Core Scientific’s (CORZ) “Overweight” Rating Reiterated at Cantor Fitzgerald

Core Scientific (NASDAQ:CORZ)‘s stock had its “overweight” rating restated by research analysts at Cantor Fitzgerald in a research report issued on Wednesday, Benzinga reports. They currently have a $39.00 price target on the stock. Cantor Fitzgerald’s price target indicates a potential upside of 180.35% from the company’s current price.

Other equities analysts also recently issued reports about the stock. Compass Point reiterated a “buy” rating and set a $36.00 price objective on shares of Core Scientific in a research note on Wednesday, July 29th. Citigroup restated a “market outperform” rating on shares of Core Scientific in a research note on Wednesday. Wolfe Research restated a “buy” rating on shares of Core Scientific in a research note on Wednesday, July 29th. Capital One Financial set a $33.00 target price on shares of Core Scientific in a research note on Thursday, July 30th. Finally, Keefe, Bruyette & Woods upgraded shares of Core Scientific from a “market perform” rating to an “outperform” rating and raised their target price for the company from $25.00 to $28.00 in a research note on Thursday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Core Scientific has a consensus rating of “Moderate Buy” and an average price target of $31.36.

Core Scientific Stock Down 9.8%

Shares of NASDAQ CORZ traded down $1.52 during midday trading on Wednesday, reaching $13.91. 12,303,477 shares of the company’s stock traded hands, compared to its average volume of 12,504,935. The stock’s 50 day simple moving average is $17.75 and its 200-day simple moving average is $21.07. Core Scientific has a one year low of $13.35 and a one year high of $30.46. The company has a market cap of $4.47 billion, a price-to-earnings ratio of -3.16 and a beta of 5.49.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings data 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 firm had revenue of $164.20 million for the quarter, compared to analysts’ expectations of $144.83 million. Equities analysts predict that Core Scientific will post -1.36 EPS for the current fiscal year.

Insider Buying and Selling at Core Scientific

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of Core Scientific stock in a transaction on 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 of the company’s stock, valued at approximately $39,322,946.97. The trade was a 0.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Eric Weiss acquired 7,000 shares of the business’s stock in a transaction on Tuesday, August 18th. The stock was purchased at an average cost of $19.19 per share, with a total value of $134,330.00. Following the acquisition, the director directly owned 259,262 shares of the company’s stock, valued at $4,975,237.78. This represents a 2.77% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have purchased 19,000 shares of company stock valued at $342,290 and have sold 90,000 shares valued at $1,730,100. Company insiders own 1.70% of the company’s stock.

Institutional Trading of Core Scientific

Several institutional investors have recently modified their holdings of CORZ. Parkside Financial Bank & Trust raised its holdings in Core Scientific by 1,371.3% in the second quarter. Parkside Financial Bank & Trust now owns 1,177 shares of the company’s stock valued at $30,000 after acquiring an additional 1,097 shares in the last quarter. CoreCap Advisors LLC acquired a new stake in Core Scientific in the second quarter valued at $36,000. Rakuten Securities Inc. acquired a new stake in Core Scientific in the second quarter valued at $47,000. PNC Financial Services Group Inc. raised its holdings in Core Scientific by 41.3% in the first quarter. PNC Financial Services Group Inc. now owns 4,396 shares of the company’s stock valued at $66,000 after acquiring an additional 1,285 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in Core Scientific by 34.5% in the second quarter. GAMMA Investing LLC now owns 3,049 shares of the company’s stock valued at $78,000 after acquiring an additional 782 shares in 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.