Core Scientific (NASDAQ:CORZ) Earns "Neutral" Rating from Macquarie

Key Points

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Core Scientific (NASDAQ:CORZ - Get Free Report)'s stock had its "neutral" rating restated by stock analysts at Macquarie in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $15.00 price target on the stock. Macquarie's price target would suggest a potential upside of 7.41% from the company's previous close.

Other research analysts have also recently issued reports about the company. Canaccord Genuity Group reissued a "buy" rating and set a $17.00 price target on shares of Core Scientific in a research report on Friday, June 27th. HC Wainwright reissued a "neutral" rating on shares of Core Scientific in a research report on Monday, August 11th. Citigroup cut Core Scientific from an "outperform" rating to a "market perform" rating in a research report on Monday, July 14th. B. Riley cut Core Scientific from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 9th. Finally, JMP Securities reissued a "market perform" rating on shares of Core Scientific in a research report on Tuesday, August 12th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $18.47.

Core Scientific Price Performance

Shares of Core Scientific stock traded down $0.57 during trading hours on Tuesday, hitting $13.97. The company's stock had a trading volume of 4,109,125 shares, compared to its average volume of 16,549,018. Core Scientific has a 12 month low of $6.20 and a 12 month high of $18.63. The stock has a 50 day moving average of $13.84 and a 200 day moving average of $11.02. The company has a market capitalization of $4.27 billion, a PE ratio of -24.99 and a beta of 6.60.

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

Insiders Place Their Bets

In related news, Director Yadin Rozov acquired 110,000 shares of the stock in a transaction on Wednesday, May 28th. The shares were purchased at an average price of $10.87 per share, for a total transaction of $1,195,700.00. Following the purchase, the director directly owned 475,687 shares in the company, valued at approximately $5,170,717.69. The trade was a 30.08% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Todd M. Duchene sold 60,000 shares of the firm's stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $11.33, for a total value of $679,800.00. Following the transaction, the insider owned 2,100,102 shares in the company, valued at approximately $23,794,155.66. This trade represents a 2.78% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 117,759 shares of company stock worth $1,391,434. Corporate insiders own 1.40% of the company's stock.

Hedge Funds Weigh In On Core Scientific

A number of hedge funds have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN increased its stake in shares of Core Scientific by 41.7% in the 4th quarter. Wells Fargo & Company MN now owns 100,848 shares of the company's stock valued at $1,417,000 after purchasing an additional 29,669 shares during the last quarter. Envestnet Asset Management Inc. bought a new position in shares of Core Scientific in the 4th quarter valued at $1,707,000. Bank of Montreal Can bought a new position in shares of Core Scientific in the 4th quarter valued at $142,000. Legal & General Group Plc increased its stake in shares of Core Scientific by 30.3% in the 4th quarter. Legal & General Group Plc now owns 194,368 shares of the company's stock valued at $2,731,000 after purchasing an additional 45,189 shares during the last quarter. Finally, Summit Investment Advisors Inc. increased its stake in shares of Core Scientific by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 18,658 shares of the company's stock valued at $262,000 after purchasing an additional 1,185 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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