Needham & Company LLC cut shares of Core Scientific (NASDAQ:CORZ - Free Report) from a moderate buy rating to a hold rating in a report issued on Thursday morning, MarketBeat reports. They currently have $18.00 price objective on the stock.
Several other brokerages also recently weighed in on CORZ. Canaccord Genuity Group reaffirmed a "buy" rating and set a $17.00 price target on shares of Core Scientific in a report on Friday, June 27th. HC Wainwright lowered Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 8th. Roth Mkm reissued a "buy" rating and issued a $20.00 price objective on shares of Core Scientific in a research report on Thursday, June 26th. Barclays cut shares of Core Scientific to an "underweight" rating in a research report on Tuesday, July 8th. Finally, Roth Capital reissued a "neutral" rating and set a $20.00 price target on shares of Core Scientific in a research report on Tuesday, July 8th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Core Scientific has an average rating of "Moderate Buy" and a consensus target price of $18.22.
View Our Latest Stock Report on CORZ
Core Scientific Stock Performance
Shares of NASDAQ:CORZ traded down $0.67 during trading hours on Thursday, reaching $12.51. The stock had a trading volume of 20,801,046 shares, compared to its average volume of 13,977,601. The stock has a market capitalization of $3.73 billion, a price-to-earnings ratio of -2.49 and a beta of 6.71. The firm's 50 day moving average is $12.22 and its 200-day moving average is $11.07. Core Scientific has a 1 year low of $6.20 and a 1 year high of $18.63.
Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.02. The company had revenue of $79.53 million for the quarter, compared to analyst estimates of $92.04 million. Core Scientific's revenue was down 55.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.78 earnings per share. Analysts forecast that Core Scientific will post 0.52 EPS for the current year.
Insider Activity
In other news, insider Todd M. Duchene sold 60,000 shares of the business's stock in a transaction that occurred 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 completion of the sale, the insider directly owned 2,100,102 shares in the company, valued at approximately $23,794,155.66. The trade was a 2.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Yadin Rozov purchased 110,000 shares of the firm's stock in a transaction dated Wednesday, May 28th. The stock was acquired at an average cost of $10.87 per share, with a total value of $1,195,700.00. Following the completion of the acquisition, the director directly owned 475,687 shares in the company, valued at approximately $5,170,717.69. This trade represents 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 in the last ninety days. Corporate insiders own 1.40% of the company's stock.
Institutional Trading of Core Scientific
A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. raised 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 purchasing an additional 1,199,448 shares in the last quarter. Beryl Capital Management LLC boosted its holdings in shares of Core Scientific by 24.3% in the fourth quarter. Beryl Capital Management LLC now owns 18,179,586 shares of the company's stock worth $255,423,000 after buying an additional 3,548,396 shares during the period. Driehaus Capital Management LLC boosted its stake in Core Scientific by 112.1% in the 4th quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company's stock worth $144,212,000 after purchasing an additional 5,424,901 shares during the period. FMR LLC grew its holdings in shares of Core Scientific by 2,937.7% during the fourth quarter. FMR LLC now owns 7,436,229 shares of the company's stock valued at $104,479,000 after buying an additional 7,191,428 shares in the last quarter. Finally, Fred Alger Management LLC grew its stake in Core Scientific by 46.7% during 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 in the last quarter.
Core Scientific Company Profile
(
Get Free Report)
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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