Core Scientific (NASDAQ:CORZ) Upgraded at Zacks Research

Core Scientific (NASDAQ:CORZ) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Tuesday, Zacks reports.

A number of other research analysts also recently issued reports on the company. Wall Street Zen raised Core Scientific from a “sell” rating to a “hold” rating in a report on Saturday, November 7th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $39.00 price objective on shares of Core Scientific in a report on Wednesday, October 14th. Capital One Financial set a $33.00 target price on Core Scientific in a research report on Thursday, July 30th. Craig Hallum reissued a “buy” rating and issued a $25.00 target price on shares of Core Scientific in a research report on Friday, November 6th. Finally, Rothschild & Co Redburn started coverage on shares of Core Scientific in a research note on Monday, September 21st. They set a “neutral” rating and a $16.00 target price on the stock. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $30.32.

Core Scientific Stock Up 11.0%

Shares of CORZ opened at $14.57 on Tuesday. The company has a market capitalization of $4.70 billion, a P/E ratio of 50.50 and a beta of 5.56. The firm has a 50 day moving average of $15.51 and a 200 day moving average of $19.41. Core Scientific has a twelve month low of $10.59 and a twelve month high of $30.46.

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

Insiders Place Their Bets

In other news, Director Eric Weiss purchased 6,000 shares of the stock in a transaction dated Tuesday, September 15th. The shares were purchased at an average cost of $16.33 per share, with a total value of $97,980.00. Following the acquisition, the director directly owned 265,262 shares of the company’s stock, valued at $4,331,728.46. This represents a 2.31% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Todd DuChene sold 10,000 shares of the firm’s stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $12.78, for a total value of $127,800.00. Following the completion of the transaction, the insider owned 1,123,286 shares in the company, valued at approximately $14,355,595.08. This trade represents a 0.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have acquired 19,000 shares of company stock valued at $342,290 and have sold 90,000 shares valued at $1,428,900. 1.70% of the stock is currently owned by insiders.

Institutional Trading of Core Scientific

A number of hedge funds have recently bought and sold shares of the company. BlackRock Inc. purchased a new position in Core Scientific in the second quarter worth about $719,649,000. Bank of America Corp DE grew its stake in shares of Core Scientific by 412.5% during the 1st quarter. Bank of America Corp DE now owns 4,806,363 shares of the company’s stock valued at $71,903,000 after purchasing an additional 3,868,535 shares during the period. Apollo Management Holdings L.P. purchased a new stake in shares of Core Scientific during the 2nd quarter valued at about $115,671,000. Avala Global LP purchased a new stake in shares of Core Scientific during the 2nd quarter valued at about $101,729,000. Finally, Squarepoint Ops LLC increased its position in shares of 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 during 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.