Sanford C. Bernstein Begins Coverage on Core Scientific (NASDAQ:CORZ)

Sanford C. Bernstein assumed coverage on shares of Core Scientific (NASDAQ:CORZ) in a report published on Wednesday, Marketbeat Ratings reports. The brokerage issued an outperform rating and a $17.00 target price on the stock.

Several other equities research analysts also recently commented on CORZ. LADENBURG THALM/SH SH reiterated a buy rating and set a $14.50 target price on shares of Core Scientific in a report on Tuesday, July 2nd. BTIG Research lifted their price objective on Core Scientific from $10.00 to $15.00 and gave the stock a buy rating in a report on Wednesday, June 26th. Finally, HC Wainwright lifted their price objective on Core Scientific from $5.00 to $11.00 and gave the stock a buy rating in a report on Tuesday, June 25th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Core Scientific currently has a consensus rating of Buy and a consensus target price of $14.00.

Core Scientific Price Performance

Shares of NASDAQ:CORZ opened at $10.10 on Wednesday. The stock’s 50-day moving average price is $7.11 and its two-hundred day moving average price is $4.40. Core Scientific has a 12-month low of $2.61 and a 12-month high of $11.00.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings results on Wednesday, May 8th. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.14. The business had revenue of $179.29 million during the quarter, compared to analyst estimates of $139.60 million. Analysts expect that Core Scientific will post -0.07 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Core Scientific news, insider Todd M. Duchene sold 7,321 shares of Core Scientific stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $9.39, for a total transaction of $68,744.19. Following the sale, the insider now directly owns 359,877 shares in the company, valued at approximately $3,379,245.03. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Todd M. Duchene sold 7,321 shares of the business’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $9.39, for a total value of $68,744.19. Following the completion of the sale, the insider now directly owns 359,877 shares in the company, valued at approximately $3,379,245.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Todd M. Duchene sold 3,770 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $9.99, for a total value of $37,662.30. Following the completion of the sale, the insider now owns 393,428 shares of the company’s stock, valued at $3,930,345.72. The disclosure for this sale can be found here. 32.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Core Scientific

A number of institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC bought a new stake in shares of Core Scientific in the 2nd quarter valued at approximately $1,792,000. Rise Advisors LLC acquired a new position in Core Scientific during the 2nd quarter valued at approximately $65,000. Aspect Partners LLC acquired a new position in Core Scientific during the 1st quarter valued at approximately $29,000. Kensico Capital Management Corp acquired a new position in Core Scientific during the 1st quarter valued at approximately $18,513,000. Finally, Anson Funds Management LP acquired a new position in Core Scientific during the 1st quarter valued at approximately $1,000,000.

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.