Analysts Set Core Scientific, Inc. (NASDAQ:CORZ) PT at $24.84

Core Scientific, Inc. (NASDAQ:CORZ) has been given a consensus recommendation of “Moderate Buy” by the twenty-one research firms that are currently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation, three have given a hold recommendation, fifteen have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $24.8382.

A number of brokerages have issued reports on CORZ. Canaccord Genuity Group upped their price objective on Core Scientific from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Wednesday, March 4th. LADENBURG THALM/SH SH cut their target price on Core Scientific from $24.50 to $23.75 and set a “buy” rating on the stock in a research report on Tuesday, March 3rd. HC Wainwright restated a “buy” rating and set a $25.00 price target on shares of Core Scientific in a report on Tuesday, March 3rd. Needham & Company LLC upgraded Core Scientific from a “hold” rating to a “buy” rating and set a $23.00 price target for the company in a research report on Tuesday, March 3rd. Finally, Citizens Jmp upgraded Core Scientific from a “market perform” rating to an “outperform” rating and set a $30.00 price target for the company in a research report on Thursday, December 18th.

Insider Buying and Selling at Core Scientific

In other news, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $15.25, for a total value of $152,500.00. Following the sale, the insider owned 2,047,089 shares of the company’s stock, valued at approximately $31,218,107.25. This represents a 0.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate 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 added to or reduced their stakes in the company. Jericho Capital Asset Management L.P. bought a new stake in Core Scientific in the third quarter worth about $209,895,000. Situational Awareness LP grew its stake in shares of Core Scientific by 42.5% during the fourth 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 last quarter. Value Aligned Research Advisors LLC bought a new position in shares of Core Scientific during the fourth quarter valued at approximately $117,786,000. Oaktree Capital Management LP purchased a new stake in shares of Core Scientific in the third quarter worth approximately $114,829,000. Finally, Vanguard Group Inc. raised its holdings in shares of Core Scientific by 18.7% in the fourth 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.

Core Scientific Price Performance

Core Scientific stock opened at $16.23 on Friday. The company’s 50-day moving average price is $16.85 and its 200-day moving average price is $17.19. Core Scientific has a twelve month low of $6.20 and a twelve month high of $23.63. The company has a market cap of $5.12 billion, a PE ratio of 13.87 and a beta of 6.34.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Monday, March 2nd. The company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.69. The business had revenue of $79.76 million during the quarter, compared to the consensus estimate of $118.45 million. The firm’s revenue was down 16.0% on a year-over-year basis. During the same period in the previous year, the business posted ($0.69) EPS. As a group, sell-side analysts expect that Core Scientific will post 0.52 earnings per share for the current fiscal year.

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.