B. Riley Upgrades Core Scientific (NASDAQ:CORZ) to "Buy"

Key Points

• B. Riley has upgraded Core Scientific from a "neutral" rating to a "buy" rating, setting a price target of $30.00, indicating a potential upside of 56.01% from the current stock price.
• The stock has seen mixed ratings from analysts, with one Strong Buy, eight Buy, ten Hold, and two Sell ratings, while the average price target currently stands at $19.47.
• Core Scientific reported a quarterly earnings per share of ($0.04), exceeding estimates, but with a significant year-over-year revenue decline of 44.3%, totaling $78.63 million.

Core Scientific (NASDAQ:CORZ - Get Free Report) was upgraded by research analysts at B. Riley from a "neutral" rating to a "buy" rating in a report released on Wednesday,Finviz reports. The brokerage presently has a $30.00 price target on the stock. B. Riley's target price suggests a potential upside of 56.01% from the stock's current price.

Several other equities analysts also recently weighed in on CORZ. JMP Securities reiterated a "market perform" rating on shares of Core Scientific in a research note on Tuesday, August 12th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Core Scientific in a research note on Wednesday, October 8th. HC Wainwright reiterated a "neutral" rating on shares of Core Scientific in a research note on Monday, August 11th. Needham & Company LLC downgraded shares of Core Scientific from a "moderate buy" rating to a "hold" rating and set a $18.00 target price for the company. in a research note on Thursday, July 10th. Finally, BTIG Research downgraded shares of Core Scientific from a "strong-buy" rating to a "hold" rating and set a $20.00 target price for the company. in a research note on Monday, July 7th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $19.47.

Core Scientific Stock Performance

CORZ opened at $19.23 on Wednesday. The firm has a market cap of $5.91 billion, a P/E ratio of -34.34 and a beta of 6.58. The firm has a 50-day moving average of $16.16 and a 200 day moving average of $13.07. Core Scientific has a fifty-two week low of $6.20 and a fifty-two week high of $20.36.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its quarterly earnings results on Friday, August 8th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.03. The company had revenue of $78.63 million for the quarter, compared to the consensus estimate of $82.09 million. The business's quarterly revenue was down 44.3% compared to the same quarter last year. Equities research analysts predict that Core Scientific will post 0.52 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Core Scientific

Large investors have recently modified their holdings of the company. HHM Wealth Advisors LLC boosted its position in shares of Core Scientific by 96.5% in the second quarter. HHM Wealth Advisors LLC now owns 1,926 shares of the company's stock valued at $33,000 after acquiring an additional 946 shares during the period. Osaic Holdings Inc. lifted its position in Core Scientific by 112.1% during the second quarter. Osaic Holdings Inc. now owns 2,017 shares of the company's stock valued at $34,000 after purchasing an additional 1,066 shares during the last quarter. Advisors Asset Management Inc. lifted its position in Core Scientific by 68.3% during the second quarter. Advisors Asset Management Inc. now owns 2,690 shares of the company's stock valued at $46,000 after purchasing an additional 1,092 shares during the last quarter. Bernard Wealth Management Corp. bought a new stake in Core Scientific during the second quarter valued at approximately $51,000. Finally, PNC Financial Services Group Inc. lifted its position in Core Scientific by 396.8% during the second quarter. PNC Financial Services Group Inc. now owns 3,731 shares of the company's stock valued at $64,000 after purchasing an additional 2,980 shares during the last quarter.

About Core Scientific

Core Scientific, Inc provides digital asset mining services in North America. It operates through two segments, Mining and Hosting. The company offers blockchain infrastructure, software solutions, and services; and operates data center mining facilities. It also mines digital assets for its own account; and provides hosting services for other large bitcoin miners, which include deployment, monitoring, trouble shooting, optimization, and maintenance of its customers' digital asset mining equipment.

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