Core Scientific (NASDAQ:CORZ) Given “Buy” Rating at Canaccord Genuity Group

Canaccord Genuity Group reaffirmed their buy rating on shares of Core Scientific (NASDAQ:CORZ) in a report published on Thursday,Benzinga reports. Canaccord Genuity Group currently has a $17.00 price target on the stock.

A number of other equities research analysts have also recently commented on CORZ. Cantor Fitzgerald restated an “overweight” rating and set a $20.00 target price on shares of Core Scientific in a research report on Thursday, October 3rd. Canaccord Genuity Group initiated coverage on Core Scientific in a research report on Monday, September 23rd. They set a “buy” rating and a $16.00 target price on the stock. Macquarie initiated coverage on Core Scientific in a research report on Wednesday, September 25th. They set an “outperform” rating and a $16.00 target price on the stock. HC Wainwright raised their target price on Core Scientific from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday. Finally, B. Riley raised their target price on Core Scientific from $13.00 to $14.00 and gave the company a “buy” rating in a research report on Friday, October 11th. Twelve equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Core Scientific has an average rating of “Buy” and a consensus target price of $17.21.

Core Scientific Price Performance

CORZ traded up $0.30 during midday trading on Thursday, hitting $16.76. 6,973,396 shares of the company were exchanged, compared to its average volume of 8,839,030. The company’s 50 day simple moving average is $12.21 and its 200 day simple moving average is $9.30. Core Scientific has a 1-year low of $2.61 and a 1-year high of $17.00.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($4.51) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($4.47). The business had revenue of $141.10 million during the quarter, compared to the consensus estimate of $128.58 million. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. Research analysts predict that Core Scientific will post 0.81 earnings per share for the current year.

Insider Activity

In other news, insider Todd M. Duchene sold 11,582 shares of Core Scientific stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $9.41, for a total transaction of $108,986.62. Following the sale, the insider now owns 1,686,474 shares of the company’s stock, valued at approximately $15,869,720.34. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Todd M. Duchene sold 11,582 shares of Core Scientific stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $9.41, for a total value of $108,986.62. Following the completion of the sale, the insider now owns 1,686,474 shares in the company, valued at approximately $15,869,720.34. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Denise Marie Brucia Sterling sold 8,752 shares of the business’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $9.41, for a total transaction of $82,356.32. Following the completion of the transaction, the chief financial officer now owns 122,217 shares of the company’s stock, valued at approximately $1,150,061.97. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have bought 12,761 shares of company stock valued at $127,080.

Hedge Funds Weigh In On Core Scientific

Institutional investors have recently modified their holdings of the business. Banque Cantonale Vaudoise acquired a new position in shares of Core Scientific in the second quarter worth $28,000. Aspect Partners LLC acquired a new position in shares of Core Scientific during the first quarter worth $29,000. Sunbelt Securities Inc. acquired a new position in shares of Core Scientific during the second quarter worth $33,000. Rise Advisors LLC acquired a new position in shares of Core Scientific during the second quarter worth $65,000. Finally, Divisadero Street Capital Management LP acquired a new position in shares of Core Scientific during the second quarter worth $93,000.

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.