Macquarie Downgrades Core Scientific (NASDAQ:CORZ) to Hold

Macquarie lowered shares of Core Scientific (NASDAQ:CORZ - Free Report) from a strong-buy rating to a hold rating in a research note released on Thursday morning, MarketBeat.com reports. The firm currently has $15.00 target price on the stock.

Other equities analysts have also recently issued reports about the company. Oppenheimer reiterated a "market perform" rating on shares of Core Scientific in a report on Monday, July 7th. JMP Securities started coverage on Core Scientific in a report on Thursday, May 22nd. They issued a "market outperform" rating and a $15.00 target price on the stock. Needham & Company LLC cut Core Scientific from a "moderate buy" rating to a "hold" rating and set a $18.00 target price on the stock. in a report on Thursday. Citizens Jmp upgraded Core Scientific to a "strong-buy" rating and set a $15.00 target price on the stock in a report on Thursday, May 22nd. Finally, Roth Capital reiterated a "neutral" rating and issued a $20.00 target price on shares of Core Scientific in a report on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $18.22.

Core Scientific Stock Performance

Shares of Core Scientific stock traded down $0.67 on Thursday, reaching $12.51. 20,801,046 shares of the company's stock were exchanged, compared to its average volume of 13,977,601. The company has a market capitalization 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 firm's 50-day moving average is $12.22 and its two-hundred day moving average is $11.09.

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, topping 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 quarter in the prior year, the business earned $0.78 earnings per share. Core Scientific's revenue for the quarter was down 55.6% on a year-over-year basis. On average, analysts expect that Core Scientific will post 0.52 EPS for the current fiscal year.

Insider Buying and Selling at Core Scientific

In other Core Scientific news, Director Yadin Rozov bought 110,000 shares of the firm's stock in a transaction dated Wednesday, May 28th. The stock was purchased at an average cost of $10.87 per share, with a total value of $1,195,700.00. Following the transaction, the director directly owned 475,687 shares in the company, valued at $5,170,717.69. This trade represents a 30.08% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Todd M. Duchene sold 7,759 shares of the stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $12.39, for a total value of $96,134.01. Following the transaction, the insider owned 2,049,689 shares of the company's stock, valued at $25,395,646.71. The trade was a 0.38% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 117,759 shares of company stock valued at $1,391,434. Insiders own 1.40% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Wealth Management Partners LLC bought a new position in shares of Core Scientific during the 2nd quarter worth $217,000. Farther Finance Advisors LLC bought a new position in shares of Core Scientific during the 2nd quarter worth $65,000. Harbor Capital Advisors Inc. grew its stake in shares of Core Scientific by 45.2% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 242,786 shares of the company's stock worth $4,144,000 after acquiring an additional 75,602 shares during the period. Fiduciary Alliance LLC grew its stake in shares of Core Scientific by 10.5% during the 2nd quarter. Fiduciary Alliance LLC now owns 26,307 shares of the company's stock worth $449,000 after acquiring an additional 2,492 shares during the period. Finally, Red Spruce Capital LLC grew its stake in shares of Core Scientific by 161.3% during the 2nd quarter. Red Spruce Capital LLC now owns 33,221 shares of the company's stock worth $567,000 after acquiring an additional 20,508 shares during the period.

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.