Core Scientific (NASDAQ:CORZ) Upgraded by B. Riley to Buy

B. Riley upgraded shares of Core Scientific (NASDAQ:CORZ) from a neutral rating to a buy rating in a report released on Wednesday, MarketBeat.com reports. B. Riley currently has $13.00 target price on the stock, up from their previous target price of $0.50. B. Riley also issued estimates for Core Scientific’s Q2 2024 earnings at $0.04 EPS, Q3 2024 earnings at ($0.01) EPS, Q4 2024 earnings at ($0.01) EPS, FY2024 earnings at $0.80 EPS, Q1 2025 earnings at $0.00 EPS, Q2 2025 earnings at $0.01 EPS, Q3 2025 earnings at $0.03 EPS, Q4 2025 earnings at $0.04 EPS and FY2025 earnings at $0.08 EPS.

Other equities research analysts have also issued reports about the stock. HC Wainwright increased their target price on shares of Core Scientific from $11.00 to $15.00 and gave the stock a buy rating in a report on Wednesday, July 10th. Sanford C. Bernstein started coverage on shares of Core Scientific in a report on Wednesday, July 10th. They set an outperform rating and a $17.00 target price on the stock. 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. Finally, BTIG Research increased their target price on shares of Core Scientific from $10.00 to $15.00 and gave the stock a buy rating in a report on Wednesday, June 26th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Core Scientific presently has an average rating of Buy and a consensus target price of $14.71.

Core Scientific Stock Up 2.3 %

NASDAQ:CORZ opened at $10.39 on Wednesday. The company has a 50 day moving average price of $7.71 and a 200 day moving average price of $4.66. Core Scientific has a fifty-two week low of $2.61 and a fifty-two week high of $12.25.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings data on Wednesday, May 8th. The company reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.05 by $0.14. The company had revenue of $179.29 million for the quarter, compared to analysts’ expectations of $139.60 million. On average, sell-side analysts anticipate that Core Scientific will post 0.37 earnings per share for the current year.

Insider Activity

In other news, insider Todd M. Duchene sold 3,770 shares of the firm’s stock in a transaction 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 sale, the insider now directly owns 393,428 shares in the company, valued at approximately $3,930,345.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Todd M. Duchene sold 3,770 shares of the stock in a transaction 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 transaction, the insider now directly owns 393,428 shares of the company’s stock, valued at approximately $3,930,345.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Todd M. Duchene sold 7,321 shares of the stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $9.39, for a total transaction of $68,744.19. Following the completion of the transaction, the insider now directly owns 359,877 shares in the company, valued at $3,379,245.03. The disclosure for this sale can be found here. Company insiders own 32.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CORZ. Fiduciary Alliance LLC purchased a new position in shares of Core Scientific in the 1st quarter valued at $84,000. Hexagon Capital Partners LLC purchased a new position in shares of Core Scientific in the 1st quarter valued at $34,000. Lindbrook Capital LLC purchased a new position in Core Scientific during the 1st quarter worth $65,000. Perigon Wealth Management LLC purchased a new position in Core Scientific during the 1st quarter worth $688,000. Finally, Capstone Investment Advisors LLC purchased a new position in Core Scientific during the 1st quarter worth $307,000.

Core Scientific Company Profile

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.