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

Core Scientific (NASDAQ:CORZ - Get Free Report)'s stock had its "market perform" rating reaffirmed by investment analysts at JMP Securities in a research report issued on Monday,Benzinga reports. They presently have a $15.00 price target on the stock. JMP Securities' target price would suggest a potential upside of 16.40% from the company's current price.

CORZ has been the subject of a number of other reports. BTIG Research downgraded Core Scientific from a "strong-buy" rating to a "hold" rating and set a $20.00 target price for the company. in a research report on Monday, July 7th. Roth Mkm reiterated a "buy" rating and set a $20.00 target price on shares of Core Scientific in a research report on Thursday, June 26th. HC Wainwright downgraded Core Scientific from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 8th. Canaccord Genuity Group restated a "buy" rating and set a $17.00 target price on shares of Core Scientific in a research report on Friday, June 27th. Finally, Macquarie lowered Core Scientific from a "strong-buy" rating to a "hold" rating and set a $15.00 price target for the company. in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Core Scientific currently has an average rating of "Hold" and an average target price of $18.22.

Core Scientific Stock Up 3.0%

CORZ traded up $0.38 during midday trading on Monday, reaching $12.89. The company had a trading volume of 3,326,953 shares, compared to its average volume of 13,942,759. The company has a market cap of $3.84 billion, a P/E ratio of -2.54 and a beta of 6.71. Core Scientific has a 1 year low of $6.20 and a 1 year high of $18.63. The business has a 50-day moving average of $12.22 and a two-hundred day moving average of $11.07.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.02. The company had revenue of $79.53 million for the quarter, compared to the consensus estimate of $92.04 million. The company's quarterly revenue was down 55.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.78 EPS. On average, equities research analysts predict that Core Scientific will post 0.52 EPS for the current year.

Insiders Place Their Bets

In other news, insider Todd M. Duchene sold 7,759 shares of the company's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $12.39, for a total value of $96,134.01. Following the completion of the sale, the insider owned 2,049,689 shares of the company's stock, valued at approximately $25,395,646.71. This represents a 0.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Yadin Rozov purchased 110,000 shares of the stock in a transaction dated 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 transaction, 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. Over the last ninety days, insiders have sold 117,759 shares of company stock valued at $1,391,434. 1.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Core Scientific

Hedge funds have recently modified their holdings of the business. Xponance Inc. raised its position in shares of Core Scientific by 7.9% in the 4th quarter. Xponance Inc. now owns 12,800 shares of the company's stock worth $180,000 after acquiring an additional 937 shares in the last quarter. Summit Investment Advisors Inc. raised its position in shares of Core Scientific by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 18,658 shares of the company's stock worth $262,000 after acquiring an additional 1,185 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Core Scientific by 11.7% in the 1st quarter. Wellington Management Group LLP now owns 11,967 shares of the company's stock worth $87,000 after buying an additional 1,256 shares during the last quarter. SBI Securities Co. Ltd. grew its position in shares of Core Scientific by 17.8% in the 1st quarter. SBI Securities Co. Ltd. now owns 10,391 shares of the company's stock worth $75,000 after buying an additional 1,567 shares during the last quarter. Finally, US Bancorp DE grew its position in shares of Core Scientific by 23.7% in the 1st quarter. US Bancorp DE now owns 8,682 shares of the company's stock worth $63,000 after buying an additional 1,663 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.

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