Citizens Jmp Downgrades Core Scientific (NASDAQ:CORZ) to Hold

Citizens Jmp lowered 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.

Other analysts also recently issued reports about the company. Roth Mkm reaffirmed a "buy" rating and issued a $20.00 target price on shares of Core Scientific in a research note on Thursday, June 26th. JMP Securities reaffirmed a "market perform" rating and issued a $15.00 target price on shares of Core Scientific in a research note on Monday. Roth Capital reaffirmed a "neutral" rating and issued a $20.00 target price on shares of Core Scientific in a research note on Tuesday, July 8th. Oppenheimer reaffirmed a "market perform" rating on shares of Core Scientific in a research note on Monday, July 7th. Finally, HC Wainwright downgraded Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $18.22.

Core Scientific Stock Performance

Shares of CORZ traded up $0.16 during trading hours on Monday, hitting $13.92. 15,358,540 shares of the stock were exchanged, compared to its average volume of 14,036,200. Core Scientific has a 12-month low of $6.20 and a 12-month high of $18.63. The company has a market cap of $4.15 billion, a price-to-earnings ratio of -2.77 and a beta of 6.71. The stock's 50-day moving average price is $12.51 and its two-hundred day moving average price is $11.11.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.02. The firm had revenue of $79.53 million for the quarter, compared to analysts' expectations of $92.04 million. During the same quarter in the previous year, the firm posted $0.78 earnings per share. The firm's revenue for the quarter was down 55.6% compared to the same quarter last year. On average, research analysts expect that Core Scientific will post 0.52 earnings per share for the current year.

Insider Transactions at Core Scientific

In related news, insider Todd M. Duchene sold 60,000 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $11.33, for a total transaction of $679,800.00. Following the completion of the transaction, the insider directly owned 2,100,102 shares in the company, valued at $23,794,155.66. This trade represents a 2.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Yadin Rozov bought 110,000 shares of the stock in a transaction that occurred on Wednesday, May 28th. The shares were purchased at an average price of $10.87 per share, with a total value of $1,195,700.00. Following the completion of the acquisition, the director directly owned 475,687 shares in the company, valued at $5,170,717.69. This trade represents a 30.08% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 117,759 shares of company stock valued at $1,391,434 over the last 90 days. 1.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Core Scientific

Hedge funds and other institutional investors have recently bought and sold shares of the company. Oppenheimer Asset Management Inc. boosted its holdings in Core Scientific by 229.9% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 37,501 shares of the company's stock valued at $272,000 after acquiring an additional 26,135 shares during the period. KLP Kapitalforvaltning AS purchased a new position in Core Scientific during the 4th quarter valued at about $527,000. Summit Trail Advisors LLC acquired a new stake in Core Scientific in the 1st quarter valued at about $357,000. Deutsche Bank AG raised its position in Core Scientific by 53.8% in the 4th quarter. Deutsche Bank AG now owns 165,032 shares of the company's stock valued at $2,319,000 after purchasing an additional 57,742 shares in the last quarter. Finally, Millennium Management LLC acquired a new stake in Core Scientific in the 4th quarter valued at about $1,335,000.

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.