Core Scientific (NASDAQ:CORZ) Upgraded at Rothschild & Co Redburn

Key Points

• Rothschild & Co Redburn upgraded Core Scientific to “hold,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $31.16.
• Core Scientific shares opened at $18.36 and rose 2.1%; the stock has traded between $13.35 and $30.46 over the past year.
• The company reported a quarterly loss of $3.32 per share, significantly missing the $0.06 consensus estimate, although revenue of $164.2 million exceeded expectations.

Core Scientific (NASDAQ:CORZ - Get Free Report) was upgraded by equities researchers at Rothschild & Co Redburn to a "hold" rating in a research report issued to clients and investors on Monday, Zacks reports.

A number of other analysts also recently issued reports on the company. B. Riley Financial raised their price target on Core Scientific from $33.00 to $42.00 and gave the stock a "buy" rating in a research report on Monday, August 3rd. Loop Capital set a $40.00 price objective on shares of Core Scientific in a research report on Friday, June 12th. Wolfe Research reissued a "buy" rating on shares of Core Scientific in a research note on Wednesday, July 29th. Sanford C. Bernstein restated an "outperform" rating and issued a $32.00 target price on shares of Core Scientific in a report on Wednesday, June 3rd. Finally, Lucid Cap Mkts raised shares of Core Scientific to a "strong-buy" rating in a research note on Friday, June 12th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $31.16.

Core Scientific Trading Up 2.1%

Shares of NASDAQ CORZ opened at $18.36 on Monday. The firm's 50-day moving average price is $19.49 and its 200-day moving average price is $21.03. The stock has a market capitalization of $5.90 billion, a price-to-earnings ratio of -4.15 and a beta of 5.48. 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 quarterly earnings data 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 firm had revenue of $164.20 million during the quarter, compared to analyst estimates of $144.83 million. On average, equities analysts predict that Core Scientific will post -1.36 EPS for the current fiscal year.

Insiders Place Their Bets

In other Core Scientific news, Director Eric Weiss bought 7,000 shares of Core Scientific stock in a transaction on Tuesday, August 18th. The shares were acquired at an average price of $19.19 per share, for a total transaction of $134,330.00. Following the completion of the purchase, the director directly owned 259,262 shares in the company, valued at approximately $4,975,237.78. This trade represents a 2.77% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Todd M. Duchene sold 10,000 shares of the business's stock in a transaction on 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 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have purchased 19,000 shares of company stock valued at $342,290 and have sold 80,000 shares valued at $1,703,700. 1.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Core Scientific

Several large investors have recently added to or reduced their stakes in CORZ. Engineers Gate Manager LP purchased a new stake in shares of Core Scientific in the second quarter valued at approximately $1,671,000. Squarepoint Ops LLC increased its holdings in Core Scientific by 64.1% during the 2nd quarter. Squarepoint Ops LLC now owns 2,686,177 shares of the company's stock worth $68,739,000 after purchasing an additional 1,049,678 shares during the period. Arizona State Retirement System raised its position in Core Scientific by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 69,666 shares of the company's stock valued at $1,783,000 after purchasing an additional 1,533 shares in the last quarter. Nykredit A S purchased a new stake in shares of Core Scientific in the 2nd quarter worth $263,000. Finally, Parkside Financial Bank & Trust lifted its holdings in shares of Core Scientific by 1,371.3% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,177 shares of the company's stock worth $30,000 after buying an additional 1,097 shares during the period.

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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