Core Scientific (NASDAQ:CORZ) Now Covered by Analysts at UBS Group

Investment analysts at UBS Group started coverage on shares of Core Scientific (NASDAQ:CORZ) in a research report issued on Wednesday, Marketbeat reports. The brokerage set a “buy” rating and a $24.00 price target on the stock. UBS Group’s price objective indicates a potential upside of 32.45% from the stock’s previous close.

Several other brokerages also recently weighed in on CORZ. Weiss Ratings restated a “sell (d-)” rating on shares of Core Scientific in a research note on Friday, July 17th. Freedom Capital raised shares of Core Scientific from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 30th. Capital One Financial set a $33.00 price objective on shares of Core Scientific in a report on Thursday, July 30th. BTIG Research reissued a “buy” rating and issued a $38.00 price objective on shares of Core Scientific in a research report on Tuesday, July 28th. Finally, Loop Capital set a $40.00 target price on Core Scientific in a research note on Friday, June 12th. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Core Scientific presently has an average rating of “Moderate Buy” and a consensus target price of $30.86.

Core Scientific Price Performance

Core Scientific stock traded up $0.02 during midday trading on Wednesday, hitting $18.12. 11,415,710 shares of the company were exchanged, compared to its average volume of 12,576,764. The company has a market cap of $5.82 billion, a PE ratio of -4.10 and a beta of 5.48. Core Scientific has a fifty-two week low of $13.35 and a fifty-two week high of $30.46. The company’s fifty day moving average price is $19.33 and its 200-day moving average price is $21.07.

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

Insider Activity

In related news, insider Todd M. Duchene sold 10,000 shares of the business’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $19.97, for a total value of $199,700.00. Following the completion of the sale, the insider directly owned 1,969,101 shares of the company’s stock, valued at $39,322,946.97. The trade was a 0.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Eric Weiss acquired 7,000 shares of the business’s stock in a transaction on Tuesday, August 18th. The shares were 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 of the company’s stock, 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 ninety days, insiders have bought 19,000 shares of company stock worth $342,290 and have sold 90,000 shares worth $1,887,400. Company insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CORZ. Larson Financial Group LLC raised its position in shares of Core Scientific by 936.7% during the 4th quarter. Larson Financial Group LLC now owns 1,866 shares of the company’s stock valued at $27,000 after acquiring an additional 1,686 shares in the last quarter. Parkside Financial Bank & Trust boosted its holdings 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 worth $30,000 after purchasing an additional 1,097 shares during the period. CoreCap Advisors LLC bought a new stake in Core Scientific during the second quarter valued at $36,000. Rakuten Securities Inc. bought a new stake in Core Scientific during the second quarter valued at $47,000. Finally, PNC Financial Services Group Inc. increased its stake in Core Scientific by 41.3% during the first quarter. PNC Financial Services Group Inc. now owns 4,396 shares of the company’s stock valued at $66,000 after purchasing an additional 1,285 shares during the last quarter.

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.