Analysts Set Core Scientific, Inc. (NASDAQ:CORZ) PT at $29.78

Shares of Core Scientific, Inc. (NASDAQ:CORZ) have earned a consensus recommendation of “Moderate Buy” from the twenty analysts that are covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, two have issued a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $29.7794.

Several equities research analysts have issued reports on CORZ shares. Canaccord Genuity Group set a $30.00 price objective on shares of Core Scientific in a research note on Friday, May 8th. B. Riley Financial lifted their target price on shares of Core Scientific from $30.00 to $33.00 and gave the company a “buy” rating in a report on Wednesday, May 27th. Needham & Company LLC upped their price target on shares of Core Scientific from $23.00 to $29.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Jefferies Financial Group increased their price target on Core Scientific from $24.00 to $37.00 and gave the company a “buy” rating in a report on Thursday, May 14th. Finally, Loop Capital set a $40.00 price target on Core Scientific in a research report on Friday, June 12th.

Insider Transactions at Core Scientific

In other news, insider Todd M. Duchene sold 10,000 shares of Core Scientific stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $22.63, for a total transaction of $226,300.00. Following the sale, the insider owned 2,023,426 shares in the company, valued at $45,790,130.38. This trade represents a 0.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold a total of 90,000 shares of company stock valued at $2,209,800 over the last three months. 1.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Core Scientific

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Handelsbanken Fonder AB lifted its holdings in Core Scientific by 0.7% in the 2nd quarter. Handelsbanken Fonder AB now owns 94,500 shares of the company’s stock worth $2,418,000 after buying an additional 700 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Core Scientific by 34.5% in the second quarter. GAMMA Investing LLC now owns 3,049 shares of the company’s stock worth $78,000 after acquiring an additional 782 shares in the last quarter. Avior Wealth Management LLC acquired a new position in shares of Core Scientific in the second quarter worth about $264,000. Harbor Investment Advisory LLC purchased a new position in Core Scientific in the second quarter valued at about $136,000. Finally, CoreCap Advisors LLC purchased a new position in Core Scientific in the second quarter valued at about $36,000.

Core Scientific Price Performance

NASDAQ CORZ opened at $20.94 on Friday. Core Scientific has a 1-year low of $12.60 and a 1-year high of $30.46. The firm has a market capitalization of $6.66 billion, a P/E ratio of -18.37 and a beta of 5.50. The business’s 50-day simple moving average is $25.46 and its 200-day simple moving average is $20.39.

Core Scientific (NASDAQ:CORZ) last posted its earnings results on Wednesday, May 6th. The company reported ($1.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($1.04). The company had revenue of $115.24 million for the quarter, compared to analysts’ expectations of $117.04 million. During the same period in the previous year, the business posted $1.25 earnings per share. The business’s quarterly revenue was up 44.9% on a year-over-year basis. On average, equities research analysts expect that Core Scientific will post 0.08 EPS for the current fiscal year.

Core Scientific Company Profile

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.