Compass Point Initiates Coverage on Core Scientific (NASDAQ:CORZ)

Compass Point started coverage on shares of Core Scientific (NASDAQ:CORZ) in a report released on Monday. The firm set a “buy” rating on the stock.

Several other equities analysts have also recently weighed in on CORZ. Roth Mkm restated a “buy” rating and set a $20.00 price target on shares of Core Scientific in a report on Thursday, June 26th. B. Riley lowered Core Scientific from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 9th. HC Wainwright reaffirmed a “neutral” rating on shares of Core Scientific in a research note on Monday, August 11th. JMP Securities reaffirmed a “market perform” rating on shares of Core Scientific in a research note on Tuesday, August 12th. Finally, Arete initiated coverage on Core Scientific in a research note on Tuesday, July 22nd. They issued a “buy” rating and a $20.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $18.39.

Core Scientific Price Performance

NASDAQ CORZ opened at $15.86 on Monday. The stock has a market capitalization of $4.84 billion, a PE ratio of -28.32 and a beta of 6.59. The business has a 50 day simple moving average of $13.96 and a two-hundred day simple moving average of $11.35. Core Scientific has a 1-year low of $6.20 and a 1-year high of $18.63.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings results 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 analysts’ expectations of $82.09 million. The business’s revenue was down 44.3% on a year-over-year basis. On average, analysts anticipate that Core Scientific will post 0.52 EPS for the current fiscal year.

Insiders Place Their Bets

In other Core Scientific news, insider Todd M. Duchene sold 7,759 shares of Core Scientific stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $12.39, for a total transaction of $96,134.01. Following the completion of the sale, the insider directly owned 2,049,689 shares of the company’s stock, valued at $25,395,646.71. The trade was a 0.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Core Scientific

A number of institutional investors and hedge funds have recently bought and sold shares of the company. HHM Wealth Advisors LLC raised its position in Core Scientific by 96.5% during the 2nd quarter. HHM Wealth Advisors LLC now owns 1,926 shares of the company’s stock valued at $33,000 after purchasing an additional 946 shares in the last quarter. Osaic Holdings Inc. raised its position in Core Scientific by 112.1% during the 2nd quarter. Osaic Holdings Inc. now owns 2,017 shares of the company’s stock valued at $34,000 after purchasing an additional 1,066 shares in the last quarter. Advisors Asset Management Inc. raised its position in Core Scientific by 68.3% during the 2nd quarter. Advisors Asset Management Inc. now owns 2,690 shares of the company’s stock valued at $46,000 after purchasing an additional 1,092 shares in the last quarter. Wellington Management Group LLP raised its position in Core Scientific by 11.7% during the 1st quarter. Wellington Management Group LLP now owns 11,967 shares of the company’s stock valued at $87,000 after purchasing an additional 1,256 shares in the last quarter. Finally, Main Management ETF Advisors LLC raised its position in Core Scientific by 1.6% during the 2nd quarter. Main Management ETF Advisors LLC now owns 82,075 shares of the company’s stock valued at $1,401,000 after purchasing an additional 1,332 shares in 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.