Core Scientific (NASDAQ:CORZ) Earns Outperform Rating from Analysts at Keefe, Bruyette & Woods

Analysts at Keefe, Bruyette & Woods began coverage on shares of Core Scientific (NASDAQ:CORZ - Get Free Report) in a research report issued on Monday, MarketBeat Ratings reports. The brokerage set an "outperform" rating and a $22.00 price target on the stock. Keefe, Bruyette & Woods' price target would suggest a potential upside of 95.45% from the company's previous close.

CORZ has been the subject of a number of other reports. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $20.00 price objective on shares of Core Scientific in a research note on Thursday, October 3rd. Compass Point boosted their target price on Core Scientific from $18.00 to $20.00 and gave the stock a "buy" rating in a research report on Wednesday, October 23rd. B. Riley boosted their target price on Core Scientific from $16.00 to $17.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Roth Mkm began coverage on shares of Core Scientific in a report on Friday, November 15th. They set a "buy" rating and a $25.50 price objective for the company. Finally, Needham & Company LLC restated a "buy" rating and set a $18.00 price objective on shares of Core Scientific in a report on Friday, January 17th. Fifteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $19.07.

Core Scientific Stock Down 29.6 %

CORZ stock traded down $4.72 during midday trading on Monday, reaching $11.26. 51,711,568 shares of the company's stock traded hands, compared to its average volume of 11,221,646. The company has a 50-day simple moving average of $15.56 and a two-hundred day simple moving average of $13.01. Core Scientific has a 1-year low of $2.61 and a 1-year high of $18.63. The company has a market cap of $3.14 billion and a price-to-earnings ratio of -2.08.

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

Insider Activity at Core Scientific

In other Core Scientific news, Director Yadin Rozov sold 105,000 shares of the firm's stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $18.11, for a total transaction of $1,901,550.00. Following the completion of the sale, the director now directly owns 345,239 shares in the company, valued at $6,252,278.29. This trade represents a 23.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Todd M. Duchene sold 25,000 shares of the firm's stock in a transaction that occurred 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 sale, the insider now owns 1,661,474 shares of the company's stock, valued at $28,411,205.40. This trade represents a 1.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 349,043 shares of company stock worth $5,449,345. Insiders own 32.00% of the company's stock.

Institutional Trading of Core Scientific

Several hedge funds have recently added to or reduced their stakes in the company. ORG Wealth Partners LLC acquired a new stake in shares of Core Scientific during the third quarter worth $106,266,000. Rush Island Management LP acquired a new stake in Core Scientific in the 3rd quarter worth about $32,221,000. Taconic Capital Advisors LP boosted its holdings 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 purchasing an additional 1,742,462 shares during the period. Mirabella Financial Services LLP acquired a new position in shares of 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 worth $62,594,000 after purchasing an additional 1,113,285 shares during the period.

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.