HC Wainwright Reiterates “Buy” Rating for Core Scientific (NASDAQ:CORZ)

Core Scientific (NASDAQ:CORZ)‘s stock had its “buy” rating reiterated by equities researchers at HC Wainwright in a research report issued on Tuesday,Benzinga reports. They presently have a $17.00 price objective on the stock. HC Wainwright’s price objective points to a potential upside of 101.83% from the stock’s previous close.

CORZ has been the subject of several other reports. Roth Mkm began coverage on shares of Core Scientific in a research report on Friday, November 15th. They set a “buy” rating and a $25.50 target price for the company. BTIG Research boosted their price objective on shares of Core Scientific from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, December 16th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $17.00 target price on shares of Core Scientific in a report on Thursday, February 27th. Craig Hallum assumed coverage on Core Scientific in a report on Tuesday, January 21st. They set a “buy” rating and a $24.00 price target for the company. Finally, Cantor Fitzgerald decreased their price objective on Core Scientific from $24.00 to $21.00 and set an “overweight” rating on the stock in a research note on Thursday, February 27th. Fifteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $19.07.

Core Scientific Stock Performance

Shares of CORZ stock traded up $0.41 on Tuesday, reaching $8.42. The stock had a trading volume of 13,180,091 shares, compared to its average volume of 14,257,752. Core Scientific has a 1 year low of $2.61 and a 1 year high of $18.63. The stock has a market cap of $2.48 billion, a P/E ratio of -1.56 and a beta of 6.83. The company has a 50 day simple moving average of $12.53 and a 200 day simple moving average of $13.29.

Core Scientific (NASDAQ:CORZ) last announced its earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping 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. On average, equities research analysts anticipate that Core Scientific will post 0.52 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Jordan Levy acquired 62,500 shares of the business’s stock in a transaction dated Thursday, March 6th. The stock was purchased at an average price of $8.01 per share, for a total transaction of $500,625.00. Following the completion of the transaction, the director now directly owns 306,887 shares in the company, valued at approximately $2,458,164.87. This trade represents a 25.57 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Adam Taylor Sullivan sold 369,712 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 $6,004,122.88. Following the completion of the sale, the chief executive officer now directly owns 3,758,793 shares in the company, valued at $61,042,798.32. This trade represents a 8.96 % decrease in their ownership of the stock. 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. Insiders own 32.00% of the company’s stock.

Hedge Funds Weigh In On Core Scientific

Institutional investors have recently added to or reduced their stakes in the company. Wellington Shields & Co. LLC bought a new position in shares of Core Scientific during the 4th quarter valued at approximately $26,000. First Horizon Advisors Inc. purchased a new position in shares of Core Scientific in the 4th quarter worth $34,000. Newbridge Financial Services Group Inc. bought a new stake in shares of Core Scientific in the 4th quarter worth about $42,000. Vestcor Inc purchased a new stake in shares of Core Scientific during the 4th quarter valued at about $66,000. Finally, US Bancorp DE bought a new position in shares of Core Scientific in the 4th quarter valued at about $99,000.

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.