Core Scientific (NASDAQ:CORZ) Shares Gap Up After Analyst Upgrade

Core Scientific, Inc. (NASDAQ:CORZ)’s share price gapped up before the market opened on Thursday after Citizens Jmp upgraded the stock from a market perform rating to an outperform rating. The stock had previously closed at $13.57, but opened at $14.47. Citizens Jmp now has a $30.00 price target on the stock. Core Scientific shares last traded at $14.4770, with a volume of 2,310,163 shares.

Several other brokerages also recently weighed in on CORZ. Sanford C. Bernstein increased their price target on Core Scientific from $17.00 to $24.00 and gave the stock an “outperform” rating in a report on Monday, November 3rd. UBS Group set a $30.00 target price on shares of Core Scientific in a research note on Wednesday, October 22nd. Cantor Fitzgerald upped their price target 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. HC Wainwright upgraded Core Scientific from a “neutral” rating to a “buy” rating and set a $25.00 price objective on the stock in a research note on Tuesday, October 28th. Finally, Jefferies Financial Group set a $24.00 price target on Core Scientific and gave the stock a “buy” rating in a research note on Tuesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $23.18.

Insiders Place Their Bets

In other Core Scientific news, Director Eric Stanton Weiss purchased 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 4th. The stock was acquired at an average cost of $21.50 per share, with a total value of $107,500.00. Following the completion of the purchase, the director directly owned 226,687 shares in the company, valued at approximately $4,873,770.50. This represents a 2.26% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Allworth Financial LP lifted its position in Core Scientific by 206.5% during the third quarter. Allworth Financial LP now owns 1,410 shares of the company’s stock worth $25,000 after acquiring an additional 950 shares during the last quarter. HHM Wealth Advisors LLC boosted its position in shares of Core Scientific by 96.5% during the 2nd 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 purchased a new position in shares of Core Scientific during the first quarter valued at approximately $34,000. Osaic Holdings Inc. raised its stake in shares of Core Scientific by 112.1% during the 2nd quarter. Osaic Holdings Inc. now owns 2,017 shares of the company’s stock worth $34,000 after purchasing an additional 1,066 shares during the period. Finally, Advisors Asset Management Inc. increased its holdings in Core Scientific by 68.3% in the 2nd 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 during the last quarter.

Core Scientific Price Performance

The stock has a fifty day moving average price of $17.78 and a 200 day moving average price of $15.62. The stock has a market capitalization of $4.48 billion, a P/E ratio of 96.82 and a beta of 6.77.

Core Scientific (NASDAQ:CORZ) last issued its earnings results on Friday, October 24th. The company reported ($0.46) EPS for the quarter, topping the consensus estimate 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. Research analysts anticipate that Core Scientific, Inc. will post 0.52 earnings per share for the current year.

Core Scientific Company Profile

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.