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

Core Scientific (NASDAQ:CORZ - Get Free Report) was upgraded by analysts at Citizens Jmp to a "strong-buy" rating in a note issued to investors on Thursday, MarketBeat reports. The firm presently has a $15.00 target price on the stock. Citizens Jmp's price objective indicates a potential upside of 33.20% from the company's current price.

CORZ has been the topic of a number of other reports. Needham & Company LLC reiterated a "buy" rating and issued a $16.00 price target on shares of Core Scientific in a report on Friday, May 16th. HC Wainwright reissued a "buy" rating and issued a $17.00 price objective on shares of Core Scientific in a research report on Tuesday, March 11th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $17.00 price target on shares of Core Scientific in a report on Friday, May 9th. Oppenheimer started coverage on shares of Core Scientific in a research report on Wednesday, May 14th. They set an "outperform" rating and a $15.00 target price for the company. Finally, Cantor Fitzgerald lowered their target price on shares of Core Scientific from $24.00 to $21.00 and set an "overweight" rating on the stock in a research note on Thursday, February 27th. Eighteen investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $18.33.

Core Scientific Stock Up 5.4%

CORZ traded up $0.58 on Thursday, reaching $11.26. 6,115,083 shares of the company traded hands, compared to its average volume of 14,783,400. The company has a market cap of $3.35 billion, a P/E ratio of -2.08 and a beta of 6.66. The firm has a fifty day simple moving average of $8.38 and a two-hundred day simple moving average of $11.79. Core Scientific has a one year low of $4.46 and a one year high of $18.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.02. The firm had revenue of $79.53 million for the quarter, compared to analysts' expectations of $92.04 million. The company's revenue for the quarter was down 55.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.78 earnings per share. On average, equities analysts forecast that Core Scientific will post 0.52 earnings per share for the current year.

Insider Transactions at Core Scientific

In other news, Director Jordan Levy acquired 62,500 shares of the company's stock in a transaction dated Thursday, March 6th. The stock was acquired at an average cost of $8.01 per share, with a total value of $500,625.00. Following the completion of the purchase, 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 position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, Director Todd A. Becker sold 134,250 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $10.75, for a total value of $1,443,187.50. Following the transaction, the director now directly owns 195,687 shares in the company, valued at approximately $2,103,635.25. The trade was a 40.69% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.40% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Core Scientific by 180.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,109,387 shares of the company's stock valued at $8,032,000 after purchasing an additional 714,388 shares in the last quarter. Arete Wealth Advisors LLC increased its stake in shares of Core Scientific by 39.1% during the first quarter. Arete Wealth Advisors LLC now owns 22,942 shares of the company's stock worth $166,000 after buying an additional 6,453 shares during the period. Clearline Capital LP raised its holdings in Core Scientific by 157.8% in the first quarter. Clearline Capital LP now owns 5,403,963 shares of the company's stock valued at $39,125,000 after acquiring an additional 3,308,100 shares in the last quarter. Fred Alger Management LLC lifted its stake in Core Scientific by 46.7% in the first quarter. Fred Alger Management LLC now owns 6,473,552 shares of the company's stock worth $46,869,000 after acquiring an additional 2,059,985 shares during the last quarter. Finally, Ursa Fund Management LLC purchased a new position in Core Scientific in the first quarter worth approximately $217,000.

Core Scientific Company Profile

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.