Core Scientific (NASDAQ:CORZ) Rating Lowered to "Hold" at Craig Hallum

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

A number of other research firms also recently issued reports on CORZ. Oppenheimer reissued a "market perform" rating on shares of Core Scientific in a research report on Monday. Citigroup initiated coverage on Core Scientific in a research report on Thursday, May 22nd. They issued an "outperform" rating for the company. JMP Securities initiated coverage on Core Scientific in a research report on Thursday, May 22nd. They issued a "market outperform" rating and a $15.00 target price for the company. HC Wainwright downgraded Core Scientific from a "strong-buy" rating to a "hold" rating in a research report on Tuesday. Finally, Citizens Jmp raised Core Scientific to a "strong-buy" rating and set a $15.00 target price for the company in a research report on Thursday, May 22nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $18.44.

Core Scientific Stock Down 4.2%

Shares of NASDAQ:CORZ opened at $13.43 on Monday. The company has a market cap of $4.00 billion, a P/E ratio of -2.67 and a beta of 6.71. Core Scientific has a 52 week low of $6.20 and a 52 week high of $18.63. The business has a fifty day simple moving average of $12.05 and a 200-day simple moving average of $11.14.

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 analysts' consensus estimates of ($0.12) by $0.02. The business had revenue of $79.53 million during the quarter, compared to analysts' expectations of $92.04 million. During the same period in the prior year, the firm earned $0.78 EPS. Core Scientific's revenue for the quarter was down 55.6% on a year-over-year basis. Sell-side analysts expect that Core Scientific will post 0.52 earnings per share for the current fiscal year.

Insider Transactions at Core Scientific

In other news, insider Todd M. Duchene sold 60,000 shares of Core Scientific stock in a transaction dated Tuesday, June 3rd. The stock was 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 in the company, valued at approximately $23,794,155.66. The trade was a 2.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Yadin Rozov purchased 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, for a total transaction of $1,195,700.00. Following the completion of the purchase, the director directly owned 475,687 shares of the company's stock, valued at approximately $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 sold 117,759 shares of company stock worth $1,391,434 over the last quarter. 1.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Core Scientific

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wellington Shields & Co. LLC acquired a new stake in Core Scientific during the fourth quarter valued at approximately $26,000. Vestcor Inc acquired a new stake in Core Scientific during the fourth quarter valued at approximately $66,000. State of Wyoming acquired a new stake in Core Scientific during the first quarter valued at approximately $34,000. Emerald Mutual Fund Advisers Trust acquired a new position in shares of Core Scientific in the 1st quarter worth approximately $38,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Core Scientific in the 1st quarter worth approximately $50,000.

About Core Scientific

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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