Core Scientific (NASDAQ:CORZ) Upgraded to Strong-Buy at UBS Group

UBS Group upgraded shares of Core Scientific (NASDAQ:CORZ) to a strong-buy rating in a research note issued to investors on Wednesday,Zacks reports.

A number of other research analysts have also recently issued reports on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Core Scientific in a research note on Friday, July 17th. Needham & Company LLC lifted their price target on shares of Core Scientific from $29.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. B. Riley Financial increased their price objective on Core Scientific from $33.00 to $42.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Wolfe Research reiterated a “buy” rating on shares of Core Scientific in a research report on Wednesday, July 29th. Finally, Rothschild & Co Redburn started coverage on Core Scientific in a research report on Monday. They set a “neutral” rating and a $16.00 price objective for the company. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $30.86.

Core Scientific Stock Performance

Core Scientific stock opened at $18.10 on Wednesday. The stock has a 50-day simple moving average of $19.33 and a 200 day simple moving average of $21.07. The stock has a market capitalization of $5.82 billion, a P/E ratio of -4.10 and a beta of 5.48. Core Scientific has a 52 week low of $13.35 and a 52 week high of $30.46.

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

Insider Activity

In other news, insider Todd DuChene sold 10,000 shares of the stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $19.97, for a total transaction of $199,700.00. Following the transaction, the insider owned 1,969,101 shares of the company’s stock, valued at $39,322,946.97. This represents a 0.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Eric Weiss bought 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The stock was purchased at an average cost of $19.19 per share, with a total value of $134,330.00. Following the completion of the transaction, the director directly owned 259,262 shares in the company, valued at $4,975,237.78. This represents a 2.77% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last quarter, insiders have bought 19,000 shares of company stock worth $342,290 and have sold 90,000 shares worth $1,887,400. 1.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Handelsbanken Fonder AB boosted its holdings in Core Scientific by 0.7% during the second quarter. Handelsbanken Fonder AB now owns 94,500 shares of the company’s stock worth $2,418,000 after purchasing an additional 700 shares during the last quarter. GAMMA Investing LLC raised its position in Core Scientific by 34.5% in the second quarter. GAMMA Investing LLC now owns 3,049 shares of the company’s stock worth $78,000 after acquiring an additional 782 shares during the period. Parkside Financial Bank & Trust boosted its stake in 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. Carronade Capital Management LP boosted its stake in Core Scientific by 1.1% in the first quarter. Carronade Capital Management LP now owns 101,103 shares of the company’s stock valued at $1,513,000 after acquiring an additional 1,103 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its position in shares of Core Scientific by 41.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,396 shares of the company’s stock valued at $66,000 after acquiring an additional 1,285 shares during the period.

Core Scientific Company Profile

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.