Core Scientific (NASDAQ:CORZ) Stock Moved Up to “Strong-Buy” by Zacks Research

Core Scientific (NASDAQ:CORZ) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Tuesday, Zacks reports.

Several other research firms also recently weighed in on CORZ. Wolfe Research reiterated a “buy” rating on shares of Core Scientific in a research report on Wednesday, July 29th. Cantor Fitzgerald restated an “overweight” rating and issued a $39.00 price target on shares of Core Scientific in a research report on Wednesday, October 14th. Keefe, Bruyette & Woods raised Core Scientific from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $25.00 to $28.00 in a research note on Thursday, July 30th. Wall Street Zen raised Core Scientific from a “sell” rating to a “hold” rating in a research note on Saturday, November 7th. Finally, Wells Fargo & Company initiated coverage on Core Scientific in a research report on Thursday, September 17th. They set an “overweight” rating and a $28.00 price objective on the stock. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Core Scientific currently has a consensus rating of “Buy” and an average target price of $30.32.

Core Scientific Price Performance

Shares of Core Scientific stock opened at $14.57 on Tuesday. The company’s fifty day simple moving average is $15.51 and its 200-day simple moving average is $19.41. The stock has a market capitalization of $4.70 billion, a PE ratio of 50.50 and a beta of 5.56. Core Scientific has a 1-year low of $10.59 and a 1-year high of $30.46.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings data on Thursday, November 5th. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.52. The firm had revenue of $232.87 million during the quarter, compared to the consensus estimate of $196.54 million. Core Scientific had a negative net margin of 18.31% and a negative return on equity of 70.05%. As a group, research analysts anticipate that Core Scientific will post 0.08 EPS for the current year.

Insider Buying and Selling at Core Scientific

In other news, Director Eric Weiss bought 6,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The stock was bought at an average price of $16.33 per share, with a total value of $97,980.00. Following the acquisition, the director owned 265,262 shares of the company’s stock, valued at approximately $4,331,728.46. This represents a 2.31% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $12.78, for a total value of $127,800.00. Following the completion of the sale, the insider owned 1,123,286 shares of the company’s stock, valued at $14,355,595.08. The trade was a 0.88% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have bought 19,000 shares of company stock worth $342,290 and have sold 90,000 shares worth $1,428,900. 1.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Core Scientific

Institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. purchased a new position in shares of Core Scientific in the second quarter valued at about $719,649,000. Apollo Management Holdings L.P. bought a new position in shares of Core Scientific in the second quarter worth about $115,671,000. Avala Global LP purchased a new stake in shares of Core Scientific during the second quarter worth about $101,729,000. Bank of America Corp DE purchased a new stake in shares of Core Scientific during the second quarter worth about $93,668,000. Finally, Squarepoint Ops LLC grew its position in shares of Core Scientific by 64.1% during the second quarter. Squarepoint Ops LLC now owns 2,686,177 shares of the company’s stock worth $68,739,000 after purchasing an additional 1,049,678 shares in the last quarter.

Core Scientific Company Profile

Core Scientific, Inc. is a U.S.-based digital infrastructure company that operates data centers and provides computing services. Its business includes mining bitcoin, which involves using specialized computers to help process transactions and secure the Bitcoin network, as well as hosting equipment for third-party mining customers. The company also provides data center infrastructure for high-performance computing workloads, including artificial intelligence applications. Its facilities and services are designed to support the power, cooling, and computing needs of these operations.