Core Scientific (NASDAQ:CORZ) Upgraded to “Hold” at Rothschild & Co Redburn

Rothschild & Co Redburn upgraded shares of Core Scientific (NASDAQ:CORZ) to a hold rating in a research note issued to investors on Monday,Zacks reports.

A number of other research analysts have also recently issued reports on CORZ. Lucid Cap Mkts upgraded Core Scientific to a “strong-buy” rating in a research note on Friday, June 12th. Wolfe Research reiterated a “buy” rating on shares of Core Scientific in a report on Wednesday, July 29th. Sanford C. Bernstein restated an “outperform” rating and set a $32.00 target price on shares of Core Scientific in a research note on Wednesday, June 3rd. B. Riley Financial lifted their price target on shares of Core Scientific from $33.00 to $42.00 and gave the stock a “buy” rating in a research note on Monday, August 3rd. Finally, Loop Capital set a $40.00 price objective on shares of Core Scientific in a report on Friday, June 12th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Core Scientific presently has an average rating of “Moderate Buy” and a consensus target price of $31.16.

Core Scientific Trading Up 2.1%

CORZ opened at $18.36 on Monday. The company has a market cap of $5.90 billion, a price-to-earnings ratio of -4.15 and a beta of 5.48. The stock has a fifty day simple moving average of $19.49 and a two-hundred day simple moving average of $21.03. Core Scientific has a 12-month low of $13.35 and a 12-month high of $30.46.

Core Scientific (NASDAQ:CORZ) last announced its earnings results on Tuesday, July 28th. The company reported ($3.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($3.26). The firm had revenue of $164.20 million for the quarter, compared to analysts’ expectations of $144.83 million. On average, analysts predict that Core Scientific will post -1.36 EPS for the current year.

Insider Activity at Core Scientific

In related news, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $19.97, for a total value of $199,700.00. Following the completion of the sale, the insider directly owned 1,969,101 shares of the company’s stock, valued at approximately $39,322,946.97. This represents a 0.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Eric Weiss purchased 7,000 shares of the firm’s stock in a transaction on Tuesday, August 18th. The shares were acquired at an average cost of $19.19 per share, for a total transaction of $134,330.00. Following the completion of the acquisition, the director owned 259,262 shares of the company’s stock, valued at approximately $4,975,237.78. This trade represents a 2.77% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders acquired 19,000 shares of company stock worth $342,290 and sold 80,000 shares worth $1,703,700. 1.70% of the stock is currently owned by company insiders.

Institutional Trading of Core Scientific

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE increased its stake in Core Scientific by 412.5% in the 1st quarter. Bank of America Corp DE now owns 4,806,363 shares of the company’s stock worth $71,903,000 after buying an additional 3,868,535 shares during the period. Oasis Management Co Ltd. bought a new position in Core Scientific in the fourth quarter worth approximately $38,493,000. California State Teachers Retirement System boosted its position in Core Scientific by 22.1% during the first quarter. California State Teachers Retirement System now owns 288,936 shares of the company’s stock valued at $4,322,000 after purchasing an additional 52,260 shares in the last quarter. Mercuria Capital Strategies LLC bought a new position in shares of Core Scientific during the 4th quarter worth approximately $2,718,000. Finally, Situational Awareness LP lifted its holdings in shares of Core Scientific by 42.5% during the 4th quarter. Situational Awareness LP now owns 28,756,478 shares of the company’s stock valued at $418,694,000 after purchasing an additional 8,575,944 shares during the last quarter.

About Core Scientific

Core Scientific, Inc (NASDAQ: CORZ) is a digital infrastructure company that develops and operates data centers for high-performance computing. Its business has historically centered on large-scale bitcoin mining, including the deployment and operation of specialized computing equipment and supporting power, networking and facility infrastructure.

The company also provides hosting and colocation services for digital asset miners and other high-performance computing customers. Core Scientific has increasingly focused on expanding its data center platform for artificial intelligence and other compute-intensive workloads, including infrastructure designed to support graphics processing unit (GPU) deployments.

Founded in 2017, Core Scientific operates data center facilities in the United States and emerged from Chapter 11 bankruptcy protection in January 2024.