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.

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

CORZ has been the topic of several research analyst reports. Oppenheimer reaffirmed a "market perform" rating on shares of Core Scientific in a research note on Monday, July 7th. JMP Securities reissued a "market perform" rating on shares of Core Scientific in a research report on Tuesday, August 12th. B. Riley lowered Core Scientific from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 9th. Arete started coverage on Core Scientific in a research report on Tuesday, July 22nd. They set a "buy" rating and a $20.00 price target on the stock. Finally, Barclays lowered Core Scientific to an "underweight" rating in a research report on Tuesday, July 8th.

Insider Buying and Selling

In related news, insider Todd M. Duchene sold 7,759 shares of the business'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 transaction of $96,134.01. Following the transaction, the insider directly owned 2,049,689 shares of the company's stock, valued at approximately $25,395,646.71. The trade was a 0.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 1.40% of the company's stock.

Hedge Funds Weigh In On Core Scientific

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in Core Scientific by 6.2% during the 1st quarter. Vanguard Group Inc. now owns 20,578,100 shares of the company's stock worth $148,985,000 after purchasing an additional 1,199,448 shares during the last quarter. Situational Awareness LP increased its holdings in Core Scientific by 76.8% during the 2nd quarter. Situational Awareness LP now owns 7,994,038 shares of the company's stock worth $136,458,000 after purchasing an additional 3,472,460 shares during the last quarter. Geode Capital Management LLC increased its holdings in Core Scientific by 26.2% during the 2nd quarter. Geode Capital Management LLC now owns 7,371,211 shares of the company's stock worth $125,842,000 after purchasing an additional 1,530,466 shares during the last quarter. State Street Corp increased its holdings in Core Scientific by 23.2% during the 2nd quarter. State Street Corp now owns 6,517,898 shares of the company's stock worth $111,261,000 after purchasing an additional 1,225,351 shares during the last quarter. 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 last quarter.

Core Scientific Stock Up 0.5%

Shares of NASDAQ CORZ traded up $0.09 during midday trading on Monday, hitting $16.84. The stock had a trading volume of 5,939,057 shares, compared to its average volume of 16,180,217. The company has a market capitalization of $5.14 billion, a price-to-earnings ratio of -30.09 and a beta of 6.59. Core Scientific has a 1-year low of $6.20 and a 1-year high of $18.63. The company has a fifty day moving average price of $14.16 and a 200 day moving average price of $11.50.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings data on Friday, August 8th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.03. The firm had revenue of $78.63 million during the quarter, compared to analyst estimates of $82.09 million. The firm's quarterly revenue was down 44.3% on a year-over-year basis. On average, research analysts forecast that Core Scientific will post 0.52 EPS for the current year.

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.