Core Scientific (NASDAQ:CORZ) Shares Gap Up After Analyst Upgrade

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price gapped up prior to trading on Tuesday after Macquarie raised their price target on the stock from $15.00 to $18.00. The stock had previously closed at $17.33, but opened at $17.99. Macquarie currently has a neutral rating on the stock. Core Scientific shares last traded at $18.00, with a volume of 4,611,455 shares traded.

A number of other brokerages also recently weighed in on CORZ. Roth Mkm reaffirmed a “buy” rating and set a $20.00 target price on shares of Core Scientific in a research note on Thursday, June 26th. Arete began coverage on Core Scientific in a report on Tuesday, July 22nd. They issued a “buy” rating and a $20.00 target price on the stock. Canaccord Genuity Group restated a “buy” rating and set a $17.00 price target on shares of Core Scientific in a report on Friday, June 27th. Needham & Company LLC downgraded shares of Core Scientific from a “moderate buy” rating to a “hold” rating and set a $18.00 price objective on the stock. in a research report on Thursday, July 10th. Finally, JMP Securities reissued a “market perform” rating on shares of Core Scientific in a research report on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Core Scientific presently has an average rating of “Hold” and a consensus target price of $18.71.

Institutional Trading of Core Scientific

Institutional investors have recently bought and sold shares of the stock. Oppenheimer Asset Management Inc. grew its holdings in shares of Core Scientific by 229.9% in the first quarter. Oppenheimer Asset Management Inc. now owns 37,501 shares of the company’s stock worth $272,000 after purchasing an additional 26,135 shares during the last quarter. Heritage Oak Wealth Advisors LLC increased its stake in shares of Core Scientific by 2.4% during the second quarter. Heritage Oak Wealth Advisors LLC now owns 753,846 shares of the company’s stock valued at $12,868,000 after buying an additional 17,709 shares during the period. Summit Trail Advisors LLC bought a new stake in shares of Core Scientific in the first quarter valued at about $357,000. Anson Funds Management LP purchased a new stake in Core Scientific in the first quarter worth about $689,000. Finally, Red Spruce Capital LLC grew its holdings in Core Scientific by 161.3% during the 2nd quarter. Red Spruce Capital LLC now owns 33,221 shares of the company’s stock worth $567,000 after acquiring an additional 20,508 shares in the last quarter.

Core Scientific Trading Up 4.6%

The firm has a market cap of $5.54 billion, a PE ratio of -32.35 and a beta of 6.59. The business’s 50-day simple moving average is $14.66 and its 200 day simple moving average is $11.94.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings data on Friday, August 8th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.03. The business had revenue of $78.63 million for the quarter, compared to the consensus estimate of $82.09 million. The company’s revenue was down 44.3% compared to the same quarter last year. Analysts expect that Core Scientific, Inc. will post 0.52 earnings per share for the current year.

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.