Core Scientific, Inc. (NASDAQ:CORZ) Given Average Recommendation of "Buy" by Brokerages

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) has been assigned a consensus rating of "Buy" from the sixteen brokerages that are presently covering the company, Marketbeat reports. Fifteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $19.07.

A number of brokerages have recently issued reports on CORZ. Keefe, Bruyette & Woods started coverage on shares of Core Scientific in a report on Monday, January 27th. They issued an "outperform" rating and a $22.00 target price on the stock. Needham & Company LLC reaffirmed a "buy" rating and issued a $18.00 price objective on shares of Core Scientific in a research report on Friday, January 17th. Jefferies Financial Group started coverage on Core Scientific in a report on Monday, October 28th. They set a "buy" rating and a $19.00 target price on the stock. Compass Point raised their price target on Core Scientific from $18.00 to $20.00 and gave the company a "buy" rating in a report on Wednesday, October 23rd. Finally, HC Wainwright upped their price objective on shares of Core Scientific from $15.00 to $17.00 and gave the company a "buy" rating in a report on Thursday, November 7th.

Insider Buying and Selling

In other news, Director Yadin Rozov sold 105,000 shares of the company's stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $18.11, for a total value of $1,901,550.00. Following the sale, the director now directly owns 345,239 shares of the company's stock, valued at approximately $6,252,278.29. This represents a 23.32 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Todd M. Duchene sold 25,000 shares of Core Scientific stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $17.10, for a total transaction of $427,500.00. Following the transaction, the insider now directly owns 1,661,474 shares of the company's stock, valued at $28,411,205.40. This represents a 1.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 744,032 shares of company stock worth $11,863,966 in the last 90 days. Insiders own 32.00% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CORZ. ORG Wealth Partners LLC acquired a new stake in shares of Core Scientific during the 3rd quarter worth approximately $106,266,000. Rush Island Management LP acquired a new stake in Core Scientific in the third quarter worth $32,221,000. Taconic Capital Advisors LP increased its position in Core Scientific by 178.7% in the 3rd quarter. Taconic Capital Advisors LP now owns 2,717,462 shares of the company's stock valued at $32,229,000 after buying an additional 1,742,462 shares in the last quarter. Mirabella Financial Services LLP acquired a new position in Core Scientific during the 3rd quarter worth approximately $18,383,000. Finally, Geode Capital Management LLC increased its holdings in shares of Core Scientific by 26.7% during the third quarter. Geode Capital Management LLC now owns 5,276,573 shares of the company's stock valued at $62,594,000 after acquiring an additional 1,113,285 shares in the last quarter.

Core Scientific Stock Up 0.2 %

Shares of CORZ stock traded up $0.03 during trading on Friday, reaching $12.56. The company's stock had a trading volume of 7,547,695 shares, compared to its average volume of 12,171,637. The business has a fifty day moving average price of $14.50 and a 200-day moving average price of $13.07. Core Scientific has a one year low of $2.61 and a one year high of $18.63. The company has a market cap of $3.51 billion and a price-to-earnings ratio of -2.32.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.02). The firm had revenue of $95.35 million during the quarter, compared to the consensus estimate of $94.80 million. Research analysts anticipate that Core Scientific will post 0.5 EPS for the current year.

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.