Core Scientific (NASDAQ:CORZ) Earns Buy Rating from Analysts at Craig Hallum

Craig Hallum initiated coverage on shares of Core Scientific (NASDAQ:CORZ) in a research note released on Tuesday morning, Marketbeat Ratings reports. The firm issued a buy rating and a $24.00 price target on the stock.

Several other brokerages also recently issued reports on CORZ. Roth Capital raised shares of Core Scientific to a “strong-buy” rating in a report on Thursday, November 14th. Compass Point boosted their target price on shares of Core Scientific from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. HC Wainwright upped their target price on shares of Core Scientific from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 price target on shares of Core Scientific in a report on Friday, January 17th. Finally, BTIG Research increased their price objective on Core Scientific from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Fourteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Core Scientific currently has a consensus rating of “Buy” and a consensus target price of $18.86.

Core Scientific Stock Up 2.3 %

CORZ opened at $16.34 on Tuesday. The company’s 50-day moving average price is $15.54 and its 200 day moving average price is $12.90. Core Scientific has a fifty-two week low of $2.61 and a fifty-two week high of $18.63. The firm has a market cap of $4.56 billion and a price-to-earnings ratio of -3.02.

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

Insider Buying and Selling

In other news, CEO Adam Taylor Sullivan sold 88,380 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total transaction of $1,258,531.20. Following the completion of the sale, the chief executive officer now owns 4,128,505 shares in the company, valued at approximately $58,789,911.20. This represents a 2.10 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Yadin Rozov sold 105,000 shares of the firm’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 sale, the director now directly owns 345,239 shares of the company’s stock, valued at approximately $6,252,278.29. This represents a 23.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 348,241 shares of company stock valued at $5,436,802 over the last three months. Company insiders own 32.00% of the company’s stock.

Hedge Funds Weigh In On Core Scientific

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Moody Aldrich Partners LLC acquired a new stake in Core Scientific during the 4th quarter worth about $4,853,000. Mount Yale Investment Advisors LLC acquired a new stake in shares of Core Scientific during the fourth quarter valued at approximately $421,000. KBC Group NV purchased a new stake in shares of Core Scientific in the 4th quarter valued at approximately $114,000. Duncan Williams Asset Management LLC purchased a new stake in shares of Core Scientific in the 4th quarter valued at approximately $141,000. Finally, Exchange Traded Concepts LLC boosted its stake in Core Scientific by 27.6% in the 4th quarter. Exchange Traded Concepts LLC now owns 629,329 shares of the company’s stock worth $8,842,000 after purchasing an additional 136,212 shares during the period.

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.