Core Scientific (NASDAQ:CORZ) Receives Buy Rating from Canaccord Genuity Group

Canaccord Genuity Group reiterated their buy rating on shares of Core Scientific (NASDAQ:CORZ) in a research report sent to investors on Wednesday morning,Benzinga reports. Canaccord Genuity Group currently has a $17.00 target price on the stock.

Several other equities analysts have also commented on the stock. Cantor Fitzgerald dropped their price target on shares of Core Scientific from $24.00 to $21.00 and set an “overweight” rating on the stock in a research note on Thursday, February 27th. Roth Mkm started coverage on shares of Core Scientific in a research report on Friday, November 15th. They issued a “buy” rating and a $25.50 price objective for the company. Craig Hallum assumed coverage on Core Scientific in a report on Tuesday, January 21st. They issued a “buy” rating and a $24.00 target price on the stock. Needham & Company LLC reduced their target price on shares of Core Scientific from $18.00 to $17.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Finally, Keefe, Bruyette & Woods assumed coverage on Core Scientific in a report on Monday, January 27th. They set an “outperform” rating and a $22.00 price objective for the company. Fifteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $19.07.

Core Scientific Trading Up 3.7 %

Shares of NASDAQ CORZ opened at $8.95 on Wednesday. Core Scientific has a 12-month low of $2.61 and a 12-month high of $18.63. The stock has a market cap of $2.63 billion, a PE ratio of -1.65 and a beta of 6.83. The company has a 50-day moving average of $12.32 and a 200 day moving average of $13.24.

Core Scientific (NASDAQ:CORZ) last released its earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.09. The company had revenue of $94.93 million during the quarter, compared to analysts’ expectations of $97.07 million. On average, sell-side analysts forecast that Core Scientific will post 0.52 EPS for the current fiscal year.

Insiders Place Their Bets

In other Core Scientific news, insider Todd M. Duchene sold 25,277 shares of Core Scientific stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $16.24, for a total value of $410,498.48. Following the transaction, the insider now owns 2,023,423 shares in the company, valued at $32,860,389.52. The trade was a 1.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Adam Taylor Sullivan sold 369,712 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $16.24, for a total transaction of $6,004,122.88. Following the completion of the sale, the chief executive officer now owns 3,758,793 shares in the company, valued at approximately $61,042,798.32. The trade was a 8.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 748,282 shares of company stock worth $10,978,104 in the last quarter. 32.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Core Scientific in the fourth quarter valued at about $8,827,000. Neo Ivy Capital Management raised its holdings in Core Scientific by 731.2% in the 4th quarter. Neo Ivy Capital Management now owns 135,642 shares of the company’s stock valued at $1,905,000 after buying an additional 119,324 shares during the last quarter. Two Seas Capital LP boosted its position in Core Scientific by 9.2% during the 4th quarter. Two Seas Capital LP now owns 6,232,888 shares of the company’s stock worth $87,572,000 after buying an additional 527,097 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Core Scientific by 76.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 394,999 shares of the company’s stock worth $5,550,000 after acquiring an additional 171,461 shares during the last quarter. Finally, Voloridge Investment Management LLC increased its position in Core Scientific by 4.5% in the 4th quarter. Voloridge Investment Management LLC now owns 4,048,932 shares of the company’s stock valued at $56,887,000 after acquiring an additional 175,587 shares during the period.

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.