Core Scientific, Inc. (NASDAQ:CORZ) Receives $32.18 Average Price Target from Analysts

Core Scientific, Inc. (NASDAQ:CORZ) has been assigned an average rating of “Moderate Buy” from the twenty ratings firms that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, one has assigned a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $32.1806.

Several analysts have commented on CORZ shares. B. Riley Financial lifted their price target on Core Scientific from $33.00 to $42.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Core Scientific in a research report on Friday, July 17th. Canaccord Genuity Group boosted their target price on shares of Core Scientific from $30.00 to $36.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Needham & Company LLC upped their price target on shares of Core Scientific from $29.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Finally, Wolfe Research reaffirmed a “buy” rating on shares of Core Scientific in a research report on Wednesday, July 29th.

Core Scientific Price Performance

Shares of NASDAQ:CORZ opened at $17.89 on Monday. The company has a market cap of $5.75 billion, a P/E ratio of -4.05 and a beta of 5.48. Core Scientific has a 52 week low of $13.14 and a 52 week high of $30.46. The business has a fifty day simple moving average of $20.74 and a 200-day simple moving average of $21.00.

Core Scientific (NASDAQ:CORZ) last released its earnings results on Tuesday, July 28th. The company reported ($3.32) EPS for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The company had revenue of $164.20 million during the quarter, compared to analysts’ expectations of $144.83 million. Sell-side analysts expect that Core Scientific will post -1.36 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Todd DuChene sold 10,000 shares of the stock in a transaction on Monday, August 24th. The stock was sold at an average price of $17.45, for a total value of $174,500.00. Following the transaction, the insider directly owned 1,937,896 shares of the company’s stock, valued at approximately $33,816,285.20. This trade represents a 0.51% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Eric Weiss bought 7,000 shares of Core Scientific stock in a transaction that occurred on Tuesday, August 18th. The stock was purchased at an average price of $19.19 per share, for a total transaction of $134,330.00. Following the acquisition, the director directly owned 259,262 shares of the company’s stock, valued at $4,975,237.78. The trade was a 2.77% increase in their position. The SEC filing for this purchase provides additional information. Insiders sold 90,000 shares of company stock valued at $2,091,800 in the last ninety days. Company insiders own 1.70% of the company’s stock.

Institutional Trading of Core Scientific

A number of institutional investors have recently modified their holdings of CORZ. AQR Capital Management LLC raised its holdings in Core Scientific by 106.1% in the first quarter. AQR Capital Management LLC now owns 283,432 shares of the company’s stock valued at $2,052,000 after buying an additional 145,905 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Core Scientific by 180.9% in 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 in the last quarter. Cetera Investment Advisers increased its position in shares of Core Scientific by 200.0% in the second quarter. Cetera Investment Advisers now owns 38,819 shares of the company’s stock worth $663,000 after acquiring an additional 25,878 shares in the last quarter. Franklin Resources Inc. purchased a new position in shares of Core Scientific in the 2nd quarter valued at $181,000. Finally, Russell Investments Group Ltd. raised its stake in shares of Core Scientific by 61.9% in the 2nd quarter. Russell Investments Group Ltd. now owns 3,942 shares of the company’s stock valued at $67,000 after acquiring an additional 1,507 shares during the period.

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.