Core Scientific (NASDAQ:CORZ) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Core Scientific (NASDAQ:CORZ) to a sell rating in a research note issued to investors on Saturday morning.

Several other brokerages have also issued reports on CORZ. BTIG Research raised shares of Core Scientific from a “neutral” rating to a “buy” rating and set a $23.00 target price on the stock in a research note on Tuesday, January 6th. Canaccord Genuity Group boosted their price target on shares of Core Scientific from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Wednesday, March 4th. Cantor Fitzgerald cut their price objective on shares of Core Scientific from $26.00 to $25.00 and set an “overweight” rating on the stock in a report on Tuesday, March 3rd. LADENBURG THALM/SH SH reduced their price objective on shares of Core Scientific from $24.50 to $23.75 and set a “buy” rating on the stock in a research note on Tuesday, March 3rd. Finally, Needham & Company LLC raised shares of Core Scientific from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a report on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $24.84.

Core Scientific Stock Up 2.9%

Shares of CORZ opened at $16.97 on Friday. The stock’s fifty day simple moving average is $17.38 and its 200-day simple moving average is $17.08. The firm has a market capitalization of $5.35 billion, a PE ratio of 14.50 and a beta of 6.86. Core Scientific has a 12-month low of $6.20 and a 12-month high of $23.63.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings data on Monday, March 2nd. The company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.69. The firm had revenue of $79.76 million during the quarter, compared to analyst estimates of $118.45 million. Core Scientific’s revenue for the quarter was down 16.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.69) earnings per share. Analysts anticipate that Core Scientific will post 0.52 EPS for the current year.

Institutional Trading of Core Scientific

Institutional investors and hedge funds have recently modified their holdings of the stock. Jericho Capital Asset Management L.P. acquired a new stake in shares of Core Scientific in the 3rd quarter valued at approximately $209,895,000. Situational Awareness LP boosted its stake in Core Scientific by 42.5% during the 4th quarter. Situational Awareness LP now owns 28,756,478 shares of the company’s stock worth $418,694,000 after acquiring an additional 8,575,944 shares during the last quarter. Value Aligned Research Advisors LLC acquired a new position in Core Scientific during the fourth quarter valued at approximately $117,786,000. Oaktree Capital Management LP acquired a new position in Core Scientific during the third quarter valued at approximately $114,829,000. Finally, Vanguard Group Inc. increased its stake in Core Scientific by 18.7% in the fourth quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock valued at $494,462,000 after purchasing an additional 5,359,710 shares in the last quarter.

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.