Core Scientific (NASDAQ:CORZ) Upgraded to “Strong-Buy” at Zacks Research

Zacks Research upgraded shares of Core Scientific (NASDAQ:CORZ) from a hold rating to a strong-buy rating in a research report released on Tuesday,Zacks reports.

CORZ has been the subject of a number of other research reports. Rothschild & Co Redburn assumed coverage on Core Scientific in a report on Monday, September 21st. They set a “neutral” rating and a $16.00 target price for the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $39.00 price target on shares of Core Scientific in a report on Wednesday, October 14th. BTIG Research restated a “buy” rating and set a $38.00 price objective on shares of Core Scientific in a research note on Thursday, October 15th. Freedom Capital upgraded Core Scientific from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 30th. Finally, B. Riley Financial dropped their price objective on Core Scientific from $31.00 to $27.00 and set a “buy” rating on the stock in a research report on Monday. Three 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 given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $30.32.

Core Scientific Price Performance

CORZ stock opened at $14.57 on Tuesday. Core Scientific has a 1-year low of $10.59 and a 1-year high of $30.46. The business has a 50-day moving average price of $15.51 and a 200 day moving average price of $19.41. The company has a market capitalization of $4.70 billion, a P/E ratio of -4.17 and a beta of 5.56.

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

Insider Buying and Selling at Core Scientific

In related news, insider Todd DuChene sold 10,000 shares of the business’s stock in a transaction on Monday, October 26th. The stock was sold at an average price of $13.56, for a total transaction of $135,600.00. Following the transaction, the insider directly owned 1,133,286 shares in the company, valued at $15,367,358.16. The trade was a 0.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Eric Weiss bought 7,000 shares of Core Scientific stock in a transaction that occurred 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 transaction, the director directly owned 259,262 shares in the company, valued at $4,975,237.78. This 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 90 days, insiders have purchased 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 insiders.

Institutional Investors Weigh In On Core Scientific

A number of large investors have recently modified their holdings of CORZ. BlackRock Inc. purchased a new position in shares of Core Scientific in the 2nd quarter valued at approximately $719,649,000. Apollo Management Holdings L.P. purchased a new stake in Core Scientific during the 2nd quarter worth approximately $115,671,000. Avala Global LP purchased a new stake in Core Scientific during the 2nd quarter worth approximately $101,729,000. Bank of America Corp DE acquired a new position in Core Scientific during the 2nd quarter valued at approximately $93,668,000. Finally, Squarepoint Ops LLC increased its stake in Core Scientific by 64.1% during the 2nd quarter. Squarepoint Ops LLC now owns 2,686,177 shares of the company’s stock valued at $68,739,000 after purchasing an additional 1,049,678 shares in the last quarter.

About Core Scientific

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.