Macquarie Forecasts Strong Price Appreciation for Core Scientific (NASDAQ:CORZ) Stock

Key Points

• Macquarie has increased its target price for Core Scientific (NASDAQ:CORZ) from $15.00 to $18.00, indicating a potential upside of 4.41% from the current price.
• Core Scientific's share price rose by 2.3% to $17.24, with a market capitalization of $5.26 billion, despite a year-over-year revenue decline of 44.3%.
• Analysts have mixed ratings on the stock, with one Strong Buy, seven Buy, eleven Hold, and one Sell, leading to an average rating of "Hold" and a price target of $18.71.

Core Scientific (NASDAQ:CORZ - Get Free Report) had its target price lifted by Macquarie from $15.00 to $18.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Macquarie's price objective indicates a potential upside of 4.41% from the stock's current price.

A number of other equities analysts also recently issued reports on CORZ. Oppenheimer reaffirmed a "market perform" rating on shares of Core Scientific in a research report on Monday, July 7th. Canaccord Genuity Group reaffirmed a "buy" rating and set a $17.00 price target on shares of Core Scientific in a research report on Friday, June 27th. Citigroup downgraded Core Scientific from an "outperform" rating to a "market perform" rating in a research report on Monday, July 14th. Compass Point assumed coverage on Core Scientific in a research report on Monday, September 15th. They set a "buy" rating on the stock. Finally, HC Wainwright reaffirmed a "neutral" rating on shares of Core Scientific in a research report on Monday, August 11th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Core Scientific currently has an average rating of "Hold" and an average price target of $18.71.

Core Scientific Trading Up 2.3%

Shares of CORZ traded up $0.39 during trading hours on Monday, hitting $17.24. The company had a trading volume of 8,510,098 shares, compared to its average volume of 16,013,699. The company has a market capitalization of $5.26 billion, a PE ratio of -30.78 and a beta of 6.59. Core Scientific has a one year low of $6.20 and a one year high of $18.63. The company's fifty day moving average price is $14.58 and its two-hundred day moving average price is $11.88.

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

Institutional Investors Weigh In On Core Scientific

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CORZ. HHM Wealth Advisors LLC grew its position in Core Scientific by 96.5% during the 2nd quarter. HHM Wealth Advisors LLC now owns 1,926 shares of the company's stock worth $33,000 after purchasing an additional 946 shares during the period. State of Wyoming acquired a new stake in Core Scientific during the 1st quarter worth about $34,000. Osaic Holdings Inc. grew 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 worth $34,000 after purchasing an additional 1,066 shares during the period. Emerald Mutual Fund Advisers Trust acquired a new stake in Core Scientific during the 1st quarter worth about $38,000. Finally, Advisors Asset Management Inc. grew its position in Core Scientific by 68.3% during the 2nd quarter. Advisors Asset Management Inc. now owns 2,690 shares of the company's stock worth $46,000 after purchasing an additional 1,092 shares during the period.

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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