Core Scientific (NASDAQ:CORZ) Stock Keeps Overweight Rating at Cantor Fitzgerald

Core Scientific (NASDAQ:CORZ)‘s stock had its “overweight” rating reaffirmed by research analysts at Cantor Fitzgerald in a research note issued on Wednesday, October 14th, Benzinga reports. They presently have a $39.00 price objective on the stock. Cantor Fitzgerald‘s price objective would suggest a potential upside of 182.81% from the stock’s previous close.

A number of other analysts also recently weighed in on the company. Compass Point reiterated a “buy” rating and set a $36.00 target price on shares of Core Scientific in a research report on Wednesday, July 29th. Needham & Company LLC upped their target price on Core Scientific from $29.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Keefe, Bruyette & Woods upgraded Core Scientific from a “market perform” rating to an “outperform” rating and upped their target price for the company from $25.00 to $28.00 in a research report on Thursday, July 30th. B. Riley Financial upped their target price on Core Scientific from $33.00 to $42.00 and gave the company a “buy” rating in a research report on Monday, August 3rd. Finally, Wells Fargo & Company assumed coverage on Core Scientific in a research report on Thursday, September 17th. They set an “overweight” rating and a $28.00 target price for the company. Two investment 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 issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $31.36.

Core Scientific Price Performance

CORZ opened at $13.79 on Wednesday. The business has a fifty day simple moving average of $17.07 and a 200 day simple moving average of $21.03. The company has a market capitalization of $4.43 billion, a PE ratio of -3.12 and a beta of 5.49. Core Scientific has a 1 year low of $12.31 and a 1 year high of $30.46.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings results 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. Equities analysts anticipate that Core Scientific will post -1.36 earnings per share for the current fiscal year.

Insider Activity at Core Scientific

In other news, insider Todd DuChene sold 10,000 shares of the business’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $19.97, for a total transaction of $199,700.00. Following the completion of the transaction, the insider owned 1,969,101 shares of the company’s stock, valued at approximately $39,322,946.97. The trade was a 0.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last ninety days, insiders acquired 19,000 shares of company stock worth $342,290 and sold 100,000 shares worth $1,797,000. Company insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Core Scientific

Institutional investors have recently modified their holdings of the business. BlackRock Inc. acquired a new position in Core Scientific in the 2nd quarter worth about $719,649,000. Jericho Capital Asset Management L.P. increased its holdings in Core Scientific by 11.4% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 13,038,619 shares of the company’s stock worth $189,842,000 after purchasing an additional 1,338,796 shares in the last quarter. Bank of America Corp DE increased its holdings in Core Scientific by 412.5% in the 1st quarter. Bank of America Corp DE now owns 4,806,363 shares of the company’s stock worth $71,903,000 after purchasing an additional 3,868,535 shares in the last quarter. Clearline Capital LP increased its holdings in Core Scientific by 274.2% in the 4th quarter. Clearline Capital LP now owns 4,689,443 shares of the company’s stock worth $68,278,000 after purchasing an additional 3,436,127 shares in the last quarter. Finally, Apollo Management Holdings L.P. acquired a new position in Core Scientific in the 2nd quarter worth about $115,671,000.

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.