Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Core Scientific (NASDAQ:CORZ) Stock

Core Scientific (NASDAQ:CORZ) had its target price lifted by research analysts at Keefe, Bruyette & Woods from $19.00 to $25.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 28.27% from the company’s current price.

Other equities research analysts also recently issued research reports about the company. Craig Hallum set a $27.00 price objective on Core Scientific in a report on Friday, October 31st. Jefferies Financial Group set a $24.00 price target on shares of Core Scientific and gave the stock a “buy” rating in a research report on Tuesday, October 28th. Zacks Research raised shares of Core Scientific from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 13th. B. Riley raised shares of Core Scientific from a “neutral” rating to a “buy” rating and set a $30.00 target price on the stock in a research note on Wednesday, October 22nd. Finally, HC Wainwright raised shares of Core Scientific from a “neutral” rating to a “buy” rating and set a $25.00 price target for the company in a research report on Tuesday, October 28th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $23.69.

Core Scientific Stock Down 2.3%

Shares of NASDAQ CORZ opened at $19.49 on Tuesday. The firm has a market cap of $6.04 billion, a price-to-earnings ratio of 129.94 and a beta of 6.87. Core Scientific has a 52-week low of $6.20 and a 52-week high of $23.63. The business’s 50 day moving average is $16.62 and its two-hundred day moving average is $16.33.

Insider Activity

In other news, Director Eric Stanton Weiss bought 5,000 shares of the stock in a transaction that occurred on Tuesday, November 4th. The stock was purchased at an average price of $21.50 per share, for a total transaction of $107,500.00. Following the completion of the purchase, the director owned 226,687 shares in the company, valued at approximately $4,873,770.50. This trade represents a 2.26% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Jericho Capital Asset Management L.P. purchased a new stake in Core Scientific during the third quarter worth approximately $209,895,000. Oaktree Capital Management LP purchased a new stake in shares of Core Scientific during the 3rd quarter worth approximately $114,829,000. Situational Awareness LP boosted its holdings in shares of Core Scientific by 76.8% in the 2nd quarter. Situational Awareness LP now owns 7,994,038 shares of the company’s stock valued at $136,458,000 after buying an additional 3,472,460 shares in the last quarter. Marshall Wace LLP grew its position in shares of Core Scientific by 416.0% in the 2nd quarter. Marshall Wace LLP now owns 3,098,737 shares of the company’s stock valued at $52,895,000 after buying an additional 2,498,186 shares during the last quarter. Finally, 59 North Capital Management LP purchased a new position in shares of Core Scientific in the 2nd quarter valued at $35,990,000.

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.