Core Scientific, Inc. (NASDAQ:CORZ) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Key Points

• Analysts maintain a “Moderate Buy” consensus on Core Scientific, with 18 buy, two strong-buy, two hold and one sell rating among 23 firms. The average 12-month price target is $30.86, well above the reported share price of $18.12.
• Core Scientific reported a significant quarterly EPS miss, posting a loss of $3.32 per share versus the $0.06 expected, although revenue of $164.2 million exceeded estimates of $144.83 million.
• Institutional interest has increased, including new positions from BlackRock and Apollo Management, while insider activity was mixed: insiders bought 19,000 shares but sold 90,000 shares during the latest quarter.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the twenty-three research firms that are covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, eighteen have given a buy recommendation and two have given a strong buy recommendation to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $30.86.

Several analysts have recently weighed in on the stock. Freedom Capital raised shares of Core Scientific from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 30th. Rothschild & Co Redburn started coverage on shares of Core Scientific in a research report on Monday. They set a "neutral" rating and a $16.00 price target on the stock. Lucid Cap Mkts upgraded Core Scientific to a "strong-buy" rating in a report on Friday, June 12th. Canaccord Genuity Group increased their price objective on Core Scientific from $30.00 to $36.00 and gave the stock a "buy" rating in a research report on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods raised Core Scientific from a "market perform" rating to an "outperform" rating and raised their target price for the stock from $25.00 to $28.00 in a research note on Thursday, July 30th.

Core Scientific Stock Up 0.1%

Shares of CORZ opened at $18.12 on Friday. Core Scientific has a 52-week low of $13.35 and a 52-week high of $30.46. The firm's fifty day moving average is $19.27 and its two-hundred day moving average is $21.09. The stock has a market cap of $5.82 billion, a PE ratio of -4.10 and a beta of 5.48.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its earnings results on Tuesday, July 28th. The company reported ($3.32) EPS for the quarter, missing analysts' consensus estimates of ($0.06) by ($3.26). The firm had revenue of $164.20 million for the quarter, compared to analyst estimates of $144.83 million. As a group, research analysts anticipate that Core Scientific will post -1.36 earnings per share for the current year.

Insiders Place Their Bets

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the company's stock in a transaction dated 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 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. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Eric Weiss bought 7,000 shares of the stock in a transaction on Tuesday, August 18th. The shares were bought at an average cost of $19.19 per share, with a total value of $134,330.00. Following the purchase, the director owned 259,262 shares of the company's stock, valued at $4,975,237.78. This trade represents a 2.77% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have bought 19,000 shares of company stock valued at $342,290 and have sold 90,000 shares valued at $1,887,400. Corporate insiders own 1.70% of the company's stock.

Institutional Investors Weigh In On Core Scientific

A number of institutional investors have recently made changes to their positions in CORZ. BlackRock Inc. acquired a new position in shares of Core Scientific in the 2nd quarter worth approximately $719,649,000. Situational Awareness LP lifted its stake in Core Scientific by 42.5% during the fourth 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. Jericho Capital Asset Management L.P. boosted its position in shares of Core Scientific by 11.4% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 13,038,619 shares of the company's stock worth $189,842,000 after buying an additional 1,338,796 shares during the period. Apollo Management Holdings L.P. purchased a new position in shares of Core Scientific during the second quarter worth $115,671,000. Finally, Geode Capital Management LLC grew its stake in shares of Core Scientific by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 7,651,002 shares of the company's stock valued at $111,417,000 after buying an additional 109,145 shares in the last quarter.

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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