Core Scientific (NASDAQ:CORZ – Get Free Report) had its price objective reduced by B. Riley Financial from $42.00 to $31.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. B. Riley Financial‘s price target suggests a potential upside of 132.70% from the stock’s previous close.
CORZ has been the subject of several other reports. Wolfe Research restated a “buy” rating on shares of Core Scientific in a research report on Wednesday, July 29th. Freedom Capital raised Core Scientific from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 30th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Core Scientific in a research note on Thursday, October 15th. Wells Fargo & Company began coverage on Core Scientific in a research report on Thursday, September 17th. They set an “overweight” rating and a $28.00 price objective for the company. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $39.00 price objective on shares of Core Scientific in a research report on Wednesday, October 14th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Core Scientific currently has an average rating of “Moderate Buy” and an average target price of $31.20.
Read Our Latest Stock Analysis on CORZ
Core Scientific Stock Down 7.7%
Shares of NASDAQ:CORZ opened at $13.32 on Friday. Core Scientific has a 12-month low of $12.31 and a 12-month high of $30.46. The business has a 50 day moving average of $16.29 and a 200-day moving average of $19.65. The stock has a market cap of $4.28 billion, a PE ratio of -3.02 and a beta of 5.49.
Core Scientific (NASDAQ:CORZ – Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The company reported ($3.32) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The business had revenue of $164.20 million during the quarter, compared to analysts’ expectations of $144.83 million. Equities research analysts expect that Core Scientific will post -1.36 earnings per share for the current year.
Insider Activity
In other news, insider Todd DuChene sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $19.97, for a total value of $199,700.00. Following the completion of the transaction, the insider directly owned 1,969,101 shares of the company’s stock, valued at $39,322,946.97. This represents a 0.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last 90 days, insiders purchased 19,000 shares of company stock worth $342,290 and sold 100,000 shares worth $1,723,100. 1.70% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Core Scientific
A number of large investors have recently modified their holdings of CORZ. Bank of America Corp DE raised its position 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 buying an additional 3,868,535 shares in the last quarter. California State Teachers Retirement System increased its stake in shares of Core Scientific by 22.1% in the first quarter. California State Teachers Retirement System now owns 288,936 shares of the company’s stock worth $4,322,000 after buying an additional 52,260 shares during the period. Man Group plc purchased a new stake in shares of Core Scientific during the second quarter worth about $1,986,000. Wellington Management Group LLP grew its position in shares of Core Scientific by 45.0% in the 2nd quarter. Wellington Management Group LLP now owns 1,123,721 shares of the company’s stock worth $28,756,000 after buying an additional 348,645 shares during the last quarter. Finally, Union Square Park Capital Management LLC purchased a new position in Core Scientific during the 1st quarter valued at $1,496,000.
About Core Scientific
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.
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