Core Scientific (NASDAQ:CORZ) Shares Gap Up After Analyst Upgrade

by · The Cerbat Gem

Core Scientific, Inc. (NASDAQ:CORZ – Get Free Report)’s share price gapped up before the market opened on Thursday after Citizens Jmp upgraded the stock from a market perform rating to an outperform rating. The stock had previously closed at $13.57, but opened at $14.47. Citizens Jmp now has a $30.00 price target on the stock. Core Scientific shares last traded at $14.4770, with a volume of 2,310,163 shares trading hands.

A number of other analysts have also weighed in on CORZ. Sanford C. Bernstein upped their price objective on shares of Core Scientific from $17.00 to $24.00 and gave the stock an “outperform” rating in a research note on Monday, November 3rd. B. Riley raised Core Scientific from a “neutral” rating to a “buy” rating and set a $30.00 target price for the company in a report on Wednesday, October 22nd. Jefferies Financial Group set a $24.00 price target on shares of Core Scientific and gave the stock a “buy” rating in a report on Tuesday, October 28th. Macquarie upgraded shares of Core Scientific from a “hold” rating to an “outperform” rating and boosted their price target for the stock from $18.00 to $34.00 in a research note on Friday, October 31st. Finally, Craig Hallum set a $27.00 price target on Core Scientific in a report on Friday, October 31st. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Core Scientific presently has a consensus rating of “Moderate Buy” and an average target price of $23.18.

View Our Latest Stock Report on CORZ

Insiders Place Their Bets

In related news, Director Eric Stanton Weiss purchased 5,000 shares of Core Scientific stock in a transaction dated Tuesday, November 4th. The stock was bought at an average cost of $21.50 per share, with a total value of $107,500.00. Following the purchase, the director owned 226,687 shares in the company, valued at approximately $4,873,770.50. The trade was a 2.26% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Core Scientific by 6.2% in the 1st quarter. Vanguard Group Inc. now owns 20,578,100 shares of the company’s stock valued at $148,985,000 after buying an additional 1,199,448 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Core Scientific by 0.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,399,960 shares of the company’s stock worth $17,376,000 after purchasing an additional 7,868 shares in the last quarter. Deutsche Bank AG boosted its stake in Core Scientific by 1.3% in the first quarter. Deutsche Bank AG now owns 167,100 shares of the company’s stock worth $1,210,000 after purchasing an additional 2,068 shares in the last quarter. Swiss National Bank raised its stake in shares of Core Scientific by 13.7% in the first quarter. Swiss National Bank now owns 432,900 shares of the company’s stock worth $3,134,000 after acquiring an additional 52,000 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in Core Scientific by 2.0% during the 1st quarter. Invesco Ltd. now owns 2,174,345 shares of the company’s stock worth $15,742,000 after purchasing an additional 41,825 shares during the last quarter.

Core Scientific Stock Performance

The firm has a market capitalization of $4.48 billion, a price-to-earnings ratio of 96.82 and a beta of 6.77. The business’s 50-day moving average is $17.78 and its two-hundred day moving average is $15.62.

Core Scientific (NASDAQ:CORZ – Get Free Report) last posted its quarterly earnings data on Friday, October 24th. The company reported ($0.46) EPS for the quarter, topping analysts’ consensus estimates of ($0.85) by $0.39. The business had revenue of $81.10 million for the quarter, compared to analyst estimates of $107.18 million. Analysts forecast that Core Scientific, Inc. will post 0.52 EPS for the current year.

About Core Scientific

(Get Free Report)

Core Scientific, Inc provides digital asset mining services in North America. It operates through two segments, Mining and Hosting. The company offers blockchain infrastructure, software solutions, and services; and operates data center mining facilities. It also mines digital assets for its own account; and provides hosting services for other large bitcoin miners, which include deployment, monitoring, trouble shooting, optimization, and maintenance of its customers' digital asset mining equipment.

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