Core Scientific (NASDAQ:CORZ) Shares Gap Up on Analyst Upgrade

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price gapped up before the market opened on Thursday after Citizens Jmp upgraded the stock from a market perform rating to an outperform rating. The stock had previously closed at $13.57, but opened at $14.47. Citizens Jmp now has a $30.00 price target on the stock. Core Scientific shares last traded at $14.4770, with a volume of 2,310,163 shares trading hands.

A number of other equities analysts also recently weighed in on the company. Jefferies Financial Group set a $24.00 target price on Core Scientific and gave the company a “buy” rating in a report on Tuesday, October 28th. Citigroup upgraded shares of Core Scientific from a “market perform” rating to an “outperform” rating in a research note on Thursday. HC Wainwright upgraded shares of Core Scientific from a “neutral” rating to a “buy” rating and set a $25.00 target price for the company in a research report on Tuesday, October 28th. UBS Group set a $30.00 price target on shares of Core Scientific in a report on Wednesday, October 22nd. Finally, Zacks Research raised shares of Core Scientific from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 2nd. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.18.

Insiders Place Their Bets

In related news, Director Eric Stanton Weiss purchased 5,000 shares of Core Scientific stock in a transaction on Tuesday, November 4th. The stock was bought at an average price of $21.50 per share, with a total value of $107,500.00. Following the completion of the transaction, the director directly owned 226,687 shares of the company’s stock, valued at approximately $4,873,770.50. This represents a 2.26% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Core Scientific

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC lifted its holdings in shares of Core Scientific by 192.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 4,662 shares of the company’s stock worth $80,000 after acquiring an additional 3,067 shares during the period. Kingswood Wealth Advisors LLC bought a new position in Core Scientific during the second quarter worth about $243,000. Heritage Oak Wealth Advisors LLC boosted its holdings in Core Scientific by 2.4% during the second quarter. Heritage Oak Wealth Advisors LLC now owns 753,846 shares of the company’s stock valued at $12,868,000 after purchasing an additional 17,709 shares in the last quarter. Harvest Portfolios Group Inc. grew its stake in shares of Core Scientific by 81.9% in the 2nd 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. Finally, Prudential Financial Inc. raised 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 buying an additional 185,640 shares in the last quarter.

Core Scientific Stock Performance

The company has a 50-day moving average of $17.66 and a 200 day moving average of $15.64. The firm has a market cap of $4.84 billion, a P/E ratio of 104.01 and a beta of 6.77.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings data on Friday, October 24th. The company reported ($0.46) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.85) by $0.39. The company had revenue of $81.10 million for the quarter, compared to analyst estimates of $107.18 million. Sell-side analysts anticipate that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Core Scientific Company Profile

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.