Core Scientific (NASDAQ:CORZ) Stock Rating Upgraded by Arete Research

Core Scientific (NASDAQ:CORZ - Get Free Report) was upgraded by analysts at Arete Research to a "strong-buy" rating in a note issued to investors on Tuesday,Zacks.com reports.

Several other equities research analysts also recently weighed in on CORZ. Oppenheimer reissued a "market perform" rating on shares of Core Scientific in a report on Monday, July 7th. HC Wainwright downgraded Core Scientific from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 8th. Needham & Company LLC cut Core Scientific from a "moderate buy" rating to a "hold" rating and set a $18.00 price objective for the company. in a research report on Thursday, July 10th. Craig Hallum cut Core Scientific from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 7th. Finally, Arete began coverage on Core Scientific in a research note on Tuesday. They set a "buy" rating and a $20.00 price objective on the stock. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Core Scientific presently has an average rating of "Hold" and a consensus price target of $18.32.

Core Scientific Stock Up 1.6%

CORZ stock opened at $13.48 on Tuesday. The business's fifty day simple moving average is $12.74 and its two-hundred day simple moving average is $11.04. Core Scientific has a twelve month low of $6.20 and a twelve month high of $18.63. The firm has a market cap of $4.01 billion, a price-to-earnings ratio of -2.68 and a beta of 6.71.

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

Insider Activity at Core Scientific

In related news, insider Todd M. Duchene sold 7,759 shares of Core Scientific stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $12.39, for a total transaction of $96,134.01. Following the completion of the transaction, the insider directly owned 2,049,689 shares of the company's stock, valued at approximately $25,395,646.71. The trade was a 0.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Yadin Rozov acquired 110,000 shares of Core Scientific stock in a transaction that occurred on Wednesday, May 28th. The shares were purchased at an average cost of $10.87 per share, with a total value of $1,195,700.00. Following the completion of the acquisition, the director owned 475,687 shares of the company's stock, valued at $5,170,717.69. The trade was 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 valued at $1,391,434 over the last three months. Insiders own 1.40% of the company's stock.

Hedge Funds Weigh In On Core Scientific

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in Core Scientific by 6.2% during the first quarter. Vanguard Group Inc. now owns 20,578,100 shares of the company's stock valued at $148,985,000 after acquiring an additional 1,199,448 shares during the period. Beryl Capital Management LLC lifted its stake in shares of Core Scientific by 24.3% in the fourth quarter. Beryl Capital Management LLC now owns 18,179,586 shares of the company's stock worth $255,423,000 after acquiring an additional 3,548,396 shares in the last quarter. Driehaus Capital Management LLC lifted its stake in shares of Core Scientific by 112.1% in the fourth quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company's stock worth $144,212,000 after acquiring an additional 5,424,901 shares in the last quarter. FMR LLC raised its stake in Core Scientific by 2,937.7% during the fourth quarter. FMR LLC now owns 7,436,229 shares of the company's stock valued at $104,479,000 after buying an additional 7,191,428 shares in the last quarter. Finally, Fred Alger Management LLC grew its holdings in shares of Core Scientific by 46.7% during the first quarter. Fred Alger Management LLC now owns 6,473,552 shares of the company's stock valued at $46,869,000 after purchasing an additional 2,059,985 shares during 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.