Freedom Capital Upgrades Core Scientific (NASDAQ:CORZ) to “Strong-Buy”

Core Scientific (NASDAQ:CORZ) was upgraded by analysts at Freedom Capital from a “hold” rating to a “strong-buy” rating in a research note issued on Thursday,Zacks.com reports.

A number of other equities research analysts have also weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Core Scientific in a research report on Friday, July 17th. Needham & Company LLC increased their target price on Core Scientific from $29.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday. Lucid Cap Mkts raised Core Scientific to a “strong-buy” rating in a research note on Friday, June 12th. B. Riley Financial boosted their price target on Core Scientific from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Wednesday, May 27th. Finally, Sanford C. Bernstein restated an “outperform” rating and set a $32.00 price target on shares of Core Scientific in a report on Wednesday, June 3rd. Two analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $31.68.

Core Scientific Trading Down 5.0%

CORZ stock opened at $20.72 on Thursday. The firm has a 50-day moving average price of $25.07 and a 200-day moving average price of $20.81. Core Scientific has a 12 month low of $12.60 and a 12 month high of $30.46. The stock has a market capitalization of $6.66 billion, a P/E ratio of -4.69 and a beta of 5.50.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Tuesday, July 28th. The company reported ($3.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The company had revenue of $164.20 million for the quarter, compared to the consensus estimate of $144.83 million. As a group, equities analysts predict that Core Scientific will post -1.3 EPS for the current fiscal year.

Insider Activity at Core Scientific

In other news, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $20.95, for a total value of $209,500.00. Following the completion of the sale, the insider owned 1,989,101 shares of the company’s stock, valued at approximately $41,671,665.95. This represents a 0.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last 90 days, insiders sold 90,000 shares of company stock valued at $2,234,900. Insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Core Scientific

A number of institutional investors and hedge funds have recently modified their holdings of CORZ. Vanguard Group Inc. increased its position in Core Scientific by 18.7% in the fourth quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock worth $494,462,000 after buying an additional 5,359,710 shares during the last quarter. Nations Financial Group Inc. IA ADV bought a new stake in shares of Core Scientific in the fourth quarter valued at $2,980,000. Jennison Associates LLC purchased a new position in shares of Core Scientific during the 4th quarter valued at $14,075,000. Oasis Management Co Ltd. purchased a new position in shares of Core Scientific during the 4th quarter valued at $38,493,000. Finally, Sandro Wealth Management LLC bought a new position in shares of Core Scientific during the 4th quarter worth $4,493,000.

About Core Scientific

Core Scientific, Inc (NASDAQ: CORZ) is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific’s service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.