Core Scientific (NASDAQ:CORZ) Given "Buy" Rating at Canaccord Genuity Group

Canaccord Genuity Group reiterated their buy rating on shares of Core Scientific (NASDAQ:CORZ - Free Report) in a research note released on Wednesday morning,Benzinga reports. Canaccord Genuity Group currently has a $17.00 price objective on the stock.

Several other research firms also recently weighed in on CORZ. Macquarie raised their price objective on Core Scientific from $16.00 to $19.00 and gave the company an "outperform" rating in a research note on Thursday, November 14th. Compass Point dropped their price objective on Core Scientific from $26.00 to $20.00 and set a "buy" rating for the company in a research note on Tuesday, February 25th. HC Wainwright reaffirmed a "buy" rating and issued a $17.00 price objective on shares of Core Scientific in a research note on Tuesday, March 11th. Roth Capital raised Core Scientific to a "strong-buy" rating in a research report on Thursday, November 14th. Finally, Craig Hallum assumed coverage on Core Scientific in a research report on Tuesday, January 21st. They set a "buy" rating and a $24.00 price target for the company. Fifteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Core Scientific currently has an average rating of "Buy" and an average price target of $19.07.

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Core Scientific Trading Down 0.6 %

Shares of CORZ traded down $0.05 during mid-day trading on Wednesday, hitting $8.76. The company's stock had a trading volume of 11,888,865 shares, compared to its average volume of 10,810,961. Core Scientific has a 1-year low of $2.61 and a 1-year high of $18.63. The firm has a market capitalization of $2.58 billion, a P/E ratio of -1.62 and a beta of 6.83. The firm has a 50-day simple moving average of $12.08 and a 200 day simple moving average of $13.24.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $94.93 million during the quarter, compared to analysts' expectations of $97.07 million. As a group, sell-side analysts predict that Core Scientific will post 0.52 EPS for the current fiscal year.

Insiders Place Their Bets

In other Core Scientific news, Director Jordan Levy purchased 62,500 shares of the business's stock in a transaction that occurred on Thursday, March 6th. The shares were 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 owns 306,887 shares in the company, valued at $2,458,164.87. The trade was a 25.57 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Adam Taylor Sullivan sold 88,380 shares of the business's stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total value of $1,258,531.20. Following the completion of the transaction, the chief executive officer now owns 4,128,505 shares in the company, valued at approximately $58,789,911.20. This trade represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 748,282 shares of company stock worth $10,978,104 over the last quarter. 32.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Xponance Inc. increased its holdings in Core Scientific by 7.9% in the fourth quarter. Xponance Inc. now owns 12,800 shares of the company's stock valued at $180,000 after buying an additional 937 shares during the last quarter. Summit Investment Advisors Inc. increased its holdings in Core Scientific by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 18,658 shares of the company's stock valued at $262,000 after buying an additional 1,185 shares during the last quarter. Wellington Shields & Co. LLC bought a new stake in Core Scientific in the fourth quarter valued at about $26,000. First Horizon Advisors Inc. bought a new stake in Core Scientific in the fourth quarter valued at about $34,000. Finally, Joel Isaacson & Co. LLC increased its holdings in Core Scientific by 4.5% in the fourth quarter. Joel Isaacson & Co. LLC now owns 58,011 shares of the company's stock valued at $815,000 after buying an additional 2,500 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.