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

Shares of Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) have been given an average rating of "Buy" by the sixteen research firms that are currently covering the stock, MarketBeat.com reports. Fifteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $19.07.

Several equities research analysts recently weighed in on CORZ shares. BTIG Research boosted their price target on shares of Core Scientific from $19.00 to $20.00 and gave the stock a "buy" rating in a research report on Monday, December 16th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $17.00 price objective on shares of Core Scientific in a research note on Wednesday, March 12th. Keefe, Bruyette & Woods began coverage on Core Scientific in a research report on Monday, January 27th. They set an "outperform" rating and a $22.00 target price on the stock. Compass Point dropped their price objective on shares of Core Scientific from $26.00 to $20.00 and set a "buy" rating for the company in a research note on Tuesday, February 25th. Finally, HC Wainwright reiterated a "buy" rating and set a $17.00 target price on shares of Core Scientific in a research report on Tuesday, March 11th.

Insider Transactions at Core Scientific

In related news, Director Jordan Levy purchased 62,500 shares of the business's stock in a transaction dated Thursday, March 6th. The stock was acquired at an average price of $8.01 per share, for a total transaction of $500,625.00. Following the completion of the purchase, the director now directly owns 306,887 shares of the company's stock, valued at $2,458,164.87. This trade represents a 25.57 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Todd A. Becker sold 134,250 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $10.75, for a total value of $1,443,187.50. Following the sale, the director now directly owns 195,687 shares of the company's stock, valued at approximately $2,103,635.25. This represents a 40.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 748,282 shares of company stock worth $10,978,104. Corporate insiders own 32.00% of the company's stock.

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Institutional Investors Weigh In On Core Scientific

Hedge funds have recently added to or reduced their stakes in the company. FMR LLC boosted its stake in shares of Core Scientific by 2,937.7% in the fourth quarter. FMR LLC now owns 7,436,229 shares of the company's stock valued at $104,479,000 after buying an additional 7,191,428 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Core Scientific by 54.3% during the 4th quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company's stock worth $272,270,000 after purchasing an additional 6,819,406 shares during the period. Helix Partners Management LP acquired a new stake in shares of Core Scientific in the fourth quarter valued at about $86,498,000. Driehaus Capital Management LLC lifted its position in shares of Core Scientific by 112.1% during the 4th quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company's stock valued at $144,212,000 after acquiring an additional 5,424,901 shares during the period. Finally, Fred Alger Management LLC purchased a new position in Core Scientific in the 4th quarter valued at approximately $62,011,000.

Core Scientific Stock Up 3.3 %

NASDAQ CORZ traded up $0.25 during trading hours on Monday, reaching $7.88. The company's stock had a trading volume of 34,459,635 shares, compared to its average volume of 11,296,764. Core Scientific has a 1 year low of $2.61 and a 1 year high of $18.63. The company has a market capitalization of $2.32 billion, a price-to-earnings ratio of -1.46 and a beta of 6.83. The firm's 50-day moving average price is $11.17 and its 200-day moving average price is $13.13.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.09. The company had revenue of $94.93 million for the quarter, compared to analysts' expectations of $97.07 million. Equities research analysts anticipate that Core Scientific will post 0.52 EPS for the current fiscal year.

About Core Scientific

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.