Brokerages Set Core Scientific, Inc. (NASDAQ:CORZ) PT at $16.50

Shares of Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) have earned a consensus recommendation of "Buy" from the eleven brokerages that are currently covering the company, Marketbeat Ratings reports. Eleven investment analysts have rated the stock with a buy recommendation. The average 12-month price target among brokers that have covered the stock in the last year is $16.50.

A number of research analysts recently commented on the company. Cantor Fitzgerald restated an "overweight" rating and issued a $20.00 target price on shares of Core Scientific in a research note on Thursday, October 3rd. Canaccord Genuity Group initiated coverage on shares of Core Scientific in a research note on Monday, September 23rd. They issued a "buy" rating and a $16.00 price objective for the company. Sanford C. Bernstein reiterated an "outperform" rating and set a $17.00 target price on shares of Core Scientific in a research report on Tuesday, September 10th. Needham & Company LLC increased their price target on shares of Core Scientific from $16.00 to $17.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, Canaccord Genuity Group lifted their price objective on Core Scientific from $16.00 to $17.00 and gave the company a "buy" rating in a report on Wednesday.

Core Scientific Trading Down 2.3 %

Shares of NASDAQ:CORZ traded down $0.31 during midday trading on Friday, hitting $13.37. The company's stock had a trading volume of 7,903,803 shares, compared to its average volume of 8,680,838. Core Scientific has a fifty-two week low of $2.61 and a fifty-two week high of $14.06. The stock's 50 day simple moving average is $11.57 and its 200 day simple moving average is $8.61.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its earnings results on Wednesday, August 7th. The company reported ($4.51) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.04) by ($4.47). The company had revenue of $141.10 million for the quarter, compared to analyst estimates of $128.58 million. The business's revenue for the quarter was up 11.2% on a year-over-year basis. Equities research analysts predict that Core Scientific will post 0.01 earnings per share for the current year.

Insider Transactions at Core Scientific

In other Core Scientific news, Director Jarrod M. Patten bought 5,021 shares of Core Scientific stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average price of $9.68 per share, with a total value of $48,603.28. Following the purchase, the director now owns 285,760 shares of the company's stock, valued at $2,766,156.80. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Core Scientific news, insider Todd M. Duchene sold 11,582 shares of the firm's stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $9.41, for a total transaction of $108,986.62. Following the transaction, the insider now owns 1,686,474 shares in the company, valued at approximately $15,869,720.34. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jarrod M. Patten purchased 5,021 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was bought at an average cost of $9.68 per share, with a total value of $48,603.28. Following the completion of the purchase, the director now owns 285,760 shares in the company, valued at $2,766,156.80. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 12,761 shares of company stock worth $127,080 over the last 90 days. 32.00% of the stock is owned by insiders.

Institutional Trading of Core Scientific

Several hedge funds have recently added to or reduced their stakes in CORZ. Banque Cantonale Vaudoise bought a new position in Core Scientific in the second quarter valued at approximately $28,000. Aspect Partners LLC acquired a new position in Core Scientific in the 1st quarter worth $29,000. Sunbelt Securities Inc. bought a new position in Core Scientific during the 2nd quarter worth about $33,000. Hexagon Capital Partners LLC acquired a new stake in shares of Core Scientific in the 1st quarter valued at about $34,000. Finally, Rise Advisors LLC bought a new stake in shares of Core Scientific in the second quarter valued at about $65,000.

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.