Core Scientific (NASDAQ:CORZ) Earns Outperform Rating from Analysts at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods initiated coverage on shares of Core Scientific (NASDAQ:CORZ) in a report issued on Monday,Briefing.com Automated Import reports. The firm set an “outperform” rating and a $22.00 price target on the stock. Keefe, Bruyette & Woods’ price objective points to a potential upside of 37.67% from the company’s current price.

CORZ has been the topic of several other research reports. HC Wainwright lifted their price target on Core Scientific from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $17.00 target price on shares of Core Scientific in a research note on Thursday, November 7th. B. Riley increased their price target on shares of Core Scientific from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Jefferies Financial Group started coverage on shares of Core Scientific in a research report on Monday, October 28th. They set a “buy” rating and a $19.00 price target on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $18.00 price objective on shares of Core Scientific in a research report on Friday, January 17th. Fifteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Core Scientific presently has an average rating of “Buy” and a consensus target price of $19.07.

Core Scientific Price Performance

CORZ opened at $15.98 on Monday. The firm has a market capitalization of $4.46 billion and a price-to-earnings ratio of -2.95. The company’s 50 day simple moving average is $15.56 and its two-hundred day simple moving average is $13.01. Core Scientific has a 1-year low of $2.61 and a 1-year high of $18.63.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.02). The company had revenue of $95.35 million during the quarter, compared to analysts’ expectations of $94.80 million. On average, equities analysts anticipate that Core Scientific will post 0.5 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Todd M. Duchene sold 25,000 shares of the stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $17.10, for a total value of $427,500.00. Following the sale, the insider now directly owns 1,661,474 shares in the company, valued at approximately $28,411,205.40. This trade represents a 1.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Yadin Rozov sold 105,000 shares of the business’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $18.11, for a total value of $1,901,550.00. Following the transaction, the director now directly owns 345,239 shares of the company’s stock, valued at $6,252,278.29. The trade was a 23.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 349,043 shares of company stock valued at $5,449,345. Corporate insiders own 32.00% of the company’s stock.

Hedge Funds Weigh In On Core Scientific

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC purchased a new stake in shares of Core Scientific during the second quarter worth approximately $2,213,000. Amalgamated Bank acquired a new position in Core Scientific during the 2nd quarter worth approximately $115,000. Xponance Inc. acquired a new stake in Core Scientific in the second quarter valued at $104,000. Marshall Wace LLP lifted its holdings in Core Scientific by 284.9% during the 2nd quarter. Marshall Wace LLP now owns 444,983 shares of the company’s stock worth $4,138,000 after buying an additional 329,385 shares during the last quarter. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of Core Scientific during the 2nd quarter worth about $598,000.

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.