Core Scientific's (CORZ) Market Perform Rating Reaffirmed at JMP Securities

Key Points

• Core Scientific's stock has been given a "market perform" rating by JMP Securities, while other analysts have issued varied ratings, resulting in an average rating of "Hold" with a target price of $18.32.
• Core Scientific reported a quarterly earnings loss of ($0.04) EPS, which beat estimates but showed a 44.3% decline in revenue year-over-year.
• Insider activities include Director Yadin Rozov purchasing 110,000 shares, increasing his position significantly, while another insider sold some shares, indicating mixed signals on insider confidence.

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

A number of other equities research analysts have also commented on CORZ. Craig Hallum lowered shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a report on Monday, July 7th. HC Wainwright reiterated a "neutral" rating on shares of Core Scientific in a research note on Monday. Citizens Jmp lowered shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 14th. Barclays lowered shares of Core Scientific to an "underweight" rating in a research note on Tuesday, July 8th. Finally, Roth Mkm reiterated a "buy" rating and issued a $20.00 price target on shares of Core Scientific in a research note on Thursday, June 26th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $18.32.

Core Scientific Trading Up 0.8%

Shares of Core Scientific stock opened at $14.53 on Tuesday. The stock has a market capitalization of $4.33 billion, a price-to-earnings ratio of -25.95 and a beta of 6.60. Core Scientific has a 1-year low of $6.20 and a 1-year high of $18.63. The firm's 50-day moving average price is $13.63 and its two-hundred day moving average price is $10.93.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings results on Friday, August 8th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.03. The company had revenue of $78.63 million for the quarter, compared to the consensus estimate of $82.09 million. Core Scientific's quarterly revenue was down 44.3% compared to the same quarter last year. As a group, equities research analysts predict that Core Scientific will post 0.52 EPS for the current year.

Insider Activity

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 bought at an average cost of $10.87 per share, with a total value of $1,195,700.00. Following the completion of the transaction, the director directly owned 475,687 shares in the company, valued at approximately $5,170,717.69. The trade was a 30.08% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Todd M. Duchene sold 7,759 shares of the business's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $12.39, for a total transaction of $96,134.01. Following the sale, 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 117,759 shares of company stock valued at $1,391,434. 1.40% of the stock is currently owned by insiders.

Institutional Trading of Core Scientific

Institutional investors have recently modified their holdings of the business. FMR LLC raised its position in shares of Core Scientific by 2,937.7% during the 4th 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. Driehaus Capital Management LLC boosted its stake in shares of Core Scientific by 112.1% during the 4th quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company's stock valued at $144,212,000 after purchasing an additional 5,424,901 shares in the last quarter. Situational Awareness LP bought a new stake in shares of Core Scientific during the 1st quarter valued at about $32,736,000. Fred Alger Management LLC purchased a new position in Core Scientific during the 4th quarter valued at about $62,011,000. Finally, Beryl Capital Management LLC raised its holdings in 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 buying an additional 3,548,396 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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