Core Scientific (NASDAQ:CORZ) Downgraded by Macquarie to Hold

Macquarie cut shares of Core Scientific (NASDAQ:CORZ - Free Report) from a strong-buy rating to a hold rating in a research report report published on Thursday morning, MarketBeat reports. They currently have $15.00 price objective on the stock.

CORZ has been the subject of a number of other research reports. Roth Mkm reissued a "buy" rating and set a $20.00 target price on shares of Core Scientific in a research note on Thursday, June 26th. B. Riley lowered shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a research report on Wednesday. Oppenheimer restated a "market perform" rating on shares of Core Scientific in a research report on Monday, July 7th. JMP Securities assumed coverage on shares of Core Scientific in a research report on Thursday, May 22nd. They set a "market outperform" rating and a $15.00 price target on the stock. Finally, Craig Hallum lowered shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 7th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Core Scientific has a consensus rating of "Moderate Buy" and an average target price of $18.22.

Core Scientific Stock Performance

Shares of CORZ stock traded down $0.67 on Thursday, reaching $12.51. 20,801,046 shares of the company were exchanged, compared to its average volume of 13,977,601. The company has a market cap of $3.73 billion, a price-to-earnings ratio of -2.49 and a beta of 6.71. The business has a 50-day moving average price of $12.22 and a 200 day moving average price of $11.09. Core Scientific has a 1 year low of $6.20 and a 1 year high of $18.63.

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

Insider Activity

In other news, insider Todd M. Duchene sold 60,000 shares of the business's stock in a transaction that occurred 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 sale, the insider directly owned 2,100,102 shares of the company's stock, valued at approximately $23,794,155.66. The trade was a 2.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Yadin Rozov purchased 110,000 shares of Core Scientific stock in a transaction dated Wednesday, May 28th. The stock was bought at an average cost 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 in the company, 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. Insiders sold a total of 117,759 shares of company stock worth $1,391,434 over the last quarter. 1.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Core Scientific

A number of institutional investors and hedge funds have recently made changes to their positions in CORZ. Wellington Shields & Co. LLC purchased a new stake in Core Scientific during the 4th quarter worth approximately $26,000. State of Wyoming purchased a new stake in Core Scientific during the 1st quarter worth approximately $34,000. Emerald Mutual Fund Advisers Trust purchased a new stake in Core Scientific during the 1st quarter worth approximately $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 increased its stake in 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 buying an additional 6,486 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.