Core Scientific (NASDAQ:CORZ) Downgraded by Craig Hallum to "Hold"

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

CORZ has been the subject of several other research reports. JMP Securities began coverage on Core Scientific in a research report on Thursday, May 22nd. They set a "market outperform" rating and a $15.00 price objective for the company. HC Wainwright downgraded Core Scientific from a "strong-buy" rating to a "hold" rating in a report on Tuesday. BTIG Research downgraded Core Scientific from a "strong-buy" rating to a "hold" rating and set a $20.00 price target for the company. in a report on Monday. Barclays downgraded Core Scientific to an "underweight" rating in a report on Tuesday. Finally, Oppenheimer restated a "market perform" rating on shares of Core Scientific in a report on Monday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Core Scientific currently has an average rating of "Moderate Buy" and a consensus price target of $18.22.

Core Scientific Stock Performance

Shares of Core Scientific stock traded down $0.50 during midday trading on Monday, reaching $12.69. 13,003,458 shares of the company's stock traded hands, compared to its average volume of 13,933,805. The company has a market cap of $3.78 billion, a PE ratio of -2.52 and a beta of 6.71. The stock has a 50 day moving average of $12.14 and a 200-day moving average of $11.14. Core Scientific has a 12 month low of $6.20 and a 12 month high of $18.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.10) EPS for the quarter, beating 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. The business's quarterly revenue was down 55.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.78 EPS. On average, equities analysts anticipate that Core Scientific will post 0.52 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Todd M. Duchene sold 7,759 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $12.39, for a total transaction of $96,134.01. Following the transaction, the insider owned 2,049,689 shares of the company's stock, valued at approximately $25,395,646.71. The trade was a 0.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Yadin Rozov bought 110,000 shares of the business's stock in a transaction dated Wednesday, May 28th. The shares were bought at an average cost of $10.87 per share, for a total transaction of $1,195,700.00. Following the transaction, the director 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 disclosure for this purchase can be found here. In the last ninety days, insiders sold 117,759 shares of company stock worth $1,391,434. Corporate insiders own 1.40% of the company's stock.

Hedge Funds Weigh In On Core Scientific

Large investors have recently modified their holdings of the stock. Wellington Shields & Co. LLC bought a new position in shares of Core Scientific during the 4th quarter valued at approximately $26,000. Vestcor Inc bought a new position in shares of Core Scientific during the 4th quarter valued at approximately $66,000. State of Wyoming bought a new position in shares of Core Scientific during the 1st quarter valued at approximately $34,000. Emerald Mutual Fund Advisers Trust bought a new position in shares of Core Scientific during the 1st quarter valued at approximately $38,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Core Scientific during the 1st quarter valued at approximately $50,000.

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.