Core Scientific (NASDAQ:CORZ) Earns “Overweight” Rating from Cantor Fitzgerald

Core Scientific (NASDAQ:CORZ)‘s stock had its “overweight” rating reaffirmed by research analysts at Cantor Fitzgerald in a report released on Wednesday, Benzinga reports. They presently have a $39.00 price objective on the stock. Cantor Fitzgerald’s price objective points to a potential upside of 179.85% from the company’s previous close.

A number of other analysts have also commented on the stock. Rothschild & Co Redburn started coverage on shares of Core Scientific in a research note on Monday, September 21st. They set a “neutral” rating and a $16.00 price target for the company. BTIG Research restated a “buy” rating and set a $38.00 price target on shares of Core Scientific in a research note on Tuesday, July 28th. Wells Fargo & Company started coverage on shares of Core Scientific in a research note on Thursday, September 17th. They set an “overweight” rating and a $28.00 price target for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Core Scientific in a research note on Friday, July 17th. Finally, UBS Group restated a “market outperform” rating on shares of Core Scientific in a research note on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $31.36.

Core Scientific Price Performance

Shares of Core Scientific stock traded down $1.49 during trading on Wednesday, reaching $13.94. 10,661,394 shares of the company traded hands, compared to its average volume of 12,492,756. Core Scientific has a 1-year low of $13.35 and a 1-year high of $30.46. The company has a 50 day moving average price of $17.75 and a 200-day moving average price of $21.07. The firm has a market capitalization of $4.48 billion, a PE ratio of -3.15 and a beta of 5.49.

Core Scientific (NASDAQ:CORZ) last released its earnings results on Tuesday, July 28th. The company reported ($3.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($3.26). The company had revenue of $164.20 million for the quarter, compared to the consensus estimate of $144.83 million. Equities research analysts expect that Core Scientific will post -1.36 earnings per share for the current year.

Insider Transactions at Core Scientific

In other news, Director Eric Weiss bought 6,000 shares of Core Scientific stock in a transaction dated Tuesday, September 15th. The stock was purchased at an average price of $16.33 per share, for a total transaction of $97,980.00. Following the purchase, the director directly owned 265,262 shares in the company, valued at $4,331,728.46. The trade was a 2.31% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Todd M. Duchene sold 10,000 shares of the company’s stock in a transaction on Monday, October 5th. The stock was sold at an average price of $16.31, for a total transaction of $163,100.00. Following the completion of the sale, the insider owned 1,169,668 shares of the company’s stock, valued at approximately $19,077,285.08. The trade was a 0.85% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders bought 19,000 shares of company stock worth $342,290 and sold 90,000 shares worth $1,730,100. Company insiders own 1.70% of the company’s stock.

Institutional Trading of Core Scientific

Institutional investors have recently made changes to their positions in the company. CoreCap Advisors LLC boosted its holdings in shares of Core Scientific by 205.6% in the 3rd quarter. CoreCap Advisors LLC now owns 4,355 shares of the company’s stock worth $70,000 after buying an additional 2,930 shares during the last quarter. Moody National Bank Trust Division boosted its holdings in shares of Core Scientific by 83.0% in the 3rd quarter. Moody National Bank Trust Division now owns 114,699 shares of the company’s stock worth $1,833,000 after buying an additional 52,039 shares during the last quarter. Byrne Asset Management LLC purchased a new position in shares of Core Scientific in the 3rd quarter worth about $225,000. Engineers Gate Manager LP purchased a new position in shares of Core Scientific in the 2nd quarter worth about $1,671,000. Finally, Squarepoint Ops LLC lifted its stake in Core Scientific by 64.1% in the second quarter. Squarepoint Ops LLC now owns 2,686,177 shares of the company’s stock valued at $68,739,000 after purchasing an additional 1,049,678 shares during the last quarter.

Core Scientific Company Profile

Core Scientific, Inc is a digital infrastructure company that develops and operates data centers in the United States. Its business has historically centered on cryptocurrency mining, particularly the processing of transactions on the Bitcoin network, while also providing hosting and infrastructure services to other mining and technology customers.

The company is expanding its data center capabilities to support high-performance computing and artificial intelligence workloads. Its services include data center operations, power and equipment management, hosting, and related infrastructure support for customers that require substantial computing capacity.

Core Scientific was founded in 2017 and became a publicly traded company through a business combination in 2022.