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

Wall Street Zen upgraded shares of Core Scientific (NASDAQ:CORZ) from a sell rating to a hold rating in a report issued on Saturday,Wall Street Zen reports.

CORZ has been the subject of a number of other reports. Keefe, Bruyette & Woods upgraded shares of Core Scientific from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $25.00 to $28.00 in a research report on Thursday, July 30th. Wells Fargo & Company initiated coverage on shares of Core Scientific in a research report on Thursday, September 17th. They issued an “overweight” rating and a $28.00 target price on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $39.00 target price on shares of Core Scientific in a research report on Wednesday, October 14th. Freedom Capital raised shares of Core Scientific from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 30th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $36.00 price target on shares of Core Scientific in a report on Thursday, October 15th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $30.32.

Core Scientific Trading Up 8.2%

Shares of Core Scientific stock opened at $12.72 on Friday. The firm’s 50-day moving average price is $15.60 and its two-hundred day moving average price is $19.46. Core Scientific has a 12-month low of $10.59 and a 12-month high of $30.46.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings data on Thursday, November 5th. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.52. The firm had revenue of $232.87 million during the quarter, compared to the consensus estimate of $196.54 million. Equities research analysts anticipate that Core Scientific will post -1.36 EPS for the current year.

Insider Activity

In related news, insider Todd M. Duchene sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $12.78, for a total value of $127,800.00. Following the completion of the transaction, the insider owned 1,123,286 shares in the company, valued at $14,355,595.08. This trade represents a 0.88% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Eric Weiss acquired 6,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The stock was acquired at an average price of $16.33 per share, with a total value of $97,980.00. Following the acquisition, the director owned 265,262 shares in the company, valued at $4,331,728.46. The trade was a 2.31% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have bought 19,000 shares of company stock worth $342,290 and have sold 90,000 shares worth $1,428,900. Insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Core Scientific

Several institutional investors and hedge funds have recently added to or reduced their stakes in CORZ. Parallel Advisors LLC raised its position in shares of Core Scientific by 125.0% in the 3rd quarter. Parallel Advisors LLC now owns 1,800 shares of the company’s stock worth $29,000 after acquiring an additional 1,000 shares in the last quarter. Covestor Ltd raised its stake in Core Scientific by 75.3% during the 3rd quarter. Covestor Ltd now owns 116,647 shares of the company’s stock worth $1,864,000 after buying an additional 50,100 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new position in Core Scientific in the third quarter worth approximately $42,000. Partners Wealth Management LLC bought a new position in Core Scientific in the third quarter worth approximately $317,000. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its stake in Core Scientific by 5,468.6% in the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 389,800 shares of the company’s stock valued at $6,229,000 after acquiring an additional 382,800 shares during the period.

About Core Scientific

Core Scientific, Inc is a U.S.-based digital infrastructure company that operates data centers and provides computing services. Its business includes mining bitcoin, which involves using specialized computers to help process transactions and secure the Bitcoin network, as well as hosting equipment for third-party mining customers.

The company also provides data center infrastructure for high-performance computing workloads, including artificial intelligence applications. Its facilities and services are designed to support the power, cooling, and computing needs of these operations.

Founded in 2017, Core Scientific operates data center sites in several U.S.