Core Scientific (NASDAQ:CORZ) Receives "Market Perform" Rating from Oppenheimer

Core Scientific (NASDAQ:CORZ - Get Free Report)'s stock had its "market perform" rating restated by equities research analysts at Oppenheimer in a research note issued to investors on Monday,Benzinga reports.

Other equities analysts also recently issued research reports about the stock. Needham & Company LLC reissued a "buy" rating and issued a $18.00 target price on shares of Core Scientific in a research note on Friday, June 27th. Citigroup started coverage on shares of Core Scientific in a research note on Thursday, May 22nd. They issued an "outperform" rating on the stock. JMP Securities began coverage on shares of Core Scientific in a research note on Thursday, May 22nd. They issued a "market outperform" rating and a $15.00 target price on the stock. Roth Mkm reiterated a "buy" rating and issued a $20.00 price objective on shares of Core Scientific in a report on Thursday, June 26th. Finally, Citizens Jmp upgraded shares of Core Scientific to a "strong-buy" rating and set a $15.00 price objective on the stock in a report on Thursday, May 22nd. One analyst has rated the stock with a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Core Scientific currently has a consensus rating of "Buy" and an average price target of $18.35.

Core Scientific Trading Down 17.2%

Shares of CORZ traded down $3.10 during mid-day trading on Monday, reaching $14.90. The company had a trading volume of 79,972,018 shares, compared to its average volume of 13,549,909. The stock has a market cap of $4.44 billion, a price-to-earnings ratio of -2.96 and a beta of 6.71. The firm has a fifty day simple moving average of $11.70 and a 200-day simple moving average of $11.13. Core Scientific has a fifty-two week low of $6.20 and a fifty-two week high of $19.64.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.10) earnings per share for the quarter, beating analysts' consensus estimates of ($0.12) by $0.02. The company had revenue of $79.53 million during the quarter, compared to analyst estimates of $92.04 million. During the same quarter last year, the business earned $0.78 EPS. The firm's revenue for the quarter was down 55.6% compared to the same quarter last year. As a group, equities analysts predict that Core Scientific will post 0.52 EPS for the current fiscal year.

Insider Activity at Core Scientific

In other Core Scientific news, Director Yadin Rozov bought 110,000 shares of the business's stock in a transaction that occurred on Wednesday, May 28th. The stock was acquired at an average cost of $10.87 per share, with a total value of $1,195,700.00. Following the completion of the purchase, the director directly owned 475,687 shares in the company, valued at approximately $5,170,717.69. This trade represents a 30.08% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, insider Todd M. Duchene sold 60,000 shares of the stock in a transaction that occurred 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 directly owned 2,100,102 shares of the company's stock, valued at approximately $23,794,155.66. This represents a 2.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 117,759 shares of company stock valued at $1,391,434 over the last quarter. Insiders own 1.40% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Wellington Shields & Co. LLC acquired a new position in shares of Core Scientific during the 4th quarter worth $26,000. State of Wyoming acquired a new position in shares of Core Scientific during the 1st quarter worth $34,000. Emerald Mutual Fund Advisers Trust acquired a new position in shares of Core Scientific during the 1st quarter worth $38,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Core Scientific during the 1st quarter worth $50,000. Finally, CWM LLC increased its stake in shares of Core Scientific by 403.9% during the 1st quarter. CWM LLC now owns 8,092 shares of the company's stock worth $59,000 after purchasing 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.

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