Core Scientific, Inc. (NASDAQ:CORZ) Given Consensus Recommendation of "Hold" by Brokerages

Key Points

• Core Scientific, Inc. (NASDAQ:CORZ) has received a consensus rating of "Hold" from 21 brokerages, with a 1-year price target averaging $18.39.
• The company reported earnings of ($0.04) per share, exceeding expectations, despite a 44.3% revenue decline year-over-year, with revenues of $78.63 million for the recent quarter.
• Institutional investors have increased their stakes significantly, with notable increases from firms like Clearline Capital and Marshall Wace LLP, reflecting growing interest in Core Scientific.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) has received an average recommendation of "Hold" from the twenty-one brokerages that are presently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, eleven have assigned a hold recommendation, eight have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $18.3889.

A number of research firms have weighed in on CORZ. JMP Securities reissued a "market perform" rating on shares of Core Scientific in a report on Tuesday, August 12th. Roth Mkm reissued a "buy" rating and set a $20.00 price target on shares of Core Scientific in a research note on Thursday, June 26th. Needham & Company LLC lowered Core Scientific from a "moderate buy" rating to a "hold" rating and set a $18.00 price target for the company. in a research note on Thursday, July 10th. Barclays lowered Core Scientific to an "underweight" rating in a research note on Tuesday, July 8th. Finally, Jefferies Financial Group raised their price objective on Core Scientific from $16.00 to $22.00 and gave the company a "buy" rating in a research note on Monday, August 18th.

Core Scientific Stock Up 2.0%

Shares of CORZ stock opened at $15.86 on Monday. The stock has a market cap of $4.84 billion, a price-to-earnings ratio of -28.32 and a beta of 6.59. The business's fifty day moving average is $13.96 and its 200 day moving average is $11.35. Core Scientific has a twelve month low of $6.20 and a twelve month high of $18.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its quarterly earnings results on Friday, August 8th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.07) by $0.03. The business had revenue of $78.63 million for the quarter, compared to the consensus estimate of $82.09 million. The firm's quarterly revenue was down 44.3% compared to the same quarter last year. Equities research analysts expect that Core Scientific will post 0.52 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Todd M. Duchene sold 7,759 shares of the firm's stock in a transaction that occurred on 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 directly owned 2,049,689 shares of the company's stock, valued at $25,395,646.71. This trade represents a 0.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Core Scientific

A number of institutional investors and hedge funds have recently modified their holdings of CORZ. Situational Awareness LP bought a new stake in shares of Core Scientific during the 1st quarter worth approximately $32,736,000. Clearline Capital LP lifted its stake in shares of Core Scientific by 157.8% during the 1st quarter. Clearline Capital LP now owns 5,403,963 shares of the company's stock worth $39,125,000 after acquiring an additional 3,308,100 shares during the last quarter. Marshall Wace LLP lifted its stake in shares of Core Scientific by 416.0% during the 2nd quarter. Marshall Wace LLP now owns 3,098,737 shares of the company's stock worth $52,895,000 after acquiring an additional 2,498,186 shares during the last quarter. 59 North Capital Management LP purchased a new position in Core Scientific during the 2nd quarter worth $35,990,000. Finally, Fred Alger Management LLC increased its holdings in Core Scientific by 46.7% during the 1st quarter. Fred Alger Management LLC now owns 6,473,552 shares of the company's stock worth $46,869,000 after purchasing an additional 2,059,985 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.

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