Craig Hallum Downgrades Core Scientific (NASDAQ:CORZ) to Hold

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 research report issued on Monday,Zacks.com reports.

Several other research analysts also recently commented on the company. Barclays downgraded Core Scientific to an "underweight" rating in a research note on Tuesday, July 8th. Roth Capital restated a "neutral" rating and set a $20.00 price target on shares of Core Scientific in a research report on Tuesday, July 8th. Canaccord Genuity Group reissued a "buy" rating and set a $17.00 price target on shares of Core Scientific in a research note on Friday, June 27th. Citigroup began coverage on Core Scientific in a research note on Thursday, May 22nd. They issued an "outperform" rating for the company. Finally, JMP Securities initiated coverage on shares of Core Scientific in a report on Thursday, May 22nd. They set a "market outperform" rating and a $15.00 price target for the company. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $18.22.

Core Scientific Trading Down 5.1%

Shares of NASDAQ:CORZ traded down $0.67 during midday trading on Monday, reaching $12.51. The company had a trading volume of 20,801,046 shares, compared to its average volume of 13,977,601. The stock has a market cap of $3.73 billion, a P/E ratio of -2.49 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 company's 50 day moving average price is $12.22 and its 200 day moving average price is $11.07.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.10) EPS for the quarter, beating analysts' consensus estimates 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 firm's quarterly revenue was down 55.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.78 EPS. Research analysts forecast that Core Scientific will post 0.52 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Trading of Core Scientific

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp boosted its holdings in Core Scientific by 62.8% in the fourth quarter. Bank of New York Mellon Corp now owns 834,077 shares of the company's stock worth $11,719,000 after acquiring an additional 321,738 shares in the last quarter. US Bancorp DE bought a new position in Core Scientific in the 4th quarter worth about $99,000. Charles Schwab Investment Management Inc. grew its position in Core Scientific by 23.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,392,092 shares of the company's stock valued at $33,609,000 after purchasing an additional 459,630 shares during the last quarter. Victory Capital Management Inc. grew its position in Core Scientific by 12.2% during the 4th quarter. Victory Capital Management Inc. now owns 29,890 shares of the company's stock valued at $420,000 after purchasing an additional 3,257 shares during the last quarter. Finally, Arizona State Retirement System increased its stake in Core Scientific by 46.4% during the 4th quarter. Arizona State Retirement System now owns 56,190 shares of the company's stock valued at $789,000 after purchasing an additional 17,797 shares in the last quarter.

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.