Core Scientific (NASDAQ:CORZ) Upgraded to Strong-Buy at Freedom Capital

Freedom Capital upgraded shares of Core Scientific (NASDAQ:CORZ) from a hold rating to a strong-buy rating in a research note issued to investors on Thursday,Zacks.com reports.

Several other analysts have also recently issued reports on CORZ. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $32.00 price objective on shares of Core Scientific in a report on Wednesday, June 3rd. Capital One Financial set a $33.00 price target on shares of Core Scientific in a report on Thursday. Loop Capital set a $40.00 price objective on Core Scientific in a research report on Friday, June 12th. BTIG Research restated a “buy” rating and set a $38.00 price target on shares of Core Scientific in a report on Tuesday. Finally, Compass Point reissued a “buy” rating and issued a $36.00 target price on shares of Core Scientific in a research note on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $31.68.

Core Scientific Price Performance

CORZ stock opened at $20.72 on Thursday. Core Scientific has a 1-year low of $12.60 and a 1-year high of $30.46. The business has a 50 day simple moving average of $25.07 and a two-hundred day simple moving average of $20.81. The company has a market capitalization of $6.66 billion, a price-to-earnings ratio of -4.69 and a beta of 5.50.

Core Scientific (NASDAQ:CORZ) last issued its earnings results on Tuesday, July 28th. The company reported ($3.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($3.26). The company had revenue of $164.20 million for the quarter, compared to analysts’ expectations of $144.83 million. Sell-side analysts anticipate that Core Scientific will post -1.3 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Todd M. Duchene sold 10,000 shares of the business’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $20.95, for a total value of $209,500.00. Following the completion of the sale, the insider owned 1,989,101 shares in the company, valued at approximately $41,671,665.95. The trade was a 0.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold 90,000 shares of company stock valued at $2,234,900 over the last ninety days. 1.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Allworth Financial LP grew its stake in Core Scientific by 206.5% during the 3rd quarter. Allworth Financial LP now owns 1,410 shares of the company’s stock worth $25,000 after buying an additional 950 shares during the last quarter. Larson Financial Group LLC increased its holdings in shares of Core Scientific by 936.7% in the fourth quarter. Larson Financial Group LLC now owns 1,866 shares of the company’s stock valued at $27,000 after purchasing an additional 1,686 shares during the period. Osaic Holdings Inc. boosted its position in Core Scientific by 112.1% in the second quarter. Osaic Holdings Inc. now owns 2,017 shares of the company’s stock valued at $34,000 after buying an additional 1,066 shares during the last quarter. Danske Bank A S purchased a new stake in shares of Core Scientific in the 4th quarter valued at $36,000. Finally, CoreCap Advisors LLC purchased a new stake in Core Scientific in the second quarter valued at $36,000.

Core Scientific Company Profile

Core Scientific, Inc (NASDAQ: CORZ) is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific’s service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.