Core Scientific (NASDAQ:CORZ) Given Sell (D-) Rating at Weiss Ratings

Key Points

• Core Scientific has received a reaffirmed "sell (D-)" rating from Weiss Ratings, indicating potential concerns from analysts regarding the company's stock.
• The company reported a 44.3% decline in quarterly revenue compared to the same period last year, with earnings per share beating estimates at ($0.04), compared to the expected ($0.07).
• Analysts have mixed opinions on Core Scientific, with one strong buy, seven buy ratings, and eleven hold ratings, resulting in a consensus rating of "hold" with an average price target of $18.71.

Core Scientific (NASDAQ:CORZ - Get Free Report)'s stock had its "sell (d-)" rating reaffirmed by research analysts at Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

CORZ has been the subject of several other research reports. Citigroup downgraded Core Scientific from an "outperform" rating to a "market perform" rating in a report on Monday, July 14th. Craig Hallum downgraded Core Scientific from a "strong-buy" rating to a "hold" rating in a report on Monday, July 7th. Roth Mkm reissued a "buy" rating and issued a $20.00 price target on shares of Core Scientific in a report on Thursday, June 26th. Compass Point started coverage on Core Scientific in a report on Monday, September 15th. They issued a "buy" rating for the company. Finally, Macquarie raised their price target on Core Scientific from $15.00 to $18.00 and gave the stock a "neutral" rating in a report on Monday, September 29th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Core Scientific has a consensus rating of "Hold" and an average price target of $18.71.

Core Scientific Stock Performance

CORZ stock traded up $0.43 during trading on Wednesday, reaching $17.53. 20,241,731 shares of the company traded hands, compared to its average volume of 12,847,338. Core Scientific has a 12 month low of $6.20 and a 12 month high of $18.63. The business has a 50 day simple moving average of $15.26 and a 200 day simple moving average of $12.34. The company has a market capitalization of $5.39 billion, a price-to-earnings ratio of -31.30 and a beta of 6.58.

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

Institutional Trading of Core Scientific

Institutional investors and hedge funds have recently made changes to their positions in the business. HHM Wealth Advisors LLC increased its position in shares of Core Scientific by 96.5% in the second quarter. HHM Wealth Advisors LLC now owns 1,926 shares of the company's stock valued at $33,000 after buying an additional 946 shares in the last quarter. State of Wyoming purchased a new stake in shares of Core Scientific in the first quarter valued at approximately $34,000. Osaic Holdings Inc. increased its position in shares of Core Scientific by 112.1% in the second quarter. Osaic Holdings Inc. now owns 2,017 shares of the company's stock valued at $34,000 after buying an additional 1,066 shares in the last quarter. Emerald Mutual Fund Advisers Trust acquired a new stake in shares of Core Scientific in the first quarter worth approximately $38,000. Finally, Advisors Asset Management Inc. boosted its stake in shares of Core Scientific by 68.3% in the second quarter. Advisors Asset Management Inc. now owns 2,690 shares of the company's stock worth $46,000 after acquiring an additional 1,092 shares during 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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