Core Scientific (NASDAQ:CORZ) Coverage Initiated by Analysts at Compass Point

Key Points

• Compass Point has initiated coverage on Core Scientific (NASDAQ:CORZ) with a "buy" rating, amidst a mixed sentiment from other analysts.
• Core Scientific's recent earnings report showed a 44.3% decline in revenue year-over-year, despite surpassing EPS estimates.
• The company's stock currently has a consensus rating of "Hold" with an average price target of $18.39, although one analyst gave it a Strong Buy rating.

Compass Point initiated coverage on shares of Core Scientific (NASDAQ:CORZ - Free Report) in a research note published on Monday morning, Marketbeat Ratings reports. The brokerage issued a buy rating on the stock.

CORZ has been the subject of a number of other reports. BTIG Research downgraded Core Scientific from a "strong-buy" rating to a "hold" rating and set a $20.00 target price for the company. in a research note on Monday, July 7th. Citigroup lowered Core Scientific from an "outperform" rating to a "market perform" rating in a research note on Monday, July 14th. Roth Mkm reaffirmed a "buy" rating and issued a $20.00 target price on shares of Core Scientific in a research report on Thursday, June 26th. B. Riley cut shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 9th. Finally, Oppenheimer reaffirmed a "market perform" rating on shares of Core Scientific in a report on Monday, July 7th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $18.39.

Core Scientific Trading Up 0.4%

Shares of Core Scientific stock traded up $0.07 during trading hours on Monday, reaching $16.82. The stock had a trading volume of 7,893,731 shares, compared to its average volume of 16,191,842. Core Scientific has a twelve month low of $6.20 and a twelve month high of $18.63. The firm has a market capitalization of $5.14 billion, a PE ratio of -30.14 and a beta of 6.59. The stock's 50 day moving average is $14.16 and its 200 day moving average is $11.50.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly 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 business had revenue of $78.63 million during the quarter, compared to analyst estimates of $82.09 million. The firm's revenue for the quarter was down 44.3% on a year-over-year basis. As a group, sell-side analysts predict that Core Scientific will post 0.52 earnings per share for the current year.

Insider Transactions at Core Scientific

In other Core Scientific news, insider Todd M. Duchene sold 7,759 shares of the business's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $12.39, for a total value of $96,134.01. Following the transaction, the insider owned 2,049,689 shares in the company, valued at $25,395,646.71. The trade was a 0.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 1.40% of the company's stock.

Hedge Funds Weigh In On Core Scientific

Institutional investors have recently made changes to their positions in the business. HHM Wealth Advisors LLC increased its position in Core Scientific by 96.5% in the 2nd quarter. HHM Wealth Advisors LLC now owns 1,926 shares of the company's stock worth $33,000 after buying an additional 946 shares during the period. State of Wyoming acquired a new position in Core Scientific during the 1st quarter worth about $34,000. Osaic Holdings Inc. grew its holdings in Core Scientific by 112.1% during the 2nd quarter. Osaic Holdings Inc. now owns 2,017 shares of the company's stock worth $34,000 after acquiring an additional 1,066 shares during the last quarter. Emerald Mutual Fund Advisers Trust acquired a new stake in Core Scientific in the 1st quarter valued at about $38,000. Finally, Advisors Asset Management Inc. raised its stake in shares of Core Scientific by 68.3% in the second quarter. Advisors Asset Management Inc. now owns 2,690 shares of the company's stock worth $46,000 after acquiring an additional 1,092 shares during the last quarter.

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.