Core Scientific (NASDAQ:CORZ) Upgraded by Roth Capital to “Strong-Buy” Rating

Roth Capital upgraded shares of Core Scientific (NASDAQ:CORZ) to a strong-buy rating in a report published on Thursday morning,Zacks.com reports.

A number of other research firms have also recently commented on CORZ. Needham & Company LLC upped their price objective on Core Scientific from $17.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Cantor Fitzgerald reissued an “overweight” rating and set a $20.00 price objective on shares of Core Scientific in a research report on Thursday, October 3rd. Canaccord Genuity Group reiterated a “buy” rating and issued a $17.00 price target on shares of Core Scientific in a research note on Thursday, November 7th. Sanford C. Bernstein reiterated an “outperform” rating and issued a $17.00 price target on shares of Core Scientific in a research report on Tuesday, September 10th. Finally, HC Wainwright boosted their target price on Core Scientific from $15.00 to $17.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $18.38.

Core Scientific Price Performance

CORZ stock traded up $0.39 during mid-day trading on Thursday, reaching $15.83. 7,901,672 shares of the company’s stock were exchanged, compared to its average volume of 8,891,639. The stock’s 50 day moving average is $12.86 and its 200 day moving average is $9.76. The company has a market cap of $4.42 billion and a price-to-earnings ratio of -2.93. Core Scientific has a 12-month low of $2.61 and a 12-month high of $18.03.

Insider Activity

In other news, Director Jarrod M. Patten acquired 5,021 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average price of $9.68 per share, with a total value of $48,603.28. Following the acquisition, the director now owns 285,760 shares of the company’s stock, valued at $2,766,156.80. This trade represents a 1.79 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders have acquired 12,761 shares of company stock worth $127,080. 32.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Core Scientific

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CORZ. ORG Wealth Partners LLC bought a new position in Core Scientific during the third quarter worth about $106,266,000. Vanguard Group Inc. acquired a new position in Core Scientific during the first quarter worth $21,973,000. Rush Island Management LP acquired a new stake in shares of Core Scientific in the third quarter valued at about $32,221,000. Kensico Capital Management Corp bought a new stake in shares of Core Scientific during the 1st quarter worth approximately $18,513,000. Finally, Taconic Capital Advisors LP grew its position in shares of Core Scientific by 178.7% in the 3rd quarter. Taconic Capital Advisors LP now owns 2,717,462 shares of the company’s stock valued at $32,229,000 after acquiring an additional 1,742,462 shares during the period.

About Core Scientific

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.