Core Scientific (NASDAQ:CORZ) Shares Gap Up on Analyst Upgrade

Key Points

• Core Scientific's shares rose after Macquarie increased its price target to $18.00, up from a previous target of $15.00.
• The stock received mixed ratings from analysts, with one strong buy, seven buys, eleven holds, and one sell, resulting in an average rating of "Hold" and a consensus price target of $18.71.
• In the second quarter, several institutional investors significantly increased their positions in Core Scientific, with PNC Financial Services Group raising its holdings by 396.8%.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) gapped up prior to trading on Tuesday after Macquarie raised their price target on the stock from $15.00 to $18.00. The stock had previously closed at $17.33, but opened at $17.99. Macquarie currently has a neutral rating on the stock. Core Scientific shares last traded at $18.00, with a volume of 4,611,455 shares trading hands.

A number of other research analysts have also weighed in on CORZ. Compass Point assumed coverage on Core Scientific in a report on Monday, September 15th. They issued a "buy" rating on the stock. Citizens Jmp downgraded Core Scientific from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 14th. Canaccord Genuity Group reiterated a "buy" rating and set a $17.00 price objective on shares of Core Scientific in a research note on Friday, June 27th. Needham & Company LLC downgraded Core Scientific from a "moderate buy" rating to a "hold" rating and set a $18.00 target price for the company. in a research note on Thursday, July 10th. Finally, Barclays cut Core Scientific to an "underweight" rating in a research report on Tuesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $18.71.

Hedge Funds Weigh In On Core Scientific

Several institutional investors and hedge funds have recently bought and sold shares of CORZ. HHM Wealth Advisors LLC lifted its position in Core Scientific by 96.5% in the second quarter. HHM Wealth Advisors LLC now owns 1,926 shares of the company's stock valued at $33,000 after purchasing an additional 946 shares during the last quarter. Osaic Holdings Inc. raised its position in Core Scientific by 112.1% during the 2nd quarter. Osaic Holdings Inc. now owns 2,017 shares of the company's stock valued at $34,000 after purchasing an additional 1,066 shares during the last quarter. Advisors Asset Management Inc. lifted its holdings in 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 buying an additional 1,092 shares during the period. Bernard Wealth Management Corp. purchased a new position in shares of Core Scientific during the second quarter valued at approximately $51,000. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Core Scientific by 396.8% during the second quarter. PNC Financial Services Group Inc. now owns 3,731 shares of the company's stock valued at $64,000 after acquiring an additional 2,980 shares in the last quarter.

Core Scientific Price Performance

The business has a 50 day moving average of $14.66 and a 200 day moving average of $11.94. The company has a market cap of $5.54 billion, a PE ratio of -32.35 and a beta of 6.59.

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

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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