FY2024 EPS Estimates for Core Scientific Lowered by B. Riley

Core Scientific, Inc. (NASDAQ:CORZ - Free Report) - Analysts at B. Riley decreased their FY2024 earnings estimates for Core Scientific in a report issued on Thursday, November 7th. B. Riley analyst L. Pipes now forecasts that the company will post earnings per share of ($0.08) for the year, down from their prior estimate of $0.01. B. Riley has a "Buy" rating and a $17.00 price target on the stock. The consensus estimate for Core Scientific's current full-year earnings is $0.76 per share. B. Riley also issued estimates for Core Scientific's Q4 2024 earnings at ($0.10) EPS, FY2025 earnings at ($0.21) EPS and FY2026 earnings at $0.16 EPS.

Other equities analysts also recently issued research reports about the stock. HC Wainwright lifted their target price on shares of Core Scientific from $15.00 to $17.00 and gave the stock a "buy" rating in a research note on Thursday. Compass Point lifted their target price on shares of Core Scientific from $18.00 to $20.00 and gave the stock a "buy" rating in a research note on Wednesday, October 23rd. Sanford C. Bernstein reiterated an "outperform" rating and issued a $17.00 target price on shares of Core Scientific in a research note on Tuesday, September 10th. Needham & Company LLC lifted their target price on shares of Core Scientific from $17.00 to $18.00 and gave the stock a "buy" rating in a research note on Thursday. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $20.00 target price on shares of Core Scientific in a research note on Thursday, October 3rd. Twelve research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $17.21.

Core Scientific Price Performance

Shares of CORZ traded up $0.21 during trading hours on Monday, hitting $17.17. The company's stock had a trading volume of 10,998,022 shares, compared to its average volume of 8,875,605. The business has a 50 day simple moving average of $12.34 and a two-hundred day simple moving average of $9.48. Core Scientific has a 52-week low of $2.61 and a 52-week high of $18.03.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Barings LLC purchased a new position in Core Scientific during the 1st quarter valued at $36,515,000. ORG Wealth Partners LLC purchased a new position in Core Scientific during the 3rd quarter valued at $106,266,000. Vanguard Group Inc. purchased a new position in Core Scientific during the 1st quarter valued at $21,973,000. Kensico Capital Management Corp purchased a new position in Core Scientific during the 1st quarter valued at $18,513,000. Finally, Van ECK Associates Corp increased its position in Core Scientific by 22.9% during the 3rd quarter. Van ECK Associates Corp now owns 1,616,944 shares of the company's stock valued at $19,177,000 after purchasing an additional 300,942 shares during the period.

Insider Buying and Selling

In related news, insider Todd M. Duchene sold 11,582 shares of Core Scientific stock in a transaction on Friday, August 16th. The shares were sold at an average price of $9.41, for a total value of $108,986.62. Following the transaction, the insider now directly 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 link. In other Core Scientific news, CFO Denise Marie Brucia Sterling sold 8,752 shares of the business's stock in a transaction on Friday, August 16th. The shares were sold at an average price of $9.41, for a total transaction of $82,356.32. Following the transaction, the chief financial officer now directly owns 122,217 shares of the company's stock, valued at approximately $1,150,061.97. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Todd M. Duchene sold 11,582 shares of the business's stock in a transaction on Friday, August 16th. The shares were sold at an average price of $9.41, for a total transaction of $108,986.62. Following the transaction, the insider now directly owns 1,686,474 shares in the company, valued at approximately $15,869,720.34. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have bought a total of 12,761 shares of company stock valued at $127,080 over the last three months. 32.00% of the stock is owned by company insiders.

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.