Core Scientific (NASDAQ:CORZ) Stock Rating Lowered by Roth Capital

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

Several other research analysts have also recently issued reports on the company. BTIG Research cut Core Scientific from a "strong-buy" rating to a "hold" rating and set a $20.00 price target for the company. in a research note on Monday. Oppenheimer reissued a "market perform" rating on shares of Core Scientific in a research note on Monday. Barclays lowered Core Scientific to an "underweight" rating in a research note on Tuesday. Canaccord Genuity Group reaffirmed a "buy" rating and set a $17.00 price objective on shares of Core Scientific in a research note on Friday, June 27th. Finally, Citizens Jmp raised shares of Core Scientific to a "strong-buy" rating and set a $15.00 target price on the stock in a research report on Thursday, May 22nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $18.22.

Core Scientific Trading Down 5.1%

NASDAQ CORZ traded down $0.67 during mid-day trading on Monday, reaching $12.51. 20,793,869 shares of the company's stock traded hands, compared to its average volume of 13,963,154. Core Scientific has a 1-year low of $6.20 and a 1-year high of $18.63. The company has a fifty day simple moving average of $12.14 and a 200-day simple moving average of $11.14. The company has a market cap of $3.73 billion, a price-to-earnings ratio of -2.49 and a beta of 6.71.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.10) 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 the consensus estimate of $92.04 million. During the same quarter last year, the company earned $0.78 earnings per share. The company's revenue was down 55.6% compared to the same quarter last year. Equities research analysts forecast that Core Scientific will post 0.52 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Yadin Rozov purchased 110,000 shares of the business's stock in a transaction on Wednesday, May 28th. The stock was purchased at an average price of $10.87 per share, with a total value of $1,195,700.00. Following the acquisition, the director directly owned 475,687 shares in the company, valued at approximately $5,170,717.69. The trade was a 30.08% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Todd M. Duchene sold 60,000 shares of Core Scientific stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $11.33, for a total value of $679,800.00. Following the transaction, the insider directly owned 2,100,102 shares of the company's stock, valued at approximately $23,794,155.66. The trade was a 2.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 117,759 shares of company stock valued at $1,391,434 in the last three months. 1.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wellington Shields & Co. LLC bought a new position in shares of Core Scientific in the fourth quarter valued at about $26,000. Farther Finance Advisors LLC bought a new stake in shares of Core Scientific during the 2nd quarter worth $65,000. Vestcor Inc bought a new stake in Core Scientific during the 4th quarter worth $66,000. State of Wyoming acquired a new stake in Core Scientific during the 1st quarter worth approximately $34,000. Finally, Emerald Mutual Fund Advisers Trust bought a new position in Core Scientific during the 1st quarter worth $38,000.

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.