Core Scientific (NASDAQ:CORZ) Stock Rating Reaffirmed as Overweight by Cantor Fitzgerald

Core Scientific (NASDAQ:CORZ - Get Free Report)'s stock had its "overweight" rating reiterated by research analysts at Cantor Fitzgerald in a report issued on Wednesday, Benzinga reports. They presently have a $39.00 target price on the stock. Cantor Fitzgerald's target price would indicate a potential upside of 152.75% from the stock's previous close.

CORZ has been the topic of several other reports. BTIG Research reiterated a "buy" rating and issued a $38.00 target price on shares of Core Scientific in a report on Tuesday, July 28th. Weiss Ratings reissued a "sell (d-)" rating on shares of Core Scientific in a report on Friday, July 17th. Wolfe Research restated a "buy" rating on shares of Core Scientific in a research report on Wednesday, July 29th. Citigroup reaffirmed a "market outperform" rating on shares of Core Scientific in a research note on Wednesday. Finally, Rothschild & Co Redburn started coverage on Core Scientific in a report on Monday, September 21st. They set a "neutral" rating and a $16.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $31.36.

Core Scientific Price Performance

Shares of CORZ stock opened at $15.43 on Wednesday. The stock has a market cap of $4.96 billion, a PE ratio of -3.49 and a beta of 5.49. The stock has a 50-day moving average of $17.75 and a 200-day moving average of $21.07. Core Scientific has a one year low of $13.35 and a one year high of $30.46.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings data 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 company had revenue of $164.20 million for the quarter, compared to analyst estimates of $144.83 million. As a group, research analysts anticipate that Core Scientific will post -1.36 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Eric Weiss purchased 7,000 shares of Core Scientific stock in a transaction dated Tuesday, August 18th. The stock was bought at an average price of $19.19 per share, for a total transaction of $134,330.00. Following the completion of the acquisition, the director directly owned 259,262 shares of the company's stock, valued at $4,975,237.78. This represents a 2.77% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Todd DuChene sold 10,000 shares of the 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 sale, the insider directly owned 1,969,101 shares of the company's stock, valued at $39,322,946.97. This represents a 0.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders acquired 19,000 shares of company stock worth $342,290 and sold 90,000 shares worth $1,730,100. Insiders own 1.70% of the company's stock.

Institutional Trading of Core Scientific

A number of institutional investors have recently modified their holdings of the company. BlackRock Inc. bought a new position in shares of Core Scientific during the second quarter worth about $719,649,000. Jericho Capital Asset Management L.P. lifted its stake 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 valued at $189,842,000 after acquiring an additional 1,338,796 shares in the last quarter. Apollo Management Holdings L.P. bought a new stake in Core Scientific in the 2nd quarter valued at approximately $115,671,000. Avala Global LP acquired a new position in Core Scientific during the 2nd quarter worth approximately $101,729,000. Finally, Bank of America Corp DE acquired a new position in Core Scientific during the 2nd quarter worth approximately $93,668,000.

Core Scientific Company Profile

Core Scientific, Inc is a digital infrastructure company that develops and operates data centers in the United States. Its business has historically centered on cryptocurrency mining, particularly the processing of transactions on the Bitcoin network, while also providing hosting and infrastructure services to other mining and technology customers.

The company is expanding its data center capabilities to support high-performance computing and artificial intelligence workloads. Its services include data center operations, power and equipment management, hosting, and related infrastructure support for customers that require substantial computing capacity.

Core Scientific was founded in 2017 and became a publicly traded company through a business combination in 2022.