Core Scientific (NASDAQ:CORZ) Research Coverage Started at Macquarie

Macquarie initiated coverage on shares of Core Scientific (NASDAQ:CORZ) in a research note released on Wednesday, Marketbeat Ratings reports. The firm issued an outperform rating and a $16.00 price objective on the stock.

Several other brokerages have also issued reports on CORZ. BTIG Research upped their price target on Core Scientific from $10.00 to $15.00 and gave the company a buy rating in a research note on Wednesday, June 26th. Cantor Fitzgerald reiterated an overweight rating and set a $20.00 price target on shares of Core Scientific in a research report on Tuesday, September 3rd. Canaccord Genuity Group assumed coverage on shares of Core Scientific in a research note on Monday, September 23rd. They set a buy rating and a $16.00 price target for the company. Needham & Company LLC started coverage on shares of Core Scientific in a report on Wednesday, September 4th. They issued a buy rating and a $16.00 price objective on the stock. Finally, HC Wainwright upped their target price on shares of Core Scientific from $11.00 to $15.00 and gave the company a buy rating in a research report on Wednesday, July 10th. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of Buy and a consensus price target of $15.18.

Core Scientific Stock Down 1.8 %

Shares of NASDAQ CORZ opened at $12.16 on Wednesday. Core Scientific has a 1-year low of $2.61 and a 1-year high of $12.95. The company has a 50-day moving average of $10.34 and a two-hundred day moving average of $7.32.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($4.51) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($4.47). The company had revenue of $141.10 million for the quarter, compared to analysts’ expectations of $128.58 million. Core Scientific’s revenue was up 11.2% on a year-over-year basis. As a group, sell-side analysts forecast that Core Scientific will post 0.01 earnings per share for the current year.

Insider Transactions at Core Scientific

In related news, insider Todd M. Duchene sold 11,582 shares of the company’s 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 completion of the sale, the insider now owns 1,686,474 shares in the company, valued at approximately $15,869,720.34. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, insider Todd M. Duchene sold 11,582 shares of Core Scientific 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. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Denise Marie Brucia Sterling sold 8,752 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $9.41, for a total value of $82,356.32. Following the completion of the transaction, the chief financial officer now owns 122,217 shares of the company’s stock, valued at $1,150,061.97. 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 currently owned by corporate insiders.

Institutional Investors Weigh In On Core Scientific

Several large investors have recently made changes to their positions in the stock. Barings LLC acquired a new position in Core Scientific in the 1st quarter worth $36,515,000. Vanguard Group Inc. acquired a new position in shares of Core Scientific during the first quarter worth about $21,973,000. Kensico Capital Management Corp bought a new position in shares of Core Scientific during the first quarter worth about $18,513,000. Van ECK Associates Corp acquired a new stake in Core Scientific in the 2nd quarter valued at approximately $12,239,000. Finally, Vident Advisory LLC bought a new stake in Core Scientific in the 1st quarter valued at approximately $4,047,000.

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.