Core Scientific (NASDAQ:CORZ) Lowered to "Market Perform" Rating by Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods downgraded Core Scientific from “outperform” to “market perform” and set a $25 price target, implying 9.89% upside from the previous close.
• Despite the downgrade, analyst sentiment remains broadly positive: Core Scientific has a “Moderate Buy” consensus rating and an average price target of $30.39.
• The company reported a significant quarterly EPS miss, posting $(1.06) versus the $(0.02) consensus estimate, while revenue rose 44.9% year over year to $115.24 million.

Core Scientific (NASDAQ:CORZ - Get Free Report) was downgraded by research analysts at Keefe, Bruyette & Woods from an "outperform" rating to a "market perform" rating in a research note issued to investors on Monday, Marketbeat Ratings reports. They currently have a $25.00 target price on the stock. Keefe, Bruyette & Woods' target price indicates a potential upside of 9.89% from the company's previous close.

Several other equities analysts have also commented on the company. Canaccord Genuity Group set a $30.00 target price on Core Scientific in a report on Friday, May 8th. Sanford C. Bernstein restated an "outperform" rating and set a $32.00 price objective on shares of Core Scientific in a research report on Wednesday, June 3rd. Loop Capital set a $40.00 price objective on Core Scientific in a research note on Friday, June 12th. BTIG Research increased their target price on Core Scientific from $33.00 to $38.00 and gave the stock a "buy" rating in a research report on Wednesday, June 24th. Finally, Lucid Cap Mkts upgraded Core Scientific to a "strong-buy" rating in a research note on Friday, June 12th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Core Scientific presently has an average rating of "Moderate Buy" and a consensus price target of $30.39.

Core Scientific Price Performance

Core Scientific stock opened at $22.75 on Monday. The company has a market cap of $7.23 billion, a PE ratio of -19.96 and a beta of 5.50. Core Scientific has a 12 month low of $12.60 and a 12 month high of $30.46. The company has a fifty day moving average price of $25.42 and a two-hundred day moving average price of $20.71.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($1.06) EPS for the quarter, missing the consensus estimate of ($0.02) by ($1.04). The firm had revenue of $115.24 million for the quarter, compared to analyst estimates of $117.04 million. The business's revenue for the quarter was up 44.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.25 earnings per share. Equities research analysts anticipate that Core Scientific will post 0.08 earnings per share for the current year.

Insider Buying and Selling at Core Scientific

In other news, insider Todd M. Duchene sold 10,000 shares of the business's stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $22.63, for a total transaction of $226,300.00. Following the completion of the transaction, the insider directly owned 2,023,426 shares in the company, valued at approximately $45,790,130.38. The trade was a 0.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold a total of 70,000 shares of company stock worth $1,802,400 over the last quarter. Insiders own 1.70% of the company's stock.

Institutional Trading of Core Scientific

Hedge funds have recently added to or reduced their stakes in the business. Xponance LLC grew its stake in shares of Core Scientific by 2.5% in the fourth quarter. Xponance LLC now owns 22,896 shares of the company's stock worth $333,000 after purchasing an additional 562 shares in the last quarter. Handelsbanken Fonder AB grew its position in Core Scientific by 0.7% in the 2nd quarter. Handelsbanken Fonder AB now owns 94,500 shares of the company's stock valued at $2,418,000 after buying an additional 700 shares in the last quarter. Orion Porfolio Solutions LLC increased its stake in Core Scientific by 5.2% during the 3rd quarter. Orion Porfolio Solutions LLC now owns 15,539 shares of the company's stock valued at $279,000 after buying an additional 766 shares during the period. GAMMA Investing LLC raised its position in shares of Core Scientific by 34.5% during the 2nd quarter. GAMMA Investing LLC now owns 3,049 shares of the company's stock worth $78,000 after buying an additional 782 shares in the last quarter. Finally, Bank of Montreal Can raised its position in shares of Core Scientific by 4.2% during the 4th quarter. Bank of Montreal Can now owns 21,592 shares of the company's stock worth $314,000 after buying an additional 869 shares in the last quarter.

Core Scientific Company Profile

Core Scientific, Inc NASDAQ: CORZ is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific's service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.

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