Freedom Capital Upgrades Core Scientific (NASDAQ:CORZ) to “Strong-Buy”

Core Scientific (NASDAQ:CORZ) was upgraded by stock analysts at Freedom Capital from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

CORZ has been the topic of several other reports. Lucid Cap Mkts upgraded shares of Core Scientific to a “strong-buy” rating in a report on Friday, June 12th. Capital One Financial set a $33.00 target price on shares of Core Scientific in a research note on Thursday. Wolfe Research reaffirmed a “buy” rating on shares of Core Scientific in a report on Wednesday. Needham & Company LLC upped their price target on shares of Core Scientific from $29.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Canaccord Genuity Group increased their price target on shares of Core Scientific from $30.00 to $36.00 and gave the company a “buy” rating in a report on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Core Scientific currently has a consensus rating of “Moderate Buy” and an average price target of $31.68.

Core Scientific Trading Down 5.0%

Shares of NASDAQ CORZ opened at $20.72 on Thursday. Core Scientific has a 12 month low of $12.60 and a 12 month high of $30.46. The stock has a 50 day moving average of $25.07 and a 200-day moving average of $20.81. The company has a market capitalization of $6.66 billion, a P/E ratio of -4.69 and a beta of 5.50.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings results on Tuesday, July 28th. The company reported ($3.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($3.26). The company had revenue of $164.20 million during the quarter, compared to analyst estimates of $144.83 million. Analysts predict that Core Scientific will post -1.3 EPS for the current fiscal year.

Insiders Place Their Bets

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of Core Scientific stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $20.95, for a total value of $209,500.00. Following the completion of the sale, the insider owned 1,989,101 shares in the company, valued at $41,671,665.95. The trade was a 0.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders have sold 90,000 shares of company stock valued at $2,234,900. 1.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Core Scientific

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Core Scientific by 18.7% in the fourth quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock valued at $494,462,000 after buying an additional 5,359,710 shares during the period. Situational Awareness LP increased its stake in Core Scientific by 42.5% during the 4th quarter. Situational Awareness LP now owns 28,756,478 shares of the company’s stock worth $418,694,000 after acquiring an additional 8,575,944 shares during the period. Jericho Capital Asset Management L.P. increased its stake in Core Scientific by 11.4% during the 4th quarter. Jericho Capital Asset Management L.P. now owns 13,038,619 shares of the company’s stock worth $189,842,000 after acquiring an additional 1,338,796 shares during the period. Value Aligned Research Advisors LLC acquired a new position in Core Scientific in the 4th quarter valued at $117,786,000. Finally, Geode Capital Management LLC raised its holdings in Core Scientific by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 7,651,002 shares of the company’s stock valued at $111,417,000 after acquiring an additional 109,145 shares in the last quarter.

About Core Scientific

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.