Keefe, Bruyette & Woods Issues Positive Forecast for Core Scientific (NASDAQ:CORZ) Stock Price

Key Points

• Keefe, Bruyette & Woods raised its price target on Core Scientific from $19 to $25 and maintains an "outperform" rating, implying roughly a 31% upside from the prior close.
• Multiple analysts have recently upgraded CORZ—consensus is a "Moderate Buy" with an average price target of $23.69 and individual targets as high as $34.00.
• Insider buying and mixed fundamentals: director Eric Stanton Weiss purchased 5,000 shares at $21.50, while the company beat EPS expectations (loss of $0.46 vs. $0.85 est.) but missed revenue estimates ($81.1M vs. $107.18M); CORZ trades near $19 with a $5.91B market cap.

Core Scientific (NASDAQ:CORZ - Get Free Report) had its target price upped by Keefe, Bruyette & Woods from $19.00 to $25.00 in a report issued on Tuesday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Keefe, Bruyette & Woods' price target indicates a potential upside of 31.23% from the stock's previous close.

A number of other equities analysts have also recently commented on CORZ. Roth Mkm reaffirmed a "buy" rating on shares of Core Scientific in a report on Friday, October 31st. UBS Group set a $30.00 price target on Core Scientific in a research report on Wednesday, October 22nd. Citigroup raised Core Scientific from a "market perform" rating to an "outperform" rating in a research note on Thursday, December 18th. Macquarie upgraded shares of Core Scientific from a "hold" rating to an "outperform" rating and lifted their target price for the company from $18.00 to $34.00 in a research note on Friday, October 31st. Finally, Citizens Jmp upgraded Core Scientific from a "market perform" rating to an "outperform" rating and set a $30.00 price target for the company in a research note on Thursday, December 18th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $23.69.

Core Scientific Trading Up 1.4%

CORZ opened at $19.05 on Tuesday. The company's 50 day moving average is $16.45 and its 200 day moving average is $16.26. The company has a market cap of $5.91 billion, a price-to-earnings ratio of 127.01 and a beta of 6.87. Core Scientific has a 12-month low of $6.20 and a 12-month high of $23.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings results on Friday, October 24th. The company reported ($0.46) earnings per share for the quarter, topping the consensus estimate of ($0.85) by $0.39. The business had revenue of $81.10 million during the quarter, compared to the consensus estimate of $107.18 million. As a group, analysts predict that Core Scientific will post 0.52 EPS for the current fiscal year.

Insider Buying and Selling at Core Scientific

In other news, Director Eric Stanton Weiss bought 5,000 shares of Core Scientific stock in a transaction dated Tuesday, November 4th. The shares were purchased at an average cost of $21.50 per share, with a total value of $107,500.00. Following the completion of the acquisition, the director owned 226,687 shares of the company's stock, valued at $4,873,770.50. This trade represents a 2.26% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.40% of the stock is currently owned by insiders.

Institutional Trading of Core Scientific

A number of large investors have recently added to or reduced their stakes in CORZ. Nisa Investment Advisors LLC lifted its holdings in shares of Core Scientific by 192.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 4,662 shares of the company's stock valued at $80,000 after acquiring an additional 3,067 shares during the last quarter. Kingswood Wealth Advisors LLC purchased a new stake in Core Scientific during the second quarter valued at approximately $243,000. Harvest Portfolios Group Inc. raised its position in Core Scientific by 81.9% during the second quarter. Harvest Portfolios Group Inc. now owns 134,895 shares of the company's stock valued at $2,303,000 after purchasing an additional 60,746 shares during the period. ORG Wealth Partners LLC lifted its stake in shares of Core Scientific by 1.8% in the 3rd quarter. ORG Wealth Partners LLC now owns 7,290,481 shares of the company's stock valued at $130,791,000 after purchasing an additional 128,284 shares during the last quarter. Finally, Prudential Financial Inc. boosted its holdings in shares of Core Scientific by 1,326.9% in the 2nd quarter. Prudential Financial Inc. now owns 199,630 shares of the company's stock worth $3,408,000 after purchasing an additional 185,640 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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