Core Scientific (NASDAQ:CORZ) Coverage Initiated at Arete

Research analysts at Arete started coverage on shares of Core Scientific (NASDAQ:CORZ - Get Free Report) in a research report issued to clients and investors on Tuesday,Briefing.com Automated Import reports. The firm set a "buy" rating and a $20.00 price target on the stock. Arete's price target indicates a potential upside of 50.72% from the company's current price.

A number of other research analysts also recently issued reports on the stock. Macquarie downgraded shares of Core Scientific from a "strong-buy" rating to a "hold" rating and set a $15.00 price objective on the stock. in a research report on Thursday, July 10th. HC Wainwright lowered shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 8th. Needham & Company LLC downgraded Core Scientific from a "moderate buy" rating to a "hold" rating and set a $18.00 price target for the company. in a research report on Thursday, July 10th. Canaccord Genuity Group restated a "buy" rating and issued a $17.00 price objective on shares of Core Scientific in a report on Friday, June 27th. Finally, Oppenheimer reiterated a "market perform" rating on shares of Core Scientific in a research note on Monday, July 7th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $18.32.

Core Scientific Price Performance

Shares of CORZ stock opened at $13.27 on Tuesday. Core Scientific has a one year low of $6.20 and a one year high of $18.63. The firm has a 50-day moving average of $12.74 and a 200-day moving average of $11.04. The company has a market cap of $3.95 billion, a P/E ratio of -2.64 and a beta of 6.71.

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

Insider Buying and Selling at Core Scientific

In other Core Scientific news, insider Todd M. Duchene sold 60,000 shares of the stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $11.33, for a total transaction of $679,800.00. Following the transaction, the insider directly owned 2,100,102 shares of the company's stock, valued at $23,794,155.66. This represents a 2.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Yadin Rozov purchased 110,000 shares of the stock in a transaction dated Wednesday, May 28th. The stock was acquired at an average cost of $10.87 per share, for a total transaction of $1,195,700.00. Following the completion of the transaction, the director owned 475,687 shares of the company's stock, valued at $5,170,717.69. The trade was a 30.08% increase in their position. The disclosure for this purchase can be found here. Insiders have sold 117,759 shares of company stock worth $1,391,434 over the last three months. Company insiders own 1.40% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Patriot Financial Group Insurance Agency LLC bought a new stake in shares of Core Scientific in the 2nd quarter valued at about $174,000. Pacific Point Advisors LLC acquired a new stake in shares of Core Scientific during the 2nd quarter worth approximately $1,024,000. Avior Wealth Management LLC acquired a new stake in shares of Core Scientific during the 2nd quarter worth approximately $221,000. Perigon Wealth Management LLC boosted its position in Core Scientific by 14.2% in the second quarter. Perigon Wealth Management LLC now owns 117,574 shares of the company's stock valued at $2,007,000 after buying an additional 14,644 shares in the last quarter. Finally, Heritage Oak Wealth Advisors LLC boosted its position in Core Scientific by 2.4% in the second quarter. Heritage Oak Wealth Advisors LLC now owns 753,846 shares of the company's stock valued at $12,868,000 after buying an additional 17,709 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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