Core Scientific (NASDAQ:CORZ) Upgraded by Wells Fargo & Company to “Strong-Buy” Rating

Wells Fargo & Company upgraded shares of Core Scientific (NASDAQ:CORZ) to a strong-buy rating in a report issued on Thursday,Zacks reports.

A number of other brokerages have also recently issued reports on CORZ. Wolfe Research reaffirmed a “buy” rating on shares of Core Scientific in a research note on Wednesday, July 29th. Lucid Cap Mkts upgraded Core Scientific to a “strong-buy” rating in a report on Friday, June 12th. Keefe, Bruyette & Woods upgraded Core Scientific from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $25.00 to $28.00 in a research report on Thursday, July 30th. Needham & Company LLC lifted 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, July 29th. Finally, B. Riley Financial upped their price target on shares of Core Scientific from $33.00 to $42.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Three research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $31.96.

Core Scientific Trading Up 1.5%

CORZ opened at $17.14 on Thursday. Core Scientific has a 1-year low of $13.35 and a 1-year high of $30.46. The stock has a market capitalization of $5.51 billion, a PE ratio of -3.88 and a beta of 5.48. The firm has a 50-day moving average price of $19.68 and a two-hundred day moving average price of $21.00.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings results on Tuesday, July 28th. The company reported ($3.32) EPS for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The firm had revenue of $164.20 million for the quarter, compared to analyst estimates of $144.83 million. On average, research analysts predict that Core Scientific will post -1.36 EPS for the current year.

Insider Activity

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $19.97, for a total value of $199,700.00. Following the sale, the insider owned 1,969,101 shares in the company, valued at approximately $39,322,946.97. The trade was a 0.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Eric Weiss bought 7,000 shares of the business’s stock in a transaction on Tuesday, August 18th. The stock was purchased at an average price of $19.19 per share, for a total transaction of $134,330.00. Following the purchase, the director directly owned 259,262 shares in the company, valued at approximately $4,975,237.78. This represents a 2.77% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders have bought 19,000 shares of company stock valued at $342,290 and have sold 90,000 shares valued at $1,996,600. 1.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Core Scientific

Several hedge funds have recently made changes to their positions in CORZ. Engineers Gate Manager LP bought a new stake in shares of Core Scientific in the second quarter worth $1,671,000. Squarepoint Ops LLC increased its stake in Core Scientific by 64.1% in the 2nd quarter. Squarepoint Ops LLC now owns 2,686,177 shares of the company’s stock valued at $68,739,000 after buying an additional 1,049,678 shares during the last quarter. Arizona State Retirement System increased its stake in Core Scientific by 2.3% in the 2nd quarter. Arizona State Retirement System now owns 69,666 shares of the company’s stock valued at $1,783,000 after buying an additional 1,533 shares during the last quarter. Nykredit A S bought a new stake in Core Scientific during the 2nd quarter worth about $263,000. Finally, Parkside Financial Bank & Trust increased its position in shares of 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 during the last quarter.

About Core Scientific

Core Scientific, Inc (NASDAQ: CORZ) is a digital infrastructure company that develops and operates data centers for high-performance computing. Its business has historically centered on large-scale bitcoin mining, including the deployment and operation of specialized computing equipment and supporting power, networking and facility infrastructure.

The company also provides hosting and colocation services for digital asset miners and other high-performance computing customers. Core Scientific has increasingly focused on expanding its data center platform for artificial intelligence and other compute-intensive workloads, including infrastructure designed to support graphics processing unit (GPU) deployments.

Founded in 2017, Core Scientific operates data center facilities in the United States and emerged from Chapter 11 bankruptcy protection in January 2024.