Compass Point Initiates Coverage on Core Scientific (NASDAQ:CORZ)

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.

Equities researchers at Compass Point began coverage on shares of Core Scientific (NASDAQ:CORZ - Get Free Report) in a research report issued on Monday. The brokerage set a "buy" rating on the stock.

A number of other research analysts also recently issued reports on CORZ. B. Riley downgraded Core Scientific from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 9th. Jefferies Financial Group upped their price target on Core Scientific from $16.00 to $22.00 and gave the company a "buy" rating in a report on Monday, August 18th. Craig Hallum downgraded Core Scientific from a "strong-buy" rating to a "hold" rating in a report on Monday, July 7th. Barclays downgraded Core Scientific to an "underweight" rating in a report on Tuesday, July 8th. Finally, Roth Mkm reaffirmed a "buy" rating and set a $20.00 price target on shares of Core Scientific in a report on Thursday, June 26th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Core Scientific currently has a consensus rating of "Hold" and an average price target of $18.39.

Core Scientific Trading Up 2.0%

Core Scientific stock opened at $15.86 on Monday. The business's fifty day simple moving average is $13.96 and its two-hundred day simple moving average is $11.35. Core Scientific has a 12 month low of $6.20 and a 12 month high of $18.63. The company has a market capitalization of $4.84 billion, a price-to-earnings ratio of -28.32 and a beta of 6.59.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its earnings results on Friday, August 8th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.03. The company had revenue of $78.63 million during the quarter, compared to the consensus estimate of $82.09 million. Core Scientific's revenue for the quarter was down 44.3% compared to the same quarter last year. On average, equities research analysts predict that Core Scientific will post 0.52 EPS for the current year.

Insider Buying and Selling

In other Core Scientific news, insider Todd M. Duchene sold 7,759 shares of the company'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 completion of the sale, the insider owned 2,049,689 shares in the company, valued at $25,395,646.71. This represents a 0.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 1.40% of the stock is currently owned by insiders.

Institutional Trading of Core Scientific

A number of hedge funds and other institutional investors have recently bought and sold shares of CORZ. HHM Wealth Advisors LLC increased its position in 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 buying an additional 946 shares in the last quarter. State of Wyoming purchased a new stake in shares of Core Scientific during the first quarter worth about $34,000. Osaic Holdings Inc. grew its position in shares of 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 purchasing an additional 1,066 shares in the last quarter. Emerald Mutual Fund Advisers Trust purchased a new stake in shares of Core Scientific during the first quarter worth about $38,000. Finally, Advisors Asset Management Inc. grew its position in shares of 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 purchasing an additional 1,092 shares in 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.

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