Roth Capital Downgrades Core Scientific (NASDAQ:CORZ) to Hold

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

A number of other equities research analysts have also issued reports on the stock. BTIG Research lowered shares of Core Scientific from a "strong-buy" rating to a "hold" rating and set a $20.00 target price for the company. in a research note on Monday. Barclays lowered shares of Core Scientific to an "underweight" rating in a research note on Tuesday. HC Wainwright lowered shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a research report on Tuesday. Oppenheimer reissued a "market perform" rating on shares of Core Scientific in a research report on Monday. Finally, JMP Securities began coverage on shares of Core Scientific in a research report on Thursday, May 22nd. They set a "market outperform" rating and a $15.00 target price for the company. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $18.44.

Core Scientific Stock Down 0.3%

Shares of NASDAQ:CORZ traded down $0.05 during trading on Monday, reaching $13.39. 11,751,867 shares of the company traded hands, compared to its average volume of 16,407,719. The firm has a fifty day simple moving average of $12.05 and a 200 day simple moving average of $11.14. The firm has a market cap of $3.99 billion, a P/E ratio of -2.66 and a beta of 6.71. 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 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 for the quarter, compared to analyst estimates of $92.04 million. The company's quarterly revenue was down 55.6% on a year-over-year basis. During the same period last year, the business earned $0.78 EPS. As a group, research analysts anticipate that Core Scientific will post 0.52 EPS for the current year.

Insider Transactions at Core Scientific

In related news, insider Todd M. Duchene sold 7,759 shares of the company's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $12.39, for a total value of $96,134.01. Following the sale, the insider owned 2,049,689 shares of the company's stock, valued at $25,395,646.71. The trade was a 0.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Yadin Rozov purchased 110,000 shares of Core Scientific stock in a transaction on Wednesday, May 28th. The stock was purchased at an average price of $10.87 per share, for a total transaction of $1,195,700.00. Following the completion of the transaction, the director owned 475,687 shares of the company's stock, valued at approximately $5,170,717.69. This represents a 30.08% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders sold 117,759 shares of company stock worth $1,391,434. 1.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Core Scientific

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. FMR LLC lifted its position 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 worth $104,479,000 after purchasing an additional 7,191,428 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Core Scientific by 54.3% during the fourth quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company's stock worth $272,270,000 after purchasing an additional 6,819,406 shares in the last quarter. Helix Partners Management LP acquired a new position in shares of Core Scientific during the fourth quarter worth approximately $86,498,000. Driehaus Capital Management LLC lifted its holdings in Core Scientific by 112.1% in the fourth quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company's stock valued at $144,212,000 after buying an additional 5,424,901 shares during the period. Finally, Situational Awareness LP acquired a new position in Core Scientific in the first quarter valued at approximately $32,736,000.

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.