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

Core Scientific (NASDAQ:CORZ)‘s stock had its “overweight” rating reissued by research analysts at Cantor Fitzgerald in a research report issued on Wednesday, Benzinga reports. They currently have a $39.00 price objective on the stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 188.68% from the stock’s previous close.

Several other equities research analysts have also recently commented on the stock. Canaccord Genuity Group boosted their price target on shares of Core Scientific from $30.00 to $36.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Weiss Ratings reissued a “sell (d-)” rating on shares of Core Scientific in a research report on Friday, July 17th. Freedom Capital raised shares of Core Scientific from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 30th. B. Riley Financial boosted their price target on shares of Core Scientific from $33.00 to $42.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. Finally, Keefe, Bruyette & Woods raised shares of Core Scientific from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $25.00 to $28.00 in a research report on Thursday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Core Scientific has an average rating of “Moderate Buy” and a consensus price target of $31.36.

Core Scientific Trading Down 12.4%

Shares of NASDAQ:CORZ traded down $1.92 during trading on Wednesday, hitting $13.51. 28,192,488 shares of the company’s stock traded hands, compared to its average volume of 12,558,700. Core Scientific has a 52 week low of $13.35 and a 52 week high of $30.46. The company has a market cap of $4.34 billion, a price-to-earnings ratio of -3.06 and a beta of 5.49. The company has a 50-day moving average price of $17.75 and a 200-day moving average price of $21.07.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings data on Tuesday, July 28th. The company reported ($3.32) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The firm had revenue of $164.20 million during the quarter, compared to analyst estimates of $144.83 million. On average, analysts predict that Core Scientific will post -1.36 earnings per share for the current fiscal year.

Insider Activity at Core Scientific

In other news, Director Eric Weiss purchased 7,000 shares of Core Scientific stock in a transaction that occurred on Tuesday, August 18th. The shares were acquired at an average price of $19.19 per share, for a total transaction of $134,330.00. Following the transaction, the director owned 259,262 shares of the company’s stock, valued at approximately $4,975,237.78. The trade was a 2.77% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Todd M. Duchene sold 10,000 shares of Core Scientific stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $19.97, for a total value of $199,700.00. Following the completion of the transaction, the insider owned 1,969,101 shares in the company, valued at approximately $39,322,946.97. This represents a 0.51% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have bought 19,000 shares of company stock worth $342,290 and have sold 90,000 shares worth $1,730,100. 1.70% of the stock is currently owned by company insiders.

Institutional Trading of Core Scientific

A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in Core Scientific in the 2nd quarter valued at approximately $719,649,000. Jericho Capital Asset Management L.P. increased its holdings in Core Scientific by 11.4% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 13,038,619 shares of the company’s stock valued at $189,842,000 after purchasing an additional 1,338,796 shares during the last quarter. Bank of America Corp DE increased its holdings in Core Scientific by 412.5% in the 1st quarter. Bank of America Corp DE now owns 4,806,363 shares of the company’s stock valued at $71,903,000 after purchasing an additional 3,868,535 shares during the last quarter. Clearline Capital LP increased its holdings in Core Scientific by 274.2% in the 4th quarter. Clearline Capital LP now owns 4,689,443 shares of the company’s stock valued at $68,278,000 after purchasing an additional 3,436,127 shares during the last quarter. Finally, Apollo Management Holdings L.P. acquired a new stake in Core Scientific in the 2nd quarter valued at approximately $115,671,000.

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.