Core Scientific (NASDAQ:CORZ) Stock Rating Upgraded by Macquarie

Core Scientific (NASDAQ:CORZ) was upgraded by analysts at Macquarie from a “hold” rating to an “outperform” rating in a research note issued on Friday, MarketBeat.com reports. The brokerage presently has a $34.00 target price on the stock, up from their prior target price of $18.00. Macquarie’s target price would suggest a potential upside of 57.85% from the stock’s previous close.

CORZ has been the subject of a number of other research reports. HC Wainwright raised shares of Core Scientific from a “neutral” rating to a “buy” rating and set a $25.00 price objective for the company in a report on Tuesday, October 28th. Citizens Jmp cut shares of Core Scientific from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 14th. Arete Research raised shares of Core Scientific to a “strong-buy” rating in a research report on Tuesday, July 22nd. Citigroup cut shares of Core Scientific from an “outperform” rating to a “market perform” rating in a research report on Monday, July 14th. Finally, Arete started coverage on shares of Core Scientific in a research report on Tuesday, July 22nd. They issued a “buy” rating and a $20.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $22.31.

Core Scientific Trading Up 3.9%

Shares of CORZ opened at $21.54 on Friday. Core Scientific has a 12-month low of $6.20 and a 12-month high of $22.30. The firm has a 50-day moving average price of $17.08 and a 200 day moving average price of $13.83. The firm has a market capitalization of $6.68 billion, a P/E ratio of 143.61 and a beta of 6.58.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings data on Friday, October 24th. The company reported ($0.46) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.85) by $0.39. The firm had revenue of $81.10 million during the quarter, compared to analysts’ expectations of $107.18 million. Equities research analysts predict that Core Scientific will post 0.52 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CORZ. HHM Wealth Advisors LLC raised its holdings in Core Scientific by 96.5% during the second quarter. HHM Wealth Advisors LLC now owns 1,926 shares of the company’s stock worth $33,000 after purchasing an additional 946 shares in the last quarter. State of Wyoming acquired a new stake in Core Scientific during the first quarter worth approximately $34,000. Osaic Holdings Inc. raised its holdings in Core Scientific by 112.1% during the second quarter. Osaic Holdings Inc. now owns 2,017 shares of the company’s stock worth $34,000 after purchasing an additional 1,066 shares in the last quarter. Emerald Mutual Fund Advisers Trust acquired a new stake in Core Scientific during the first quarter worth approximately $38,000. Finally, Advisors Asset Management Inc. raised its holdings in Core Scientific by 68.3% during the second quarter. Advisors Asset Management Inc. now owns 2,690 shares of the company’s stock worth $46,000 after purchasing an additional 1,092 shares in the last quarter.

About Core Scientific

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.