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Core Scientific (NASDAQ:CORZ) Sets New 12-Month Low After Analyst Downgrade

Thursday, June 23, 2022 | MarketBeat

Shares of Core Scientific, Inc. (NASDAQ:CORZ - Get Rating) reached a new 52-week low during mid-day trading on Thursday after B. Riley lowered their price target on the stock from $10.00 to $7.00. B. Riley currently has a buy rating on the stock. Core Scientific traded as low as 1.91 and last traded at 1.96, with a volume of 202675 shares trading hands. The stock had previously closed at 2.13.

Several other equities research analysts have also commented on the company. Chardan Capital initiated coverage on Core Scientific in a research note on Friday, June 3rd. They issued a "buy" rating and a $8.00 price objective for the company. BTIG Research reduced their price objective on Core Scientific from $18.00 to $8.00 and set a "buy" rating for the company in a research note on Friday, June 3rd. Finally, LADENBURG THALM/SH SH reduced their price objective on Core Scientific from $18.75 to $15.00 and set a "buy" rating for the company in a research note on Tuesday, May 31st.

In related news, insider Darin Feinstein sold 450,000 shares of the stock in a transaction dated Friday, May 27th. The shares were sold at an average price of 3.70, for a total value of 1,665,000.00. Following the completion of the transaction, the insider now owns 36,033,592 shares of the company's stock, valued at approximately 133,324,290.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders sold 2,074,147 shares of company stock valued at $7,303,137. 32.00% of the stock is owned by insiders.


A number of institutional investors have recently bought and sold shares of CORZ. Ovata Capital Management Ltd purchased a new position in shares of Core Scientific during the first quarter worth approximately $25,000. Sterling Investment Advisors Ltd. purchased a new position in shares of Core Scientific during the first quarter worth approximately $33,000. New York State Common Retirement Fund purchased a new position in shares of Core Scientific during the first quarter worth approximately $40,000. Quantbot Technologies LP purchased a new position in shares of Core Scientific during the first quarter worth approximately $56,000. Finally, Lee Financial Co purchased a new position in shares of Core Scientific during the first quarter worth approximately $71,000.

The firm has a 50-day moving average of 4.26. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.95 and a current ratio of 1.95.

Core Scientific (NASDAQ:CORZ - Get Rating) last issued its quarterly earnings data on Thursday, May 12th. The company reported 0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of 0.13 by 0.18. The business had revenue of 192.52 million for the quarter, compared to analysts' expectations of 164.20 million. Analysts predict that Core Scientific, Inc. will post 0.81 EPS for the current fiscal year.

About Core Scientific (NASDAQ:CORZ)

Core Scientific, Inc provides net carbon-neutral blockchain infrastructure and digital asset mining solutions in North America. It operates in two segments, Equipment Sales and Hosting. It offers blockchain hosting services with deployment and provide power, racks, proprietary thermodynamic management, redundant connectivity, and 24/7 security, as well as its proprietary software platforms, such as Minder and MinderOS, which provides infrastructure management and custom firmware; and digital asset mining operation focuses on the generation of digital assets by solving complex cryptographic algorithms to validate transactions on specific digital asset network blockchains.

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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 [email protected]

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