Core Scientific (NASDAQ:CORZ) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen revised its rating on Core Scientific to a "sell" in a research note issued Saturday.
• Overall sell‑side sentiment remains positive with a consensus rating of "Moderate Buy" and an average price target of $24.84 (1 Strong Buy, 15 Buy, 3 Hold, 2 Sell).
• In the most recent quarter (announced March 2), Core Scientific reported $0.42 EPS beating estimates but revenue of $79.76M missed forecasts and was down 16% year‑over‑year; the company has a market cap of about $5.2B and a P/E of 14.09.

Core Scientific (NASDAQ:CORZ - Get Free Report) was upgraded by equities researchers at Wall Street Zen to a "sell" rating in a research note issued to investors on Saturday.

A number of other research analysts also recently commented on CORZ. Cantor Fitzgerald dropped their price target on Core Scientific from $26.00 to $25.00 and set an "overweight" rating for the company in a research note on Tuesday, March 3rd. Citigroup upgraded shares of Core Scientific from a "market perform" rating to an "outperform" rating in a research note on Thursday, December 18th. BTIG Research raised shares of Core Scientific from a "neutral" rating to a "buy" rating and set a $23.00 target price on the stock in a report on Tuesday, January 6th. Needham & Company LLC upgraded shares of Core Scientific from a "hold" rating to a "buy" rating and set a $23.00 target price for the company in a research report on Tuesday, March 3rd. Finally, Citizens Jmp raised shares of Core Scientific from a "market perform" rating to an "outperform" rating and set a $30.00 price target for the company in a report on Thursday, December 18th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $24.84.

Core Scientific Price Performance

Shares of NASDAQ:CORZ opened at $16.49 on Friday. The business's 50 day simple moving average is $17.38 and its 200 day simple moving average is $17.02. Core Scientific has a 1 year low of $6.20 and a 1 year high of $23.63. The company has a market capitalization of $5.20 billion, a P/E ratio of 14.09 and a beta of 6.87.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its quarterly earnings data on Monday, March 2nd. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate 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. Core Scientific's revenue was down 16.0% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.69) earnings per share. On average, sell-side analysts anticipate that Core Scientific will post 0.52 EPS for the current fiscal year.

Institutional Investors Weigh In On Core Scientific

Several hedge funds have recently modified their holdings of CORZ. ORG Wealth Partners LLC grew its holdings in shares of Core Scientific by 1.8% during the third quarter. ORG Wealth Partners LLC now owns 7,290,481 shares of the company's stock worth $130,791,000 after purchasing an additional 128,284 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH increased its stake in shares of Core Scientific by 39.9% in the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 452,806 shares of the company's stock valued at $8,123,000 after buying an additional 129,133 shares during the period. Prudential Financial Inc. raised its holdings in Core Scientific by 1,326.9% in the 2nd quarter. Prudential Financial Inc. now owns 199,630 shares of the company's stock valued at $3,408,000 after buying an additional 185,640 shares during the last quarter. Y Intercept Hong Kong Ltd boosted its position in Core Scientific by 87.4% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 668,435 shares of the company's stock worth $11,992,000 after buying an additional 311,813 shares during the period. Finally, Castleark Management LLC acquired a new stake in Core Scientific during the 2nd quarter worth approximately $7,648,000.

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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