Core Scientific (NASDAQ:CORZ) Cut to Hold at Craig Hallum

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

A number of other research analysts have also recently issued reports on CORZ. Citigroup assumed coverage on Core Scientific in a research report on Thursday, May 22nd. They issued an "outperform" rating on the stock. Roth Capital reaffirmed a "neutral" rating and issued a $20.00 price objective on shares of Core Scientific 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 report on Friday, June 27th. 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 objective for the company. Finally, Needham & Company LLC reissued a "buy" rating and issued a $18.00 price target on shares of Core Scientific in a research report on Friday, June 27th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $18.22.

Core Scientific Trading Down 1.9%

NASDAQ:CORZ traded down $0.25 on Monday, hitting $13.18. 26,593,066 shares of the company's stock were exchanged, compared to its average volume of 13,935,298. Core Scientific has a 52 week low of $6.20 and a 52 week high of $18.63. The firm has a 50-day moving average price of $12.14 and a 200-day moving average price of $11.14.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.12) by $0.02. The firm had revenue of $79.53 million during the quarter, compared to the consensus estimate of $92.04 million. During the same period in the previous year, the company posted $0.78 earnings per share. The firm's revenue for the quarter was down 55.6% compared to the same quarter last year. On average, equities analysts forecast that Core Scientific will post 0.52 EPS for the current fiscal year.

Insider Activity at Core Scientific

In other news, Director Yadin Rozov purchased 110,000 shares of the business's stock in a transaction dated 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 acquisition, the director directly owned 475,687 shares in the company, valued at $5,170,717.69. This represents a 30.08% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Todd M. Duchene sold 60,000 shares of the 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 in the company, valued at $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 117,759 shares of company stock valued at $1,391,434 over the last quarter. Company insiders own 1.40% of the company's stock.

Institutional Trading of Core Scientific

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Wellington Shields & Co. LLC purchased a new position in Core Scientific during the fourth quarter worth $26,000. State of Wyoming purchased a new position in shares of Core Scientific in the 1st quarter worth approximately $34,000. Emerald Mutual Fund Advisers Trust acquired a new position in Core Scientific during the 1st quarter valued at about $38,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Core Scientific during the 1st quarter worth approximately $50,000. Finally, CWM LLC boosted its holdings in shares of Core Scientific by 403.9% in the 1st quarter. CWM LLC now owns 8,092 shares of the company's stock valued at $59,000 after acquiring an additional 6,486 shares during the last quarter.

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.