Core Scientific (NASDAQ:CORZ) Cut to Hold at Citizens Jmp

Citizens Jmp downgraded shares of Core Scientific (NASDAQ:CORZ - Free Report) from a strong-buy rating to a hold rating in a report issued on Monday,Zacks.com reports.

A number of other analysts have also weighed in on the stock. Craig Hallum lowered shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a report on Monday, July 7th. Citigroup lowered shares of Core Scientific from an "outperform" rating to a "market perform" rating in a report on Monday. Needham & Company LLC lowered shares of Core Scientific from a "moderate buy" rating to a "hold" rating and set a $18.00 target price on the stock. in a report on Thursday, July 10th. B. Riley lowered shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 9th. Finally, BTIG Research lowered shares of Core Scientific from a "strong-buy" rating to a "hold" rating and set a $20.00 target price on the stock. in a report on Monday, July 7th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $18.22.

Core Scientific Trading Down 0.3%

Shares of CORZ stock traded down $0.04 during trading on Monday, reaching $13.44. 10,748,344 shares of the company's stock traded hands, compared to its average volume of 14,005,481. The company has a market capitalization of $4.00 billion, a P/E ratio of -2.67 and a beta of 6.71. The firm's 50-day moving average is $12.59 and its 200 day moving average is $11.10. Core Scientific has a 1 year low of $6.20 and a 1 year high of $18.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.10) EPS for the quarter, beating analysts' consensus estimates of ($0.12) by $0.02. The business had revenue of $79.53 million for the quarter, compared to analysts' expectations of $92.04 million. The business's quarterly revenue was down 55.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.78 earnings per share. As a group, sell-side analysts predict that Core Scientific will post 0.52 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Todd M. Duchene sold 7,759 shares of the company's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $12.39, for a total value of $96,134.01. Following the completion of the sale, the insider owned 2,049,689 shares of the company's stock, valued at approximately $25,395,646.71. This represents a 0.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Yadin Rozov acquired 110,000 shares of the business's stock in a transaction dated Wednesday, May 28th. The stock was acquired at an average cost of $10.87 per share, with a total value of $1,195,700.00. Following the purchase, the director directly owned 475,687 shares in the company, valued at $5,170,717.69. This represents a 30.08% increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 117,759 shares of company stock valued at $1,391,434 in the last ninety days. 1.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Core Scientific

Several institutional investors have recently added to or reduced their stakes in the company. Pacific Point Advisors LLC purchased a new stake in Core Scientific during the 2nd quarter valued at $1,024,000. Avior Wealth Management LLC purchased a new stake in Core Scientific during the 2nd quarter valued at $221,000. Perigon Wealth Management LLC boosted its position in Core Scientific by 14.2% during the 2nd quarter. Perigon Wealth Management LLC now owns 117,574 shares of the company's stock valued at $2,007,000 after buying an additional 14,644 shares during the period. Heritage Oak Wealth Advisors LLC boosted its position in Core Scientific by 2.4% during the 2nd quarter. Heritage Oak Wealth Advisors LLC now owns 753,846 shares of the company's stock valued at $12,868,000 after buying an additional 17,709 shares during the period. Finally, Wealth Management Partners LLC purchased a new stake in Core Scientific during the 2nd quarter valued at $217,000.

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.