Core Scientific (NASDAQ:CORZ) Stock Rating Upgraded by Wells Fargo & Company

Key Points

• Wells Fargo upgraded Core Scientific to “strong buy,” joining a broadly bullish analyst consensus. The stock has a consensus “Buy” rating and an average price target of $31.96.
• Core Scientific shares opened at $17.14, well below their 12-month high of $30.46. The company’s latest quarterly results included a significant EPS miss, reporting a loss of $3.32 per share versus expectations of a $0.06 loss, despite revenue exceeding estimates.
• Institutional investors have shown increased interest, including BlackRock’s approximately $719.6 million position and new stakes from Apollo Management, Fifth Third Bancorp, and Avala Global. Insider activity was mixed, with recent purchases totaling less than insider sales over the past 90 days.

Core Scientific (NASDAQ:CORZ - Get Free Report) was upgraded by stock analysts at Wells Fargo & Company to a "strong-buy" rating in a research note issued on Thursday, Zacks reports.

A number of other research analysts have also recently weighed in on CORZ. Needham & Company LLC lifted their price objective on shares of Core Scientific from $29.00 to $35.00 and gave the company a "buy" rating in a report on Wednesday, July 29th. Wolfe Research reissued a "buy" rating on shares of Core Scientific in a research note on Wednesday, July 29th. Canaccord Genuity Group raised their target price on Core Scientific from $30.00 to $36.00 and gave the company a "buy" rating in a research report on Wednesday, July 29th. Freedom Capital upgraded Core Scientific from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 30th. Finally, Sanford C. Bernstein reiterated an "outperform" rating and set a $32.00 price target on shares of Core Scientific in a research report on Wednesday, June 3rd. Three analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $31.96.

Core Scientific Price Performance

Shares of NASDAQ CORZ opened at $17.14 on Thursday. The stock has a market capitalization of $5.51 billion, a price-to-earnings ratio of -3.88 and a beta of 5.48. The firm's 50 day simple moving average is $19.68 and its 200-day simple moving average is $21.00. Core Scientific has a 12 month low of $13.35 and a 12 month high of $30.46.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its 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 for the quarter, compared to analysts' expectations of $144.83 million. Analysts anticipate that Core Scientific will post -1.36 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Eric Weiss acquired 7,000 shares of the business's stock in a transaction on Tuesday, August 18th. The stock was bought at an average cost of $19.19 per share, for a total transaction of $134,330.00. Following the purchase, the director owned 259,262 shares in the company, valued at approximately $4,975,237.78. This represents a 2.77% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $19.97, for a total value of $199,700.00. Following the transaction, the insider directly 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 position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have purchased 19,000 shares of company stock valued at $342,290 and have sold 90,000 shares valued at $1,996,600. 1.70% of the stock is owned by corporate insiders.

Institutional Trading of Core Scientific

Large investors have recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of Core Scientific in the second quarter worth about $719,649,000. Situational Awareness LP lifted its stake in Core Scientific by 42.5% in the 4th quarter. Situational Awareness LP now owns 28,756,478 shares of the company's stock worth $418,694,000 after purchasing an additional 8,575,944 shares in the last quarter. Apollo Management Holdings L.P. acquired a new position in shares of Core Scientific during the 2nd quarter worth approximately $115,671,000. Fifth Third Bancorp purchased a new stake in shares of Core Scientific in the first quarter valued at approximately $59,802,000. Finally, Avala Global LP purchased a new stake in shares of Core Scientific in the second quarter valued at approximately $101,729,000.

Core Scientific Company Profile

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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