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

Key Points

• The consensus rating for Core Scientific, Inc. (NASDAQ:CORZ) is currently a "Hold", with one sell, nine buy, and eleven hold recommendations from twenty-two brokerages.
• Core Scientific's recent earnings report showed a decrease in revenue by 55.6% compared to the previous year, with earnings per share (EPS) reported at ($0.10), surpassing the estimate of ($0.12).
• Institutional investors have recently increased their positions in Core Scientific, with Oppenheimer Asset Management raising its stake by 229.9% in the first quarter.

Shares of Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) have earned an average recommendation of "Hold" from the twenty-two ratings firms 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, nine have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $18.32.

Several analysts recently issued reports on CORZ shares. JMP Securities reiterated a "market perform" rating and set a $15.00 price target on shares of Core Scientific in a research report on Monday, July 14th. Roth Capital restated a "neutral" rating and issued a $20.00 target price on shares of Core Scientific in a research report on Tuesday, July 8th. Roth Mkm restated a "buy" rating and issued a $20.00 target price on shares of Core Scientific in a research report on Thursday, June 26th. Needham & Company LLC lowered 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 research report on Thursday, July 10th. Finally, Canaccord Genuity Group restated a "buy" rating and issued a $17.00 target price on shares of Core Scientific in a research report on Friday, June 27th.

Core Scientific Price Performance

NASDAQ:CORZ traded up $0.00 during trading hours on Friday, reaching $13.19. 1,722,394 shares of the company were exchanged, compared to its average volume of 16,272,795. The company has a market capitalization of $3.93 billion, a P/E ratio of -2.62 and a beta of 6.71. Core Scientific has a 1-year low of $6.20 and a 1-year high of $18.63. The business has a 50 day moving average of $13.10 and a 200 day moving average of $11.03.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.02. The firm had revenue of $79.53 million for the quarter, compared to analyst estimates of $92.04 million. The business's revenue was down 55.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.78 EPS. As a group, equities research analysts anticipate that Core Scientific will post 0.52 earnings per share for the current fiscal year.

Insider Activity at Core Scientific

In other news, insider Todd M. Duchene sold 7,759 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $12.39, for a total value of $96,134.01. Following the sale, the insider owned 2,049,689 shares of the company's stock, valued at $25,395,646.71. The trade was a 0.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Yadin Rozov bought 110,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 28th. The shares were purchased at an average cost of $10.87 per share, for a total transaction of $1,195,700.00. Following the acquisition, the director directly owned 475,687 shares in the company, valued at $5,170,717.69. This trade represents a 30.08% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders sold 117,759 shares of company stock worth $1,391,434. Insiders own 1.40% of the company's stock.

Hedge Funds Weigh In On Core Scientific

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Bernard Wealth Management Corp. purchased a new stake in shares of Core Scientific in the 2nd quarter valued at $51,000. Farther Finance Advisors LLC purchased a new stake in shares of Core Scientific in the 2nd quarter valued at $65,000. IFP Advisors Inc purchased a new stake in shares of Core Scientific in the 2nd quarter valued at $86,000. State of Wyoming purchased a new stake in Core Scientific during the 1st quarter valued at $34,000. Finally, Emerald Mutual Fund Advisers Trust purchased a new stake in Core Scientific during the 1st quarter valued at $38,000.

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.