Core Scientific (NASDAQ:CORZ) Price Target Raised to $29.00 at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald raised its price target on Core Scientific from $25 to $29 and kept an "overweight" rating, implying roughly a 61% potential upside from the prior close.
• Core Scientific reported quarterly EPS of $0.42, topping estimates, but revenue of $79.8M missed forecasts and fell 16% year-over-year; the stock trades near $17.99 with a market cap of $5.68B and a 52-week range of $6.30–$23.63.
• Insider Todd M. Duchene sold 10,000 shares at $16.49 under a Rule 10b5-1 plan and insiders collectively own about 1.4%; analysts' consensus is a "Moderate Buy" with an average target of $25.07.

Core Scientific (NASDAQ:CORZ - Get Free Report) had its price target raised by research analysts at Cantor Fitzgerald from $25.00 to $29.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Cantor Fitzgerald's price objective would indicate a potential upside of 61.23% from the company's previous close.

Several other brokerages have also commented on CORZ. Zacks Research upgraded Core Scientific from a "strong sell" rating to a "hold" rating in a research note on Tuesday, January 13th. HC Wainwright reissued a "buy" rating and issued a $25.00 price objective on shares of Core Scientific in a research report on Tuesday, March 3rd. Keefe, Bruyette & Woods increased their price objective on shares of Core Scientific from $19.00 to $25.00 and gave the stock a "moderate buy" rating in a research report on Tuesday, January 27th. Wall Street Zen raised shares of Core Scientific to a "sell" rating in a research report on Saturday, March 14th. Finally, Citizens Jmp upgraded Core Scientific from a "market perform" rating to an "outperform" rating and set a $30.00 target price for the company in a research note on Thursday, December 18th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Core Scientific presently has an average rating of "Moderate Buy" and an average target price of $25.07.

Core Scientific Stock Performance

CORZ stock traded up $0.33 during midday trading on Thursday, hitting $17.99. 3,120,191 shares of the stock were exchanged, compared to its average volume of 11,388,593. The stock's 50-day moving average price is $16.70 and its 200-day moving average price is $17.19. The stock has a market cap of $5.68 billion, a price-to-earnings ratio of 15.23 and a beta of 6.34. Core Scientific has a fifty-two week low of $6.30 and a fifty-two week high of $23.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings results on Monday, March 2nd. The company reported $0.42 earnings per share for the quarter, topping analysts' consensus estimates of ($0.27) by $0.69. The company had revenue of $79.76 million during the quarter, compared to analyst estimates of $118.45 million. During the same period last year, the firm earned ($0.69) earnings per share. The business's revenue was down 16.0% compared to the same quarter last year. Research analysts anticipate that Core Scientific will post 0.52 EPS for the current year.

Insider Transactions at Core Scientific

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the business's stock in a transaction on Monday, April 6th. The stock was sold at an average price of $16.49, for a total transaction of $164,900.00. Following the completion of the transaction, the insider owned 2,037,089 shares in the company, valued at approximately $33,591,597.61. The trade was a 0.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Xponance LLC boosted its position in Core Scientific by 2.5% during the 4th quarter. Xponance LLC now owns 22,896 shares of the company's stock worth $333,000 after acquiring an additional 562 shares during the period. Xponance Inc. lifted its stake in shares of Core Scientific by 2.7% in the 3rd quarter. Xponance Inc. now owns 22,334 shares of the company's stock worth $401,000 after acquiring an additional 595 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Core Scientific by 3.5% in the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 21,029 shares of the company's stock worth $377,000 after acquiring an additional 711 shares during the period. CWA Asset Management Group LLC lifted its stake in shares of Core Scientific by 0.3% in the 4th quarter. CWA Asset Management Group LLC now owns 239,937 shares of the company's stock worth $3,493,000 after acquiring an additional 756 shares during the period. Finally, Orion Porfolio Solutions LLC lifted its stake in shares of Core Scientific by 5.2% in the 3rd quarter. Orion Porfolio Solutions LLC now owns 15,539 shares of the company's stock worth $279,000 after acquiring an additional 766 shares during the period.

About Core Scientific

Core Scientific, Inc NASDAQ: CORZ is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific's service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.

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