Citizens Jmp Upgrades Core Scientific (NASDAQ:CORZ) to "Strong-Buy"

Core Scientific (NASDAQ:CORZ - Get Free Report) was upgraded by research analysts at Citizens Jmp to a "strong-buy" rating in a research report issued to clients and investors on Thursday, Marketbeat Ratings reports. The brokerage currently has a $15.00 price target on the stock. Citizens Jmp's target price suggests a potential upside of 38.50% from the stock's previous close.

CORZ has been the subject of a number of other research reports. Compass Point decreased their price objective on shares of Core Scientific from $26.00 to $20.00 and set a "buy" rating for the company in a report on Tuesday, February 25th. Keefe, Bruyette & Woods started coverage on shares of Core Scientific in a research report on Monday, January 27th. They set an "outperform" rating and a $22.00 price target on the stock. HC Wainwright reissued a "buy" rating and issued a $17.00 price target on shares of Core Scientific in a report on Tuesday, March 11th. Cantor Fitzgerald lowered their price objective on shares of Core Scientific from $24.00 to $21.00 and set an "overweight" rating for the company in a research report on Thursday, February 27th. Finally, Canaccord Genuity Group reiterated a "buy" rating and set a $17.00 target price on shares of Core Scientific in a report on Friday, May 9th. Nineteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $18.33.

Core Scientific Stock Up 0.5%

Shares of Core Scientific stock opened at $10.83 on Thursday. The business has a fifty day simple moving average of $8.28 and a 200 day simple moving average of $11.90. The stock has a market cap of $3.23 billion, a PE ratio of -2.00 and a beta of 6.66. Core Scientific has a 12 month low of $3.99 and a 12 month high of $18.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.02. The company had revenue of $79.53 million for the quarter, compared to analyst estimates of $92.04 million. Core Scientific's quarterly revenue was down 55.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.78 earnings per share. Analysts expect that Core Scientific will post 0.52 EPS for the current fiscal year.

Insider Activity at Core Scientific

In other news, Director Todd A. Becker sold 134,250 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $10.75, for a total transaction of $1,443,187.50. Following the completion of the transaction, the director now directly owns 195,687 shares of the company's stock, valued at $2,103,635.25. This trade represents a 40.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jordan Levy acquired 62,500 shares of the business's stock in a transaction dated Thursday, March 6th. The stock was acquired at an average cost of $8.01 per share, for a total transaction of $500,625.00. Following the transaction, the director now owns 306,887 shares of the company's stock, valued at $2,458,164.87. This represents a 25.57% increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Core Scientific

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wellington Shields & Co. LLC acquired a new stake in shares of Core Scientific in the fourth quarter valued at about $26,000. First Horizon Advisors Inc. bought a new position in Core Scientific in the fourth quarter valued at approximately $34,000. Newbridge Financial Services Group Inc. acquired a new position in shares of Core Scientific during the 4th quarter worth approximately $42,000. Vestcor Inc acquired a new position in shares of Core Scientific during the 4th quarter worth approximately $66,000. Finally, State of Wyoming bought a new stake in shares of Core Scientific during the 1st quarter worth approximately $34,000.

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.