Core Scientific (NASDAQ:CORZ) Downgraded to "Hold" Rating by HC Wainwright

Core Scientific (NASDAQ:CORZ - Get Free Report) was downgraded by equities researchers at HC Wainwright from a "strong-buy" rating to a "hold" rating in a research report issued to clients and investors on Tuesday, Marketbeat reports.

Several other equities analysts also recently issued reports on the company. BTIG Research downgraded Core Scientific from a "strong-buy" rating to a "hold" rating and set a $20.00 price objective for the company. in a research report on Monday. JMP Securities initiated coverage on Core Scientific in a research report on Thursday, May 22nd. They issued a "market outperform" rating and a $15.00 price objective for the company. Citizens Jmp upgraded Core Scientific to a "strong-buy" rating and set a $15.00 price objective for the company in a research report on Thursday, May 22nd. Needham & Company LLC reiterated a "buy" rating and issued a $18.00 price objective on shares of Core Scientific in a research report on Friday, June 27th. Finally, Roth Mkm reiterated a "buy" rating and issued a $20.00 price objective on shares of Core Scientific in a research report on Thursday, June 26th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $18.22.

Core Scientific Trading Down 5.1%

CORZ stock traded down $0.67 during trading on Tuesday, hitting $12.51. The company had a trading volume of 20,801,046 shares, compared to its average volume of 13,968,830. The company has a fifty day moving average price of $12.22 and a two-hundred day moving average price of $11.12. The company has a market cap of $3.73 billion, a P/E ratio of -2.49 and a beta of 6.71. 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 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 company had revenue of $79.53 million during the quarter, compared to analyst estimates of $92.04 million. During the same period in the prior year, the firm earned $0.78 EPS. Core Scientific's quarterly revenue was down 55.6% compared to the same quarter last year. On average, analysts expect that Core Scientific will post 0.52 earnings per share for the current year.

Insider Transactions at Core Scientific

In related news, insider Todd M. Duchene sold 7,759 shares of the company's stock in a transaction dated Wednesday, June 25th. The stock was 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 in the company, valued at approximately $25,395,646.71. This represents a 0.38% decrease in their ownership of the stock. The transaction 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 the company's stock in a transaction that occurred on Wednesday, May 28th. The stock was bought at an average price of $10.87 per share, with a total value of $1,195,700.00. Following the acquisition, the director directly 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 117,759 shares of company stock valued at $1,391,434 in the last quarter. 1.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Core Scientific

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wellington Shields & Co. LLC acquired a new position in shares of Core Scientific during the fourth quarter worth about $26,000. State of Wyoming acquired a new position in shares of Core Scientific during the first quarter worth about $34,000. Emerald Mutual Fund Advisers Trust acquired a new position in Core Scientific during the first quarter valued at approximately $38,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Core Scientific during the first quarter valued at approximately $50,000. Finally, CWM LLC boosted its position in Core Scientific by 403.9% during the first quarter. CWM LLC now owns 8,092 shares of the company's stock valued at $59,000 after purchasing an additional 6,486 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.