Core Scientific (NASDAQ:CORZ – Get Free Report) was upgraded by equities research analysts at UBS Group to a “strong-buy” rating in a research note issued to investors on Wednesday, Zacks reports.
CORZ has been the subject of several other research reports. Freedom Capital upgraded Core Scientific from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 30th. Loop Capital set a $40.00 price objective on Core Scientific in a report on Friday, June 12th. Compass Point reiterated a “buy” rating and issued a $36.00 price objective on shares of Core Scientific in a report on Wednesday, July 29th. BTIG Research reissued a “buy” rating and issued a $38.00 target price on shares of Core Scientific in a research report on Tuesday, July 28th. Finally, Capital One Financial set a $33.00 target price on shares of Core Scientific in a research note on Thursday, July 30th. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Core Scientific currently has an average rating of “Moderate Buy” and an average price target of $30.86.
View Our Latest Analysis on Core Scientific
Core Scientific Stock Down 3.7%
Core Scientific (NASDAQ:CORZ – Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The company reported ($3.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The company had revenue of $164.20 million during the quarter, compared to analyst estimates of $144.83 million. On average, sell-side analysts expect that Core Scientific will post -1.36 EPS for the current year.
Insider Buying and Selling at Core Scientific
In related news, insider Todd M. Duchene sold 10,000 shares of Core Scientific stock in a transaction 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 sale, the insider owned 1,969,101 shares of the company’s stock, valued at $39,322,946.97. The trade was a 0.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Eric Weiss acquired 7,000 shares of Core Scientific stock in a transaction that occurred on Tuesday, August 18th. The shares were purchased at an average price of $19.19 per share, with a total value of $134,330.00. Following the transaction, the director owned 259,262 shares of the company’s stock, valued at $4,975,237.78. The trade was a 2.77% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders have bought 19,000 shares of company stock worth $342,290 and have sold 90,000 shares worth $1,887,400. 1.70% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Core Scientific
A number of large investors have recently made changes to their positions in the company. Situational Awareness LP increased its position in shares of Core Scientific by 42.5% during the 4th quarter. Situational Awareness LP now owns 28,756,478 shares of the company’s stock valued at $418,694,000 after purchasing an additional 8,575,944 shares during the last quarter. BlackRock Inc. purchased a new position in shares of Core Scientific in the second quarter worth approximately $719,649,000. Jericho Capital Asset Management L.P. boosted its holdings in shares of Core Scientific by 11.4% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 13,038,619 shares of the company’s stock worth $189,842,000 after buying an additional 1,338,796 shares during the last quarter. Geode Capital Management LLC grew its position in Core Scientific by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 7,651,002 shares of the company’s stock valued at $111,417,000 after buying an additional 109,145 shares during the period. Finally, Bank of America Corp DE grew its position in Core Scientific by 412.5% during the first 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 during the period.
About Core Scientific
Core Scientific, Inc (NASDAQ: CORZ) is a digital infrastructure company that develops and operates data centers for high-performance computing. Its business has historically centered on large-scale bitcoin mining, including the deployment and operation of specialized computing equipment and supporting power, networking and facility infrastructure.
The company also provides hosting and colocation services for digital asset miners and other high-performance computing customers. Core Scientific has increasingly focused on expanding its data center platform for artificial intelligence and other compute-intensive workloads, including infrastructure designed to support graphics processing unit (GPU) deployments.
Founded in 2017, Core Scientific operates data center facilities in the United States and emerged from Chapter 11 bankruptcy protection in January 2024.
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