B. Riley Financial Has Lowered Expectations for Core Scientific (NASDAQ:CORZ) Stock Price

Key Points

• B. Riley Financial cut its Core Scientific price target from $42 to $31 while maintaining a “buy” rating, implying roughly 132.7% upside from the stock’s $13.32 price.
• Analyst sentiment remains broadly positive, with Core Scientific holding a “Moderate Buy” consensus rating and an average price target of $31.20, despite one “sell” rating.
• The company reported a significant quarterly EPS miss, losing $3.32 per share versus the expected $0.06 loss, while revenue of $164.2 million exceeded estimates; Core Scientific is also expanding from bitcoin mining into AI and high-performance computing infrastructure.

Core Scientific (NASDAQ:CORZ - Get Free Report) had its target price reduced by research analysts at B. Riley Financial from $42.00 to $31.00 in a report issued on Friday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. B. Riley Financial's target price suggests a potential upside of 132.70% from the stock's current price.

Other equities analysts have also recently issued research reports about the stock. Wells Fargo & Company assumed coverage on shares of Core Scientific in a research report on Thursday, September 17th. They set an "overweight" rating and a $28.00 price target on the stock. Compass Point reissued a "buy" rating and issued a $36.00 price objective on shares of Core Scientific in a report on Wednesday, July 29th. Canaccord Genuity Group restated a "buy" rating and set a $36.00 price objective on shares of Core Scientific in a research note on Thursday, October 15th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Core Scientific in a report on Thursday, October 15th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $39.00 target price on shares of Core Scientific in a research note on Wednesday, October 14th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Core Scientific currently has an average rating of "Moderate Buy" and an average price target of $31.20.

Core Scientific Trading Down 7.7%

Shares of NASDAQ:CORZ opened at $13.32 on Friday. Core Scientific has a 12-month low of $12.31 and a 12-month high of $30.46. The stock's 50-day moving average price is $16.29 and its two-hundred day moving average price is $19.65. The firm has a market cap of $4.28 billion, a price-to-earnings ratio of -3.02 and a beta of 5.49.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its earnings results on Tuesday, July 28th. The company reported ($3.32) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The firm had revenue of $164.20 million during the quarter, compared to the consensus estimate of $144.83 million. As a group, research analysts forecast that Core Scientific will post -1.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Todd DuChene sold 10,000 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $19.97, for a total value of $199,700.00. Following the transaction, the insider owned 1,969,101 shares in the company, valued at approximately $39,322,946.97. This represents a 0.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In the last quarter, insiders have purchased 19,000 shares of company stock valued at $342,290 and have sold 100,000 shares valued at $1,723,100. Corporate insiders own 1.70% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. bought a new position in Core Scientific in the second quarter valued at approximately $719,649,000. Apollo Management Holdings L.P. acquired a new position in Core Scientific during the second quarter valued at approximately $115,671,000. Avala Global LP acquired a new stake in Core Scientific in the second quarter worth $101,729,000. Bank of America Corp DE acquired a new position in shares of Core Scientific in the 2nd quarter valued at $93,668,000. Finally, Squarepoint Ops LLC increased its position in shares of Core Scientific by 64.1% in the 2nd quarter. Squarepoint Ops LLC now owns 2,686,177 shares of the company's stock valued at $68,739,000 after buying an additional 1,049,678 shares in the last quarter.

Core Scientific Company Profile

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.

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