Core Scientific, Inc. (NASDAQ:CORZ) Given Average Recommendation of “Buy” by Brokerages

Core Scientific, Inc. (NASDAQ:CORZ) has earned a consensus rating of “Buy” from the fourteen research firms that are currently covering the firm, Marketbeat Ratings reports. Thirteen analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $18.46.

CORZ has been the subject of a number of analyst reports. 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. Compass Point raised 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 upped their price target on Core Scientific from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Cantor Fitzgerald reissued an “overweight” rating and set a $20.00 price objective on shares of Core Scientific in a report on Thursday, October 3rd. Finally, Roth Mkm initiated coverage on shares of Core Scientific in a research note on Friday, November 15th. They issued a “buy” rating and a $25.50 target price on the stock.

Insider Buying and Selling

In other news, insider Todd M. Duchene sold 25,000 shares of Core Scientific stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $17.10, for a total transaction of $427,500.00. Following the completion of the sale, the insider now owns 1,661,474 shares in the company, valued at $28,411,205.40. The trade was a 1.48 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Adam Taylor Sullivan sold 88,380 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total transaction of $1,258,531.20. Following the sale, the chief executive officer now directly owns 4,128,505 shares of the company’s stock, valued at approximately $58,789,911.20. This trade represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 348,241 shares of company stock worth $5,436,802 in the last quarter. Insiders own 32.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. ORG Wealth Partners LLC bought a new position in Core Scientific during the 3rd quarter worth approximately $106,266,000. Rush Island Management LP acquired a new stake in Core Scientific in the third quarter worth $32,221,000. Taconic Capital Advisors LP boosted its position in shares of Core Scientific by 178.7% during the third quarter. Taconic Capital Advisors LP now owns 2,717,462 shares of the company’s stock worth $32,229,000 after purchasing an additional 1,742,462 shares in the last quarter. Mirabella Financial Services LLP acquired a new position in shares of Core Scientific in the 3rd quarter valued at $18,383,000. Finally, Geode Capital Management LLC increased its position in shares of Core Scientific by 26.7% in the 3rd quarter. Geode Capital Management LLC now owns 5,276,573 shares of the company’s stock valued at $62,594,000 after buying an additional 1,113,285 shares in the last quarter.

Core Scientific Stock Performance

NASDAQ:CORZ opened at $13.91 on Wednesday. The company has a market capitalization of $3.88 billion and a price-to-earnings ratio of -2.57. The company has a 50-day moving average of $15.70 and a 200-day moving average of $12.71. Core Scientific has a 52 week low of $2.61 and a 52 week high of $18.63.

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.