Core Scientific (NASDAQ:CORZ) Sets New 12-Month High Following Analyst Upgrade

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price hit a new 52-week high during trading on Monday after Sanford C. Bernstein raised their price target on the stock from $17.00 to $24.00. Sanford C. Bernstein currently has an outperform rating on the stock. Core Scientific traded as high as $23.07 and last traded at $22.7210, with a volume of 3240838 shares changing hands. The stock had previously closed at $21.54.

Several other equities analysts have also recently commented on CORZ. Arete began 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 for the company. Arete Research upgraded shares of Core Scientific to a “strong-buy” rating in a research report on Tuesday, July 22nd. HC Wainwright upgraded shares of Core Scientific from a “neutral” rating to a “buy” rating and set a $25.00 price objective for the company in a research report on Tuesday, October 28th. Macquarie upgraded shares of Core Scientific from a “hold” rating to an “outperform” rating and upped their price objective for the stock from $18.00 to $34.00 in a research report on Friday. Finally, Cantor Fitzgerald upped their price objective on shares of Core Scientific from $18.00 to $26.00 and gave the stock an “overweight” rating in a research report on Friday, October 24th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $22.39.

Institutional Investors Weigh In On Core Scientific

Large investors have recently modified their holdings of the company. HHM Wealth Advisors LLC boosted its stake 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 acquiring an additional 946 shares in the last quarter. Osaic Holdings Inc. boosted its stake 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 acquiring an additional 1,066 shares in the last quarter. Advisors Asset Management Inc. boosted its stake 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 acquiring an additional 1,092 shares in the last quarter. Wellington Management Group LLP boosted its stake in Core Scientific by 11.7% during the first quarter. Wellington Management Group LLP now owns 11,967 shares of the company’s stock worth $87,000 after acquiring an additional 1,256 shares in the last quarter. Finally, Main Management ETF Advisors LLC boosted its stake in Core Scientific by 1.6% during the second quarter. Main Management ETF Advisors LLC now owns 82,075 shares of the company’s stock worth $1,401,000 after acquiring an additional 1,332 shares in the last quarter.

Core Scientific Stock Up 6.8%

The firm has a market capitalization of $7.13 billion, a P/E ratio of 152.74 and a beta of 6.59. The company’s 50 day moving average is $17.08 and its 200-day moving average is $13.88.

Core Scientific (NASDAQ:CORZ) last issued its earnings results on Friday, October 24th. The company reported ($0.46) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.85) by $0.39. The company had revenue of $81.10 million for the quarter, compared to the consensus estimate of $107.18 million. On average, analysts predict that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

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.