Core Scientific’s (CORZ) Buy Rating Reaffirmed at Canaccord Genuity Group

Core Scientific (NASDAQ:CORZ)‘s stock had its “buy” rating reiterated by stock analysts at Canaccord Genuity Group in a note issued to investors on Thursday, Benzinga reports. They currently have a $17.00 price objective on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 13.26% from the company’s current price.

Other research analysts have also issued reports about the company. Needham & Company LLC raised their price target on Core Scientific from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday. Canaccord Genuity Group began coverage on Core Scientific in a report on Monday, September 23rd. They set a “buy” rating and a $16.00 target price on the stock. HC Wainwright lifted their target price on Core Scientific from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday. Macquarie began coverage on Core Scientific in a report on Wednesday, September 25th. They set an “outperform” rating and a $16.00 target price on the stock. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $20.00 target price on shares of Core Scientific in a report on Thursday, October 3rd. Twelve research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $16.96.

Core Scientific Stock Up 4.7 %

Shares of NASDAQ:CORZ traded up $0.68 during midday trading on Thursday, hitting $15.01. The company had a trading volume of 3,480,730 shares, compared to its average volume of 8,707,654. Core Scientific has a 12 month low of $2.61 and a 12 month high of $15.61. The firm has a fifty day simple moving average of $12.08 and a 200 day simple moving average of $9.25.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($4.51) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($4.47). The firm had revenue of $141.10 million during the quarter, compared to analyst estimates of $128.58 million. The business’s revenue for the quarter was up 11.2% compared to the same quarter last year. Equities research analysts expect that Core Scientific will post 0.81 earnings per share for the current year.

Insider Activity at Core Scientific

In related news, Director Jarrod M. Patten bought 5,021 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average price of $9.68 per share, with a total value of $48,603.28. Following the completion of the transaction, the director now owns 285,760 shares in the company, valued at $2,766,156.80. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Core Scientific news, insider Todd M. Duchene sold 11,582 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $9.41, for a total transaction of $108,986.62. Following the transaction, the insider now owns 1,686,474 shares of the company’s stock, valued at $15,869,720.34. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jarrod M. Patten purchased 5,021 shares of the stock in a transaction on Tuesday, September 3rd. The shares were acquired at an average cost of $9.68 per share, for a total transaction of $48,603.28. Following the transaction, the director now owns 285,760 shares of the company’s stock, valued at approximately $2,766,156.80. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 12,761 shares of company stock valued at $127,080. 32.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Core Scientific

A number of institutional investors have recently bought and sold shares of the business. Natixis Advisors LLC acquired a new position in shares of Core Scientific in the third quarter valued at approximately $252,000. Regal Partners Ltd grew its position in shares of Core Scientific by 71.5% in the third quarter. Regal Partners Ltd now owns 996,551 shares of the company’s stock valued at $11,819,000 after purchasing an additional 415,363 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of Core Scientific by 41.5% in the third quarter. Victory Capital Management Inc. now owns 26,633 shares of the company’s stock valued at $316,000 after purchasing an additional 7,814 shares during the last quarter. CWA Asset Management Group LLC acquired a new position in shares of Core Scientific in the third quarter valued at approximately $890,000. Finally, Harvest Portfolios Group Inc. grew its position in shares of Core Scientific by 10.1% in the third quarter. Harvest Portfolios Group Inc. now owns 55,881 shares of the company’s stock valued at $663,000 after purchasing an additional 5,109 shares during the last quarter.

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.