Core Scientific, Inc. (NASDAQ:CORZ – Get Free Report) has been given a consensus recommendation of “Moderate Buy” by the twenty analysts that are presently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, two have assigned a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company. The average 12-month target price among brokers that have covered the stock in the last year is $29.7794.
CORZ has been the topic of several recent analyst reports. Lucid Cap Mkts upgraded shares of Core Scientific to a “strong-buy” rating in a report on Friday, June 12th. B. Riley Financial lifted their price objective on Core Scientific from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Wednesday, May 27th. Cantor Fitzgerald boosted their price objective on Core Scientific from $25.00 to $29.00 and gave the company an “overweight” rating in a research note on Thursday, April 9th. BTIG Research upped their target price on Core Scientific from $33.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. Finally, Canaccord Genuity Group set a $30.00 target price on Core Scientific in a research note on Friday, May 8th.
View Our Latest Stock Analysis on Core Scientific
Core Scientific Stock Performance
Core Scientific (NASDAQ:CORZ – Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($1.06) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($1.04). The firm had revenue of $115.24 million for the quarter, compared to the consensus estimate of $117.04 million. During the same period in the previous year, the business posted $1.25 EPS. The firm’s revenue for the quarter was up 44.9% compared to the same quarter last year. Equities analysts forecast that Core Scientific will post 0.08 earnings per share for the current fiscal year.
Insider Activity
In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $22.63, for a total transaction of $226,300.00. Following the transaction, the insider directly owned 2,023,426 shares in the company, valued at approximately $45,790,130.38. This represents a 0.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders sold 90,000 shares of company stock worth $2,209,800. 1.70% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Jericho Capital Asset Management L.P. bought a new stake in Core Scientific in the third quarter valued at $209,895,000. Situational Awareness LP grew its stake in shares of Core Scientific by 42.5% in the 4th quarter. Situational Awareness LP now owns 28,756,478 shares of the company’s stock valued at $418,694,000 after buying an additional 8,575,944 shares during the period. Value Aligned Research Advisors LLC bought a new stake in Core Scientific in the 4th quarter valued at about $117,786,000. Vanguard Group Inc. raised its stake in Core Scientific by 18.7% during the 4th quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock worth $494,462,000 after buying an additional 5,359,710 shares during the period. Finally, Fifth Third Bancorp acquired a new position in Core Scientific during the 1st quarter worth approximately $59,802,000.
About Core Scientific
Core Scientific, Inc (NASDAQ: CORZ) is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.
Core Scientific’s service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.
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