Core Scientific (NASDAQ:CORZ) Upgraded to Strong-Buy at Wells Fargo & Company

Core Scientific (NASDAQ:CORZ) was upgraded by Wells Fargo & Company to a “strong-buy” rating in a note issued to investors on Thursday, Zacks reports.

A number of other research firms have also recently commented on CORZ. Weiss Ratings reiterated a “sell (d-)” rating on shares of Core Scientific in a report on Friday, July 17th. BTIG Research reissued a “buy” rating and set a $38.00 target price on shares of Core Scientific in a research note on Tuesday, July 28th. Needham & Company LLC upped their price target on Core Scientific from $29.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Lucid Cap Mkts upgraded Core Scientific to a “strong-buy” rating in a report on Friday, June 12th. Finally, Compass Point restated a “buy” rating and issued a $36.00 price objective on shares of Core Scientific in a report on Wednesday, July 29th. Three equities research 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 assigned a Sell rating to the stock. According to data from MarketBeat, Core Scientific currently has an average rating of “Buy” and an average price target of $31.96.

Core Scientific Trading Up 1.5%

Shares of CORZ opened at $17.14 on Thursday. Core Scientific has a 12-month low of $13.35 and a 12-month high of $30.46. The firm has a market capitalization of $5.51 billion, a P/E ratio of -3.88 and a beta of 5.48. The firm has a 50-day moving average price of $19.68 and a 200 day moving average price of $21.00.

Core Scientific (NASDAQ:CORZ) last issued 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 business had revenue of $164.20 million for the quarter, compared to the consensus estimate of $144.83 million. Equities research analysts predict that Core Scientific will post -1.36 earnings per share for the current fiscal year.

Insider Transactions at Core Scientific

In related news, insider Todd DuChene sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $19.97, for a total transaction of $199,700.00. Following the sale, the insider directly owned 1,969,101 shares in the company, valued at approximately $39,322,946.97. This represents a 0.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eric Weiss bought 7,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 18th. The shares were purchased at an average price of $19.19 per share, for a total transaction of $134,330.00. Following the completion of the purchase, the director directly 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 position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders have bought 19,000 shares of company stock valued at $342,290 and have sold 90,000 shares valued at $1,996,600. Insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On Core Scientific

Large investors have recently modified their holdings of the company. Bank of America Corp DE raised its stake in Core Scientific by 412.5% in the first quarter. Bank of America Corp DE now owns 4,806,363 shares of the company’s stock valued at $71,903,000 after buying an additional 3,868,535 shares in the last quarter. Oasis Management Co Ltd. acquired a new position in shares of Core Scientific during the 4th quarter worth about $38,493,000. California State Teachers Retirement System boosted its position in shares of Core Scientific by 22.1% during the 1st quarter. California State Teachers Retirement System now owns 288,936 shares of the company’s stock worth $4,322,000 after acquiring an additional 52,260 shares in the last quarter. Mercuria Capital Strategies LLC purchased a new position in shares of Core Scientific in the 4th quarter valued at about $2,718,000. Finally, Situational Awareness LP raised its position 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 worth $418,694,000 after acquiring an additional 8,575,944 shares in the last quarter.

Core Scientific Company Profile

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.