Core Scientific, Inc. (NASDAQ:CORZ) Stock Has Consensus Target Price of $31.36

Shares of Core Scientific, Inc. (NASDAQ:CORZ) have received a consensus recommendation of “Moderate Buy” from the twenty-three ratings firms that are covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, two have given a hold recommendation, eighteen have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $31.36.

Several analysts have commented on CORZ shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Core Scientific in a research note on Thursday. Canaccord Genuity Group reiterated a “buy” rating and issued a $36.00 target price on shares of Core Scientific in a research note on Thursday, October 15th. UBS Group reiterated a “market outperform” rating on shares of Core Scientific in a research note on Wednesday, October 14th. Wells Fargo & Company initiated coverage on Core Scientific in a report on Thursday, September 17th. They issued an “overweight” rating and a $28.00 target price on the stock. Finally, Citigroup restated a “market outperform” rating on shares of Core Scientific in a research note on Wednesday, October 14th.

Core Scientific Stock Performance

NASDAQ CORZ opened at $13.73 on Tuesday. The firm’s fifty day moving average is $17.19 and its two-hundred day moving average is $21.04. Core Scientific has a one year low of $12.31 and a one year high of $30.46. The firm has a market cap of $4.41 billion, a PE ratio of -3.11 and a beta of 5.49.

Core Scientific (NASDAQ:CORZ) last announced its earnings results on Tuesday, July 28th. The company reported ($3.32) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The firm had revenue of $164.20 million for the quarter, compared to analyst estimates of $144.83 million. Research analysts predict that Core Scientific will post -1.36 earnings per share for the current year.

Insiders Place Their Bets

In other Core Scientific news, insider Todd DuChene sold 10,000 shares of the business’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $19.97, for a total value of $199,700.00. Following the transaction, the insider directly owned 1,969,101 shares of the company’s stock, valued at approximately $39,322,946.97. The trade was a 0.51% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Eric Weiss acquired 7,000 shares of the company’s stock in a transaction on Tuesday, August 18th. The stock was purchased at an average cost of $19.19 per share, for a total transaction of $134,330.00. Following the completion of the purchase, the director directly owned 259,262 shares in the company, valued at $4,975,237.78. This trade represents a 2.77% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders purchased 19,000 shares of company stock worth $342,290 and sold 90,000 shares worth $1,658,300. Company insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Parkside Financial Bank & Trust boosted its holdings in Core Scientific by 1,371.3% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,177 shares of the company’s stock valued at $30,000 after purchasing an additional 1,097 shares in the last quarter. CoreCap Advisors LLC acquired a new position in Core Scientific during the 2nd quarter worth approximately $36,000. Rakuten Securities Inc. purchased a new position in shares of Core Scientific during the 2nd quarter worth approximately $47,000. GAMMA Investing LLC raised its stake in shares of Core Scientific by 34.5% during the 2nd quarter. GAMMA Investing LLC now owns 3,049 shares of the company’s stock worth $78,000 after buying an additional 782 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in shares of Core Scientific by 41.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,396 shares of the company’s stock worth $66,000 after buying an additional 1,285 shares in the last quarter.

About Core Scientific

Core Scientific, Inc is a digital infrastructure company that develops and operates data centers for high-performance computing. The company has historically focused on bitcoin mining, using specialized computing equipment and supporting infrastructure to validate transactions on the Bitcoin network. It also provides hosting and infrastructure services for other digital asset miners.

Core Scientific is expanding its business toward hosting high-performance computing and artificial intelligence workloads.