Core Scientific (NASDAQ:CORZ) Hits New 1-Year High - What's Next?

Key Points

• Core Scientific's stock price reached a new 52-week high at $19.30, closing at $19.14, with a trading volume of over 5 million shares.
• Despite the positive price movement, various analysts have mixed ratings on the stock, with one "Strong Buy", seven "Buy," eleven "Hold," and two "Sell" ratings, and a consensus target price of $18.71.
• The company reported earnings of ($0.04) per share, surpassing analysts’ expectations, but its quarterly revenue fell 44.3% year-over-year.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report)'s share price reached a new 52-week high during trading on Friday . The stock traded as high as $19.30 and last traded at $19.14, with a volume of 5262199 shares. The stock had previously closed at $18.04.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CORZ. Roth Capital lowered their price target on Core Scientific from $20.00 to $17.00 and set a "neutral" rating on the stock in a report on Friday, August 22nd. HC Wainwright reaffirmed a "neutral" rating on shares of Core Scientific in a report on Monday, August 11th. Arete Research raised Core Scientific to a "strong-buy" rating in a report on Tuesday, July 22nd. Arete began coverage on Core Scientific in a report on Tuesday, July 22nd. They set a "buy" rating and a $20.00 price target on the stock. Finally, Citigroup downgraded Core Scientific from an "outperform" rating to a "market perform" rating in a report on Monday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, Core Scientific presently has an average rating of "Hold" and a consensus target price of $18.71.

Core Scientific Stock Performance

The stock has a market cap of $5.79 billion, a PE ratio of -33.96 and a beta of 6.58. The stock has a fifty day moving average price of $15.35 and a 200 day moving average price of $12.40.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its quarterly earnings data on Friday, August 8th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.07) by $0.03. The business had revenue of $78.63 million for the quarter, compared to analysts' expectations of $82.09 million. The business's quarterly revenue was down 44.3% on a year-over-year basis. As a group, equities analysts anticipate that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Core Scientific

Institutional investors and hedge funds have recently bought and sold shares of the company. HHM Wealth Advisors LLC raised its position in shares of Core Scientific by 96.5% in the 2nd quarter. HHM Wealth Advisors LLC now owns 1,926 shares of the company's stock worth $33,000 after acquiring an additional 946 shares in the last quarter. Osaic Holdings Inc. raised its position in shares of Core Scientific by 112.1% in the 2nd quarter. Osaic Holdings Inc. now owns 2,017 shares of the company's stock worth $34,000 after acquiring an additional 1,066 shares in the last quarter. Advisors Asset Management Inc. raised its position in shares of Core Scientific by 68.3% in the 2nd quarter. Advisors Asset Management Inc. now owns 2,690 shares of the company's stock worth $46,000 after acquiring an additional 1,092 shares in the last quarter. Bernard Wealth Management Corp. acquired a new position in Core Scientific during the 2nd quarter valued at about $51,000. Finally, PNC Financial Services Group Inc. grew its stake in Core Scientific by 396.8% during the 2nd 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.

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.

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