Core Scientific (NASDAQ:CORZ) Stock Rating Lowered by Needham & Company LLC

Needham & Company LLC downgraded shares of Core Scientific (NASDAQ:CORZ - Free Report) from a moderate buy rating to a hold rating in a research report released on Thursday, MarketBeat.com reports. They currently have $18.00 target price on the stock.

Other equities research analysts have also issued research reports about the stock. Citizens Jmp upgraded shares of Core Scientific to a "strong-buy" rating and set a $15.00 target price on the stock in a research note on Thursday, May 22nd. Oppenheimer reaffirmed a "market perform" rating on shares of Core Scientific in a research report on Monday. B. Riley downgraded shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a research report on Wednesday. Roth Mkm reaffirmed a "buy" rating and set a $20.00 price objective on shares of Core Scientific in a research report on Thursday, June 26th. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and set a $17.00 price objective on shares of Core Scientific in a research report on Friday, June 27th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $18.22.

Core Scientific Trading Down 3.8%

CORZ stock traded down $0.50 during trading on Thursday, reaching $12.69. The stock had a trading volume of 13,003,458 shares, compared to its average volume of 13,933,805. Core Scientific has a 1-year low of $6.20 and a 1-year high of $18.63. The company has a market capitalization of $3.78 billion, a P/E ratio of -2.52 and a beta of 6.71. The firm has a fifty day moving average price of $12.14 and a 200 day moving average price of $11.14.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.12) by $0.02. The company had revenue of $79.53 million during the quarter, compared to analyst estimates of $92.04 million. The business's revenue for the quarter was down 55.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.78 EPS. Sell-side analysts predict that Core Scientific will post 0.52 EPS for the current year.

Insider Activity at Core Scientific

In other news, Director Yadin Rozov purchased 110,000 shares of Core Scientific stock in a transaction that occurred on Wednesday, May 28th. The stock was acquired at an average price of $10.87 per share, for a total transaction of $1,195,700.00. Following the transaction, the director owned 475,687 shares in the company, valued at $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 at this link. Also, insider Todd M. Duchene sold 7,759 shares of the company'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 transaction of $96,134.01. Following the completion of the sale, the insider owned 2,049,689 shares of the company's stock, valued at approximately $25,395,646.71. This trade represents a 0.38% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 117,759 shares of company stock valued at $1,391,434. 1.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Core Scientific

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wellington Shields & Co. LLC acquired a new position in shares of Core Scientific during the 4th quarter worth $26,000. Vestcor Inc acquired a new position in Core Scientific in the 4th quarter valued at $66,000. State of Wyoming acquired a new position in Core Scientific in the 1st quarter valued at $34,000. Emerald Mutual Fund Advisers Trust acquired a new position in Core Scientific in the 1st quarter valued at $38,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in Core Scientific in the 1st quarter valued at $50,000.

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.