Core Scientific (NASDAQ:CORZ) Given New $24.00 Price Target at Sanford C. Bernstein

Core Scientific (NASDAQ:CORZ) had its price objective hoisted by research analysts at Sanford C. Bernstein from $17.00 to $24.00 in a research note issued on Monday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Sanford C. Bernstein’s price objective suggests a potential upside of 11.42% from the company’s current price.

Other equities research analysts have also recently issued reports about the stock. JMP Securities reiterated a “market perform” rating on shares of Core Scientific in a research report on Tuesday, August 12th. Macquarie upgraded shares of Core Scientific from a “hold” rating to an “outperform” rating and increased their price objective for the company from $18.00 to $34.00 in a report on Friday. Arete started coverage on Core Scientific in a report on Tuesday, July 22nd. They set a “buy” rating and a $20.00 target price on the stock. Citigroup lowered Core Scientific from an “outperform” rating to a “market perform” rating in a research report on Monday, July 14th. Finally, Compass Point initiated coverage on Core Scientific in a research report on Monday, September 15th. They set a “buy” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, Core Scientific presently has an average rating of “Hold” and a consensus target price of $22.39.

Core Scientific Stock Up 3.9%

CORZ opened at $21.54 on Monday. The firm’s fifty day simple moving average is $17.08 and its two-hundred day simple moving average is $13.88. Core Scientific has a 52-week low of $6.20 and a 52-week high of $22.30. The company has a market cap of $6.68 billion, a price-to-earnings ratio of 143.61 and a beta of 6.59.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings results on Friday, October 24th. The company reported ($0.46) earnings per share 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. On average, research analysts forecast that Core Scientific will post 0.52 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. HHM Wealth Advisors LLC raised its position in Core Scientific by 96.5% in the second quarter. HHM Wealth Advisors LLC now owns 1,926 shares of the company’s stock valued at $33,000 after purchasing an additional 946 shares during the period. State of Wyoming purchased a new stake in Core Scientific in the 1st quarter valued at about $34,000. Osaic Holdings Inc. lifted its position in Core Scientific by 112.1% in the second quarter. Osaic Holdings Inc. now owns 2,017 shares of the company’s stock valued at $34,000 after buying an additional 1,066 shares during the last quarter. Emerald Mutual Fund Advisers Trust acquired a new position in Core Scientific in the first quarter valued at about $38,000. Finally, Advisors Asset Management Inc. boosted its stake in Core Scientific by 68.3% during the second quarter. Advisors Asset Management Inc. now owns 2,690 shares of the company’s stock worth $46,000 after buying an additional 1,092 shares during the period.

About Core Scientific

Core Scientific, Inc provides digital asset mining services in North America. It operates through two segments, Mining and Hosting. The company offers blockchain infrastructure, software solutions, and services; and operates data center mining facilities. It also mines digital assets for its own account; and provides hosting services for other large bitcoin miners, which include deployment, monitoring, trouble shooting, optimization, and maintenance of its customers' digital asset mining equipment.