Core Scientific (NASDAQ:CORZ) Sets New 12-Month High Following Analyst Upgrade

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price hit a new 52-week high during trading on Monday after Sanford C. Bernstein raised their price target on the stock from $17.00 to $24.00. Sanford C. Bernstein currently has an outperform rating on the stock. Core Scientific traded as high as $23.07 and last traded at $22.7210, with a volume of 3240838 shares changing hands. The stock had previously closed at $21.54.

CORZ has been the subject of a number of other research reports. Citigroup downgraded Core Scientific from an “outperform” rating to a “market perform” rating in a research report on Monday, July 14th. Zacks Research downgraded shares of Core Scientific from a “hold” rating to a “strong sell” rating in a research note on Friday, October 24th. Macquarie raised shares of Core Scientific from a “hold” rating to an “outperform” rating and boosted their target price for the company from $18.00 to $34.00 in a research note on Friday. JMP Securities reissued a “market perform” rating on shares of Core Scientific in a research note on Tuesday, August 12th. Finally, Arete Research raised shares of Core Scientific to a “strong-buy” rating in a research note on Tuesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Core Scientific currently has an average rating of “Hold” and an average target price of $22.39.

Hedge Funds Weigh In On Core Scientific

A number of hedge funds have recently modified their holdings of CORZ. HHM Wealth Advisors LLC increased its stake in shares of Core Scientific by 96.5% in the second quarter. HHM Wealth Advisors LLC now owns 1,926 shares of the company’s stock worth $33,000 after acquiring an additional 946 shares during the last quarter. State of Wyoming acquired a new position in Core Scientific during the first quarter worth $34,000. Osaic Holdings Inc. increased its position in Core Scientific by 112.1% during the second quarter. Osaic Holdings Inc. now owns 2,017 shares of the company’s stock worth $34,000 after buying an additional 1,066 shares during the last quarter. Emerald Mutual Fund Advisers Trust acquired a new position in Core Scientific during the first quarter worth $38,000. Finally, Advisors Asset Management Inc. increased its position in Core Scientific by 68.3% during the second quarter. Advisors Asset Management Inc. now owns 2,690 shares of the company’s stock worth $46,000 after buying an additional 1,092 shares during the last quarter.

Core Scientific Stock Up 6.3%

The stock has a market capitalization of $7.10 billion, a price-to-earnings ratio of 152.68 and a beta of 6.59. The company’s 50-day simple moving average is $17.26 and its 200 day simple moving average is $13.99.

Core Scientific (NASDAQ:CORZ) last posted its earnings results on Friday, October 24th. The company reported ($0.46) EPS for the quarter, topping the consensus estimate of ($0.85) by $0.39. The business had revenue of $81.10 million for the quarter, compared to analyst estimates of $107.18 million. On average, equities analysts expect that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

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.