Core Scientific (NASDAQ:CORZ) Stock Rating Upgraded by Roth Capital

Key Points

• Core Scientific's stock rating has been upgraded from "neutral" to "buy" by Roth Capital, with a price target of $23.50, indicating a potential upside of 32.02% from its current price.
• The company reported earnings of ($0.04) per share, exceeding analysts' expectations, but its revenue dropped 44.3% year-over-year.
• While Roth Capital and others have upgraded their positions, a consensus rating for the stock remains a "Hold" with an average price target of $20.42.

Core Scientific (NASDAQ:CORZ - Get Free Report) was upgraded by stock analysts at Roth Capital from a "neutral" rating to a "buy" rating in a research report issued to clients and investors on Thursday,Briefing.com Automated Import reports. The brokerage presently has a $23.50 price target on the stock. Roth Capital's target price would suggest a potential upside of 32.02% from the company's previous close.

Other equities analysts also recently issued reports about the stock. Oppenheimer reaffirmed a "market perform" rating on shares of Core Scientific in a research note on Monday, July 7th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Core Scientific in a report on Wednesday, October 8th. Compass Point initiated coverage on shares of Core Scientific in a research report on Monday, September 15th. They set a "buy" rating on the stock. Canaccord Genuity Group reaffirmed a "buy" rating and set a $17.00 price objective on shares of Core Scientific in a research report on Friday, June 27th. Finally, Citizens Jmp cut Core Scientific from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $20.42.

Core Scientific Stock Performance

CORZ stock opened at $17.80 on Thursday. The stock has a market cap of $5.47 billion, a P/E ratio of -31.79 and a beta of 6.58. The firm has a 50 day simple moving average of $16.24 and a 200 day simple moving average of $13.10. Core Scientific has a 52 week low of $6.20 and a 52 week high of $20.36.

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

Hedge Funds Weigh In On Core Scientific

A number of institutional investors have recently made changes to their positions in the business. HHM Wealth Advisors LLC grew its holdings in Core Scientific by 96.5% in the 2nd quarter. HHM Wealth Advisors LLC now owns 1,926 shares of the company's stock valued at $33,000 after buying an additional 946 shares during the last quarter. State of Wyoming acquired a new position in Core Scientific during the 1st quarter valued at $34,000. Osaic Holdings Inc. raised its stake 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. Emerald Mutual Fund Advisers Trust acquired a new position in Core Scientific during the 1st quarter valued at $38,000. Finally, Advisors Asset Management Inc. raised its stake in Core Scientific by 68.3% during the 2nd quarter. Advisors Asset Management Inc. now owns 2,690 shares of the company's stock valued at $46,000 after purchasing an additional 1,092 shares during the last quarter.

About Core Scientific

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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