Core Scientific (NASDAQ:CORZ) Raised to “Buy” at B. Riley

Core Scientific (NASDAQ:CORZ) was upgraded by B. Riley from a “neutral” rating to a “buy” rating in a note issued to investors on Wednesday, Marketbeat Ratings reports. The firm currently has a $30.00 price target on the stock. B. Riley’s price objective indicates a potential upside of 66.11% from the stock’s current price.

CORZ has been the subject of a number of other reports. HC Wainwright reaffirmed a “neutral” rating on shares of Core Scientific in a research note on Monday, August 11th. Craig Hallum cut shares of Core Scientific from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 7th. Citigroup cut shares of Core Scientific from an “outperform” rating to a “market perform” rating in a research report on Monday, July 14th. Oppenheimer reissued a “market perform” rating on shares of Core Scientific in a research report on Monday, July 7th. Finally, Macquarie boosted their price target on shares of Core Scientific from $15.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, September 29th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, nine have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Core Scientific currently has a consensus rating of “Hold” and a consensus price target of $20.42.

Core Scientific Trading Up 1.5%

Shares of NASDAQ CORZ opened at $18.06 on Wednesday. The firm has a market cap of $5.55 billion, a PE ratio of -32.25 and a beta of 6.58. Core Scientific has a 1-year low of $6.20 and a 1-year high of $20.36. The company has a fifty day moving average price of $16.32 and a 200 day moving average price of $13.18.

Core Scientific (NASDAQ:CORZ) last announced its earnings results on Friday, August 8th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.03. The company had revenue of $78.63 million during the quarter, compared to analyst estimates of $82.09 million. The firm’s revenue was down 44.3% on a year-over-year basis. Equities research analysts forecast that Core Scientific will post 0.52 EPS for the current year.

Institutional Investors Weigh In On Core Scientific

A number of institutional investors and hedge funds have recently modified their holdings of CORZ. GAMMA Investing LLC raised its holdings in shares of Core Scientific by 1,722.3% in the 1st quarter. GAMMA Investing LLC now owns 8,565 shares of the company’s stock valued at $62,000 after purchasing an additional 8,095 shares during the period. SG Americas Securities LLC bought a new stake in shares of Core Scientific in the 1st quarter valued at about $347,000. Oppenheimer Asset Management Inc. raised its holdings in shares of Core Scientific by 229.9% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 37,501 shares of the company’s stock valued at $272,000 after purchasing an additional 26,135 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Core Scientific in the 1st quarter valued at about $50,000. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its holdings in shares of Core Scientific by 127.3% in the 1st quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 500,000 shares of the company’s stock valued at $3,620,000 after purchasing an additional 280,000 shares during the period.

Core Scientific Company Profile

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.