Core Scientific (NASDAQ:CORZ) Downgraded to Hold Rating by Needham & Company LLC

Needham & Company LLC lowered shares of Core Scientific (NASDAQ:CORZ) from a moderate buy rating to a hold rating in a research note issued to investors on Thursday morning, Marketbeat reports. They currently have $18.00 price objective on the stock.

Several other brokerages have also recently weighed in on CORZ. JMP Securities assumed coverage on Core Scientific in a report on Thursday, May 22nd. They set a “market outperform” rating and a $15.00 target price on the stock. Canaccord Genuity Group reiterated a “buy” rating and issued a $17.00 price objective on shares of Core Scientific in a report on Friday, June 27th. Roth Capital reiterated a “neutral” rating and issued a $20.00 price objective on shares of Core Scientific in a report on Tuesday. Barclays cut Core Scientific to an “underweight” rating in a report on Tuesday. Finally, HC Wainwright cut Core Scientific from a “strong-buy” rating to a “hold” rating in a report on Tuesday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $18.22.

Core Scientific Price Performance

Shares of Core Scientific stock opened at $13.18 on Thursday. The stock has a market cap of $3.93 billion, a P/E ratio of -2.62 and a beta of 6.71. The stock’s 50 day simple moving average is $12.14 and its 200-day simple moving average is $11.14. Core Scientific has a 1-year low of $6.20 and a 1-year high of $18.63.

Core Scientific (NASDAQ:CORZ) last issued its earnings results on Wednesday, May 7th. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.02. The company had revenue of $79.53 million for the quarter, compared to analyst estimates of $92.04 million. The company’s revenue for the quarter was down 55.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.78 earnings per share. As a group, research analysts expect that Core Scientific will post 0.52 EPS for the current fiscal year.

Insider Buying and Selling at Core Scientific

In related news, Director Yadin Rozov acquired 110,000 shares of Core Scientific stock in a transaction dated Wednesday, May 28th. The shares were acquired at an average cost of $10.87 per share, for a total transaction of $1,195,700.00. Following the completion of the purchase, the director owned 475,687 shares in the company, valued at approximately $5,170,717.69. The trade was a 30.08% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Todd M. Duchene sold 7,759 shares of the firm’s stock in a transaction 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 in the company, 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 quarter, insiders sold 117,759 shares of company stock worth $1,391,434. Insiders own 1.40% of the company’s stock.

Institutional Trading of Core Scientific

A number of hedge funds and other institutional investors have recently bought and sold shares of CORZ. FMR LLC raised its stake in Core Scientific by 2,937.7% in the fourth 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. Vanguard Group Inc. raised its stake in Core Scientific by 54.3% in the fourth quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company’s stock valued at $272,270,000 after buying an additional 6,819,406 shares in the last quarter. Helix Partners Management LP purchased a new position in shares of Core Scientific during the fourth quarter worth about $86,498,000. Driehaus Capital Management LLC grew its holdings in shares of Core Scientific by 112.1% during 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. Finally, Situational Awareness LP purchased a new position in shares of Core Scientific during the first quarter worth about $32,736,000.

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.