Core Scientific, Inc. (NASDAQ:CORZ) Receives Average Recommendation of "Hold" from Brokerages

Key Points

• Core Scientific, Inc. (NASDAQ:CORZ) has received a consensus recommendation of "Hold" from twenty-one brokerages, with ratings including two sells, eleven holds, seven buys, and one strong buy.
• The company's recent quarterly earnings showed a loss of ($0.04) EPS, beating analysts' expectations, but revenue fell 44.3% year-over-year.
• Core Scientific's stock price target among brokerages averages at $18.7059, with shares currently trading around $18.04 and having a market capitalization of $5.54 billion.

Shares of Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) have been assigned a consensus recommendation of "Hold" from the twenty-one brokerages that are covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $18.7059.

A number of research firms have recently weighed in on CORZ. Needham & Company LLC downgraded shares of Core Scientific from a "moderate buy" rating to a "hold" rating and set a $18.00 target price on the stock. in a report on Thursday, July 10th. Roth Mkm reissued a "buy" rating and set a $20.00 price objective on shares of Core Scientific in a research note on Thursday, June 26th. Barclays cut Core Scientific to an "underweight" rating in a research note on Tuesday, July 8th. Citizens Jmp downgraded Core Scientific from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 14th. Finally, Craig Hallum cut shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 7th.

Core Scientific Trading Up 2.9%

Shares of CORZ stock opened at $18.04 on Friday. Core Scientific has a 12-month low of $6.20 and a 12-month high of $18.63. The stock's 50-day moving average price is $15.35 and its 200-day moving average price is $12.40. The stock has a market capitalization of $5.54 billion, a price-to-earnings ratio of -32.21 and a beta of 6.58.

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 (EPS) for the quarter, topping analysts' consensus estimates of ($0.07) by $0.03. The firm had revenue of $78.63 million during the quarter, compared to the consensus estimate of $82.09 million. The firm's revenue for the quarter was down 44.3% on a year-over-year basis. As a group, research analysts predict that Core Scientific will post 0.52 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of Core Scientific by 6.2% during the first quarter. Vanguard Group Inc. now owns 20,578,100 shares of the company's stock valued at $148,985,000 after buying an additional 1,199,448 shares during the last quarter. Situational Awareness LP grew its position in Core Scientific by 76.8% in the 2nd quarter. Situational Awareness LP now owns 7,994,038 shares of the company's stock valued at $136,458,000 after acquiring an additional 3,472,460 shares during the last quarter. Geode Capital Management LLC grew its position in Core Scientific by 26.2% in the 2nd quarter. Geode Capital Management LLC now owns 7,371,211 shares of the company's stock valued at $125,842,000 after acquiring an additional 1,530,466 shares during the last quarter. State Street Corp grew its position in Core Scientific by 23.2% in the 2nd quarter. State Street Corp now owns 6,517,898 shares of the company's stock valued at $111,261,000 after acquiring an additional 1,225,351 shares during the last quarter. Finally, Fred Alger Management LLC grew its position in Core Scientific by 46.7% in the 1st quarter. Fred Alger Management LLC now owns 6,473,552 shares of the company's stock valued at $46,869,000 after acquiring an additional 2,059,985 shares during the last quarter.

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.

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