Core Scientific’s (CORZ) “Buy” Rating Reiterated at HC Wainwright

Core Scientific (NASDAQ:CORZ)‘s stock had its “buy” rating reissued by analysts at HC Wainwright in a research report issued on Thursday,Benzinga reports. They presently have a $17.00 target price on the stock. HC Wainwright’s price target suggests a potential upside of 69.66% from the company’s previous close.

Several other equities analysts also recently commented on CORZ. Keefe, Bruyette & Woods assumed coverage on Core Scientific in a research report on Monday, January 27th. They issued an “outperform” rating and a $22.00 target price for the company. Roth Mkm started coverage on shares of Core Scientific in a report on Friday, November 15th. They issued a “buy” rating and a $25.50 price objective for the company. Roth Capital raised shares of Core Scientific to a “strong-buy” rating in a report on Thursday, November 14th. Compass Point dropped their price target on shares of Core Scientific from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, Needham & Company LLC reduced their price objective on shares of Core Scientific from $18.00 to $17.00 and set a “buy” rating on the stock in a research note on Thursday. Fifteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Core Scientific currently has a consensus rating of “Buy” and an average price target of $19.00.

Core Scientific Price Performance

Shares of NASDAQ:CORZ opened at $10.02 on Thursday. Core Scientific has a one year low of $2.61 and a one year high of $18.63. The company has a market cap of $2.80 billion and a price-to-earnings ratio of -1.85. The firm has a 50 day simple moving average of $13.34 and a 200 day simple moving average of $13.28.

Core Scientific (NASDAQ:CORZ) last announced its quarterly 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. As a group, analysts expect that Core Scientific will post 0.52 EPS for the current year.

Insider Transactions at Core Scientific

In other news, insider Todd M. Duchene sold 129,861 shares of the company’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 $1,849,220.64. Following the transaction, the insider now directly owns 2,051,649 shares of the company’s stock, valued at $29,215,481.76. This represents a 5.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Adam Taylor Sullivan sold 369,712 shares of Core Scientific stock in a transaction 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 directly owns 3,758,793 shares of the company’s stock, valued at approximately $61,042,798.32. The trade was a 8.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 614,032 shares of company stock valued at $9,534,916 in the last 90 days. 32.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Core Scientific

A number of institutional investors and hedge funds have recently made changes to their positions in CORZ. Wealth Enhancement Advisory Services LLC increased its holdings in Core Scientific by 25.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 98,077 shares of the company’s stock worth $1,378,000 after purchasing an additional 20,000 shares in the last quarter. Highland Peak Capital LLC boosted its position in shares of Core Scientific by 37.9% during the third quarter. Highland Peak Capital LLC now owns 413,584 shares of the company’s stock valued at $4,905,000 after buying an additional 113,584 shares during the last quarter. Mirabella Financial Services LLP bought a new stake in Core Scientific during the third quarter worth $18,383,000. Van ECK Associates Corp raised its position in Core Scientific by 22.9% in the 3rd quarter. Van ECK Associates Corp now owns 1,616,944 shares of the company’s stock valued at $19,177,000 after buying an additional 300,942 shares during the last quarter. Finally, Capstone Investment Advisors LLC lifted its stake in Core Scientific by 113.4% during the 3rd quarter. Capstone Investment Advisors LLC now owns 55,000 shares of the company’s stock valued at $652,000 after acquiring an additional 29,230 shares in the last quarter.

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.