Core Scientific’s (CORZ) Buy Rating Reiterated at BTIG Research

Core Scientific (NASDAQ:CORZ)‘s stock had its “buy” rating restated by equities researchers at BTIG Research in a research report issued to clients and investors on Thursday, Benzinga reports. They currently have a $38.00 price target on the stock. BTIG Research’s target price points to a potential upside of 176.77% from the stock’s previous close.

Several other research firms have also commented on CORZ. Compass Point reissued a “buy” rating and set a $36.00 target price on shares of Core Scientific in a research note on Wednesday, July 29th. Capital One Financial set a $33.00 target price on shares of Core Scientific in a research note on Thursday, July 30th. Wolfe Research reissued a “buy” rating on shares of Core Scientific in a research note on Wednesday, July 29th. Weiss Ratings reissued a “sell (d-)” rating on shares of Core Scientific in a research note on Friday, July 17th. Finally, Rothschild & Co Redburn began 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 for the company. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.36.

Core Scientific Trading Up 1.9%

CORZ stock traded up $0.25 on Thursday, hitting $13.73. 16,826,395 shares of the company’s stock traded hands, compared to its average volume of 12,764,225. Core Scientific has a 1-year low of $12.31 and a 1-year high of $30.46. The stock has a market cap of $4.41 billion, a price-to-earnings ratio of -3.11 and a beta of 5.49. The stock has a fifty day moving average of $17.19 and a 200-day moving average of $21.04.

Core Scientific (NASDAQ:CORZ) last released its earnings results on Tuesday, July 28th. The company reported ($3.32) 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. On average, equities research analysts anticipate that Core Scientific will post -1.36 earnings per share for the current fiscal year.

Insider Activity at Core Scientific

In other Core Scientific news, insider Todd M. 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 value of $199,700.00. Following the transaction, the insider owned 1,969,101 shares in the company, valued at approximately $39,322,946.97. This represents a 0.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eric Weiss acquired 7,000 shares of the company’s stock in a transaction on Tuesday, August 18th. The stock was bought at an average price of $19.19 per share, for a total transaction of $134,330.00. Following the purchase, the director owned 259,262 shares in the company, valued at approximately $4,975,237.78. This trade represents a 2.77% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders acquired 19,000 shares of company stock worth $342,290 and sold 90,000 shares worth $1,658,300. 1.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in shares of Core Scientific during the 2nd quarter worth $719,649,000. Jericho Capital Asset Management L.P. increased its stake in shares of Core Scientific by 11.4% during the 4th quarter. Jericho Capital Asset Management L.P. now owns 13,038,619 shares of the company’s stock worth $189,842,000 after purchasing an additional 1,338,796 shares during the last quarter. Apollo Management Holdings L.P. acquired a new position in shares of Core Scientific during the 2nd quarter worth $115,671,000. Avala Global LP acquired a new position in shares of Core Scientific during the 2nd quarter worth $101,729,000. Finally, Bank of America Corp DE acquired a new position in shares of Core Scientific during the 2nd quarter worth $93,668,000.

Core Scientific Company Profile

Core Scientific, Inc is a digital infrastructure company that develops and operates data centers for high-performance computing. The company has historically focused on bitcoin mining, using specialized computing equipment and supporting infrastructure to validate transactions on the Bitcoin network. It also provides hosting and infrastructure services for other digital asset miners.

Core Scientific is expanding its business toward hosting high-performance computing and artificial intelligence workloads.