Core Scientific (NASDAQ:CORZ) Rating Increased to Strong-Buy at UBS Group

Key Points

• UBS upgraded Core Scientific to “strong buy,” contributing to a consensus “moderate buy” rating from analysts and an average price target of $30.86.
• Shares opened at $18.10 and were down 3.7%; the company’s latest quarterly results included a substantial adjusted loss of $3.32 per share, though revenue of $164.2 million exceeded estimates.
• Insider activity was mixed, with an executive selling 10,000 shares and a director purchasing 7,000; institutional investors including BlackRock and Apollo also established significant positions.

Core Scientific (NASDAQ:CORZ - Get Free Report) was upgraded by stock analysts at UBS Group to a "strong-buy" rating in a report issued on Wednesday, Zacks reports.

A number of other equities research analysts have also commented on CORZ. Wolfe Research reiterated a "buy" rating on shares of Core Scientific in a report on Wednesday, July 29th. Weiss Ratings reissued a "sell (d-)" rating on shares of Core Scientific in a research note on Friday, July 17th. Wells Fargo & Company started coverage on Core Scientific in a report on Thursday, September 17th. They set an "overweight" rating and a $28.00 price target on the stock. Loop Capital set a $40.00 price target on Core Scientific in a research report on Friday, June 12th. Finally, Rothschild & Co Redburn initiated coverage on Core Scientific in a research note on Monday. They set a "neutral" rating and a $16.00 target price on the stock. Three research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $30.86.

Core Scientific Trading Down 3.7%

CORZ opened at $18.10 on Wednesday. Core Scientific has a 12 month low of $13.35 and a 12 month high of $30.46. The business's 50-day moving average price is $19.33 and its 200-day moving average price is $21.07. The company has a market cap of $5.82 billion, a P/E ratio of -4.10 and a beta of 5.48.

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 company had revenue of $164.20 million during the quarter, compared to the consensus estimate of $144.83 million. Equities research analysts forecast that Core Scientific will post -1.36 earnings per share for the current fiscal year.

Insider Transactions at Core Scientific

In related news, insider Todd DuChene sold 10,000 shares of the business's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $19.97, for a total transaction of $199,700.00. Following the sale, the insider owned 1,969,101 shares of the company's stock, valued at $39,322,946.97. The trade was a 0.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Eric Weiss acquired 7,000 shares of the business's stock in a transaction on Tuesday, August 18th. The stock was acquired at an average price of $19.19 per share, for a total transaction of $134,330.00. Following the acquisition, the director owned 259,262 shares of the company's stock, valued at approximately $4,975,237.78. This trade represents a 2.77% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders have purchased 19,000 shares of company stock valued at $342,290 and have sold 90,000 shares valued at $1,887,400. Company insiders own 1.70% of the company's stock.

Institutional Trading of Core Scientific

Several hedge funds and other institutional investors have recently made changes to their positions in CORZ. BlackRock Inc. purchased a new position in Core Scientific during the second quarter valued at $719,649,000. Situational Awareness LP grew its stake in shares of Core Scientific by 42.5% in the fourth quarter. Situational Awareness LP now owns 28,756,478 shares of the company's stock worth $418,694,000 after acquiring an additional 8,575,944 shares during the last quarter. Jericho Capital Asset Management L.P. increased its holdings in shares of Core Scientific by 11.4% during the fourth 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 position in shares of Core Scientific during the second quarter valued at $115,671,000. Finally, Geode Capital Management LLC raised its position in shares of Core Scientific by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 7,651,002 shares of the company's stock worth $111,417,000 after purchasing an additional 109,145 shares during the last quarter.

About Core Scientific

Core Scientific, Inc NASDAQ: CORZ is a digital infrastructure company that develops and operates data centers for high-performance computing. Its business has historically centered on large-scale bitcoin mining, including the deployment and operation of specialized computing equipment and supporting power, networking and facility infrastructure.

The company also provides hosting and colocation services for digital asset miners and other high-performance computing customers. Core Scientific has increasingly focused on expanding its data center platform for artificial intelligence and other compute-intensive workloads, including infrastructure designed to support graphics processing unit (GPU) deployments.

Founded in 2017, Core Scientific operates data center facilities in the United States and emerged from Chapter 11 bankruptcy protection in January 2024.

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