Core Scientific, Inc. (NASDAQ:CORZ) Receives Average Rating of “Moderate Buy” from Analysts

Core Scientific, Inc. (NASDAQ:CORZ) has earned a consensus rating of “Moderate Buy” from the twenty-three brokerages that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, two have given a hold recommendation, eighteen have issued a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $30.86.

CORZ has been the topic of a number of research reports. BTIG Research reiterated a “buy” rating and set a $38.00 target price on shares of Core Scientific in a research report on Tuesday, July 28th. B. Riley Financial boosted their price objective on shares of Core Scientific from $33.00 to $42.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. Loop Capital set a $40.00 price objective on Core Scientific in a research report on Friday, June 12th. Keefe, Bruyette & Woods raised Core Scientific from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $25.00 to $28.00 in a research note on Thursday, July 30th. Finally, Wells Fargo & Company assumed coverage on Core Scientific in a research report on Thursday, September 17th. They set an “overweight” rating and a $28.00 target price for the company.

Insider Activity

In other news, Director Eric Weiss acquired 7,000 shares of the company’s stock in a transaction on Tuesday, August 18th. The stock was purchased at an average cost of $19.19 per share, with a total value of $134,330.00. Following the acquisition, the director owned 259,262 shares of the company’s stock, valued at $4,975,237.78. This trade represents a 2.77% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Todd M. Duchene sold 10,000 shares of the company’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $19.97, for a total transaction of $199,700.00. Following the transaction, the insider owned 1,969,101 shares in the company, valued at approximately $39,322,946.97. The trade was a 0.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders purchased 19,000 shares of company stock worth $342,290 and sold 90,000 shares worth $1,793,300. 1.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Core Scientific

A number of institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. acquired a new position in shares of Core Scientific in the 2nd quarter valued at $719,649,000. Situational Awareness LP grew its stake in shares of Core Scientific by 42.5% during the fourth quarter. Situational Awareness LP now owns 28,756,478 shares of the company’s stock worth $418,694,000 after purchasing an additional 8,575,944 shares during the period. Apollo Management Holdings L.P. acquired a new stake in shares of Core Scientific during the second quarter worth $115,671,000. Fifth Third Bancorp bought a new stake in Core Scientific in the first quarter valued at about $59,802,000. Finally, Avala Global LP bought a new stake in Core Scientific in the second quarter valued at about $101,729,000.

Core Scientific Stock Up 2.3%

Core Scientific stock opened at $16.35 on Friday. The stock has a 50-day simple moving average of $18.62 and a 200 day simple moving average of $21.11. Core Scientific has a 12-month low of $13.35 and a 12-month high of $30.46. The stock has a market capitalization of $5.25 billion, a price-to-earnings ratio of -3.70 and a beta of 5.48.

Core Scientific (NASDAQ:CORZ) last issued 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 analyst estimates of $144.83 million. As a group, sell-side analysts anticipate that Core Scientific will post -1.36 EPS for the current year.

Core Scientific Company Profile

Core Scientific, Inc is a digital infrastructure company that develops and operates data centers in the United States. Its business has historically centered on cryptocurrency mining, particularly the processing of transactions on the Bitcoin network, while also providing hosting and infrastructure services to other mining and technology customers.

The company is expanding its data center capabilities to support high-performance computing and artificial intelligence workloads. Its services include data center operations, power and equipment management, hosting, and related infrastructure support for customers that require substantial computing capacity.

Core Scientific was founded in 2017 and became a publicly traded company through a business combination in 2022.