HC Wainwright Reaffirms Neutral Rating for Core Scientific (NASDAQ:CORZ)

Key Points

• HC Wainwright has reaffirmed a "neutral" rating for Core Scientific (NASDAQ: CORZ), with the company currently having an average rating of "Hold" from analysts.
• The company's latest earnings report showed a 44.3% decline in revenue year-over-year, with reported earnings of ($0.04) per share, beating estimates by $0.03.
• Insider trading activity included a significant purchase by Director Yadin Rozov, who bought 110,000 shares, increasing their stake in the company by over 30%.

Core Scientific (NASDAQ:CORZ - Get Free Report)'s stock had its "neutral" rating restated by analysts at HC Wainwright in a research report issued on Monday,Benzinga reports.

Other analysts have also issued reports about the company. Roth Mkm reaffirmed a "buy" rating and issued a $20.00 target price on shares of Core Scientific in a research report on Thursday, June 26th. JMP Securities reaffirmed a "market perform" rating and issued a $15.00 target price on shares of Core Scientific in a research report on Monday, July 14th. BTIG Research lowered 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. Arete started coverage on Core Scientific in a research report on Tuesday, July 22nd. They issued a "buy" rating and a $20.00 target price for the company. Finally, Craig Hallum lowered Core Scientific from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 7th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $18.32.

Core Scientific Stock Performance

Shares of CORZ stock opened at $14.41 on Monday. The stock's fifty day moving average price is $13.56 and its two-hundred day moving average price is $10.94. The company has a market cap of $4.29 billion, a PE ratio of -25.73 and a beta of 6.60. Core Scientific has a fifty-two week low of $6.20 and a fifty-two week high of $18.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings data on Friday, August 8th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.03. The firm had revenue of $78.63 million for the quarter, compared to analyst estimates of $82.09 million. Core Scientific's revenue for the quarter was down 44.3% on a year-over-year basis. On average, equities analysts predict that Core Scientific will post 0.52 EPS for the current fiscal year.

Insider Activity

In other news, Director Yadin Rozov bought 110,000 shares of the company's 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 acquisition, the director 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 acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Todd M. Duchene sold 7,759 shares of the 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 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 ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 117,759 shares of company stock valued at $1,391,434. Company insiders own 1.40% of the company's stock.

Institutional Investors Weigh In On Core Scientific

Institutional investors and hedge funds have recently made changes to their positions in the company. FMR LLC boosted its holdings in Core Scientific by 2,937.7% in the fourth quarter. FMR LLC now owns 7,436,229 shares of the company's stock worth $104,479,000 after purchasing an additional 7,191,428 shares during the last quarter. Driehaus Capital Management LLC boosted its holdings in 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 purchasing an additional 5,424,901 shares during the last quarter. Situational Awareness LP purchased a new stake in Core Scientific in the first quarter worth approximately $32,736,000. Fred Alger Management LLC purchased a new stake in Core Scientific in the fourth quarter worth approximately $62,011,000. Finally, Beryl Capital Management LLC boosted 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 purchasing 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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