scientific (NASDAQ:CORZ - Get Free Report)'s stock had its "buy" rating restated by stock analysts at Roth Mkm in a report issued on Thursday,Benzinga reports. They presently have a $20.00 target price on the stock. Roth Mkm's price target indicates a potential upside of 22.25% from the company's previous close.

CORZ has been the topic of a number of other reports. Oppenheimer assumed coverage on Core Scientific in a research report on Wednesday, May 14th. They set an "outperform" rating and a $15.00 target price on the stock. Needham & Company LLC increased their target price on Core Scientific from $16.00 to $18.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. JMP Securities assumed coverage on shares of Core Scientific in a report on Thursday, May 22nd. They issued a "market outperform" rating and a $15.00 price target for the company. HC Wainwright reaffirmed a "buy" rating and set a $17.00 price objective on shares of Core Scientific in a report on Tuesday, March 11th. Finally, Citizens Jmp upgraded shares of Core Scientific to a "strong-buy" rating and set a $15.00 price target for the company in a research report on Thursday, May 22nd. Eighteen research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $18.14.

Core Scientific Stock Up 33.0%

Shares of CORZ traded up $4.06 during mid-day trading on Thursday, reaching $16.36. The company had a trading volume of 90,255,854 shares, compared to its average volume of 13,068,561. 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 has a 52-week low of $6.20 and a 52-week high of $18.63. The stock has a 50 day moving average of $10.27 and a two-hundred day moving average of $11.08.

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

Insider Transactions at Core Scientific

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

Hedge Funds Weigh In On Core Scientific

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Rhumbline Advisers lifted its holdings in shares of Core Scientific by 1.6% in the 1st 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 approximately $689,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Core Scientific by 180.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,109,387 shares of the company's stock valued at $8,032,000 after acquiring an additional 714,388 shares during the period. Arete Wealth Advisors LLC raised its stake in Core Scientific by 39.1% during the 1st 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 position in Core Scientific by 157.8% during the 1st quarter. Clearline Capital LP now owns 5,403,963 shares of the company's stock worth $39,125,000 after acquiring 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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