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Core Scientific (NASDAQ:CORZ) Rating Lowered to Hold at Roth Capital

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Core Scientific (NASDAQ:CORZ - Get Free Report) was downgraded by equities researchers at Roth Capital from a "strong-buy" rating to a "hold" rating in a note issued to investors on Monday,Zacks.com reports.

Several other brokerages have also recently issued reports on CORZ. Barclays cut Core Scientific to an "underweight" rating in a report on Tuesday. JMP Securities started coverage on Core Scientific in a report on Thursday, May 22nd. They issued a "market outperform" rating and a $15.00 target price for the company. Roth Mkm restated a "buy" rating and issued a $20.00 target price on shares of Core Scientific in a report on Thursday, June 26th. Needham & Company LLC restated a "buy" rating and issued a $18.00 target price on shares of Core Scientific in a report on Friday, June 27th. Finally, Citizens Jmp upgraded Core Scientific to a "strong-buy" rating and set a $15.00 target price for the company in a report on Thursday, May 22nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Core Scientific presently has an average rating of "Moderate Buy" and an average target price of $18.22.

Check Out Our Latest Research Report on Core Scientific

Core Scientific Stock Performance

Shares of CORZ traded down $0.67 during trading hours on Monday, hitting $12.51. 20,801,046 shares of the stock were exchanged, compared to its average volume of 13,977,601. Core Scientific has a 12-month low of $6.20 and a 12-month high of $18.63. The company has a market cap of $3.73 billion, a price-to-earnings ratio of -2.49 and a beta of 6.71. The stock's 50-day moving average price is $12.22 and its two-hundred day moving average price is $11.09.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued 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 firm had revenue of $79.53 million for the quarter, compared to analysts' expectations of $92.04 million. During the same quarter in the previous year, the firm posted $0.78 earnings per share. The firm's revenue for the quarter was down 55.6% compared to the same quarter last year. On average, research analysts expect that Core Scientific will post 0.52 earnings per share for the current year.

Insider Transactions at Core Scientific

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

Hedge Funds Weigh In On Core Scientific

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Wealth Management Partners LLC purchased a new position in Core Scientific during the 2nd quarter valued at about $217,000. Farther Finance Advisors LLC purchased a new position in shares of Core Scientific in the 2nd quarter valued at about $65,000. Harbor Capital Advisors Inc. boosted its stake in shares of Core Scientific by 45.2% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 242,786 shares of the company's stock valued at $4,144,000 after buying an additional 75,602 shares during the period. Fiduciary Alliance LLC boosted its stake in shares of Core Scientific by 10.5% in the 2nd quarter. Fiduciary Alliance LLC now owns 26,307 shares of the company's stock valued at $449,000 after buying an additional 2,492 shares during the period. Finally, Red Spruce Capital LLC boosted its stake in shares of Core Scientific by 161.3% in the 2nd quarter. Red Spruce Capital LLC now owns 33,221 shares of the company's stock valued at $567,000 after buying an additional 20,508 shares during the period.

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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